Family Friendly Policy

1. Introduction and Purpose

1.1 Our Commitment

WealthVector is committed to supporting employees through significant life events and family responsibilities. This policy sets out your entitlements to family-friendly leave and pay in a clear, accessible format.

We recognise that balancing work and family life is important, and we aim to provide statutory entitlements in a fair and supportive way.

1.2 Legal Framework

This policy does not form part of your contract of employment but sets out your statutory rights and our procedures for managing family leave. WealthVector reserves the right to review and update this policy at any time.

This policy complies with:

• Employment Rights Act 1996
• Maternity and Parental Leave Regulations 1999 (as amended)
• Paternity Leave (Amendment) Regulations 2024
• Protection from Redundancy (Pregnancy and Family Leave) Act 2023
• Equality Act 2010
• Upcoming Employment Rights Bill provisions (from April 2026)

1.3 Remote-First Considerations

As a remote-first organisation, this policy is designed to work seamlessly for employees working from home or from our future London office (from 2026). All leave entitlements apply equally regardless of work location.

2. Scope and Application

2.1 Who This Policy Applies To

This policy applies to all WealthVector employees, including:

• Permanent employees (full-time and part-time)
• Fixed-term contract employees
• Employees during and after their probationary period
• It does not apply to contractors

2.2 Key Principles

• Statutory Minimum: We provide the statutory minimum entitlements as required by law. Enhanced benefits may be introduced in the future.
• Equal Treatment: All employees are treated equally regardless of role, seniority, or working pattern.
• Simplicity: We've designed this policy to be easy to understand and implement.
• Flexibility: Where the law provides flexibility (such as splitting paternity leave), we support this wherever operationally possible.

2.3 Pay Entitlements — Important Note

Entitlement to leave does not automatically mean entitlement to pay.

Many types of leave have:

• A leave entitlement (time off work with job protection)
• A separate pay entitlement (with eligibility criteria)

You may qualify for leave but not for statutory pay if you don't meet the specific earnings or service requirements. This is explained in each section below.

3. Maternity Leave and Pay

3.1 Leave Entitlement

All pregnant employees are entitled to up to 52 weeks of maternity leave, split into:

• Ordinary Maternity Leave (OML): 26 weeks
• Additional Maternity Leave (AML): 26 weeks

There is no qualifying service period. This is a day-one right from your first day of employment.

3.2 When You Can Start

You can start maternity leave:

• Any time from 11 weeks before your expected week of childbirth (EWC)
• The day after the birth if the baby arrives early
• Automatically if you're absent for a pregnancy-related reason in the 4 weeks before the EWC

3.3 Maternity Pay Entitlement

Statutory Maternity Pay (SMP) is paid for up to 39 weeks if you meet these criteria:

• You've been continuously employed for at least 26 weeks by the end of the 15th week before your EWC (the "qualifying week")
• Your average weekly earnings are at least the Lower Earnings Limit for National Insurance (£123 per week as of 2024/25)

SMP is paid as:

• First 6 weeks: 90% of your average weekly earnings
• Remaining 33 weeks: £184.03 per week (2024/25 rate) or 90% of your average weekly earnings, whichever is lower

If you don't qualify for SMP, you may be entitled to Maternity Allowance from the government. If so, we'll provide you with form SMP1 to claim this.

3.4 Compulsory Maternity Leave

You must take at least 2 weeks off after giving birth. This is a legal requirement for health and safety reasons.

3.5 Returning to Work

After OML (first 26 weeks), you have the right to return to the same job.

After AML (if you take 27–52 weeks), you have the right to return to the same job, or if that's not reasonably practicable, to a suitable alternative job on terms and conditions which are no less favourable.

4. Paternity Leave and Pay

4.1 Leave Entitlement (Updated April 2024, further changes expected from April 2026)

Current Entitlement (Babies born before 6 April 2024):

Eligible employees can take 1 or 2 weeks of paternity leave, which must be taken in one continuous block within 8 weeks of birth.

New Entitlement (Babies born/adopted on or after 6 April 2024):

Eligible employees can take up to 2 weeks of paternity leave:

• Can be taken as one block of 2 weeks OR two separate blocks of 1 week
• Can be taken at any time within the first 52 weeks after the birth or adoption
• 28 days' notice required for each period of leave

4.2 Current Eligibility (Until April 2026)

To qualify for paternity leave currently, you must:

• Have been continuously employed for at least 26 weeks by the end of the 15th week before the EWC
• Be the biological father, the mother's partner, or adopting parent
• Have responsibility for the child's upbringing
• Intend to take time off to care for the child or support the mother/primary adopter

From April 2026 (Employment Rights Bill): Paternity leave will become a day-one right with no qualifying service period required.

4.3 Paternity Pay Entitlement

Statutory Paternity Pay (SPP) is paid at £184.03 per week (2024/25 rate) or 90% of your average weekly earnings, whichever is lower.

To qualify for SPP, you must:

• Meet the eligibility criteria for paternity leave (see above)
• Have average weekly earnings at or above the Lower Earnings Limit (£123 per week)

4.4 Notice Requirements

You must provide written notice including:

• The expected week of childbirth or date of adoption
• Whether you're taking 1 or 2 weeks
• When you want your leave to start
• That you meet the eligibility criteria

Notice deadline: 28 days before your chosen start date (for babies born/adopted after 6 April 2024).

4.5 Combining with Shared Parental Leave

New from April 2024: You can now take paternity leave even after you've taken shared parental leave. Previously, once you took SPL, you lost your right to paternity leave.

5. Adoption Leave and Pay

5.1 Leave Entitlement

Employees adopting a child are entitled to up to 52 weeks of adoption leave:

• Ordinary Adoption Leave (OAL): 26 weeks
• Additional Adoption Leave (AAL): 26 weeks

5.2 Eligibility

To qualify for adoption leave, you must:

• Have been continuously employed for at least 26 weeks ending with the week you're matched with a child
• Have been matched with a child by an adoption agency
• Note: From April 2026, the 26-week service requirement may be removed under the Employment Rights Bill

5.3 Adoption Pay

Statutory Adoption Pay (SAP) is paid for up to 39 weeks at the same rates as SMP:

• First 6 weeks: 90% of your average weekly earnings
• Remaining 33 weeks: £184.03 per week or 90% of average earnings, whichever is lower

To qualify for SAP, you must meet the eligibility criteria for adoption leave and have average weekly earnings at or above £123 per week.

5.4 Starting Adoption Leave

Adoption leave can start:

• From the date of placement (when the child starts living with you)
• Up to 14 days before the expected placement date

5.5 One Adopter Only

If you're adopting as a couple, only one of you can take adoption leave and pay. The other may be eligible for paternity leave or you can share the leave using Shared Parental Leave (see Section 6).

6. Shared Parental Leave and Pay

6.1 What is Shared Parental Leave?

Shared Parental Leave (SPL) allows eligible parents to share up to 50 weeks of leave and up to 37 weeks of pay between them. This gives families flexibility in how they share childcare in the first year.

6.2 Eligibility

To be eligible for SPL, both parents must meet certain conditions:

The mother/primary adopter must:

• Be entitled to maternity/adoption leave or SMP/SAP
• Have returned to work before using their full entitlement (curtailed their leave)
• Share the main responsibility for the child with the partner

The partner must:

• Have worked for WealthVector for at least 26 weeks by the end of the 15th week before the EWC
• Still be employed by us during SPL
• Share the main responsibility for the child
• Have earned at least £390 in total over any 13 weeks during the test period (this can be from self-employment or any employment)

6.3 How Much Leave Can Be Shared?

The total amount of leave available to share is 52 weeks minus the amount of maternity/adoption leave taken by the mother/primary adopter.

For example:

• If the mother takes 12 weeks of maternity leave, 40 weeks are available to share as SPL
• If the mother takes 26 weeks of maternity leave, 26 weeks are available to share as SPL

Minimum maternity leave: The mother must take the compulsory 2 weeks maternity leave (4 weeks if working in a factory) before SPL can begin.

6.4 Shared Parental Pay

Up to 37 weeks of pay can be shared, calculated as:

39 weeks (total statutory pay) minus the weeks of SMP/SAP already taken = weeks of ShPP available. ShPP is paid at £184.03 per week (2024/25 rate) or 90% of your average weekly earnings, whichever is lower.

6.5 How SPL Can Be Taken

SPL can be taken in blocks of weeks:

• You can take up to 3 separate blocks of leave (subject to our agreement for 2nd and 3rd blocks)
• Each block must be at least 1 week
• Leave must be taken within the first year of the child's birth or adoption placement

6.6 Notice Requirements — This is Complex!

Step 1: Notice of Entitlement (at least 8 weeks before SPL starts)

Both parents must give their employers a "notice of entitlement" including:

• Names of parents and employer details
• Start and end dates of any maternity/adoption leave and pay
• How much SPL and ShPP each parent intends to take
• A non-binding indication of expected leave dates
• Declarations that you meet the eligibility criteria

Step 2: Period of Leave Notice (at least 8 weeks before leave starts)

You must give us written notice of each period of leave you want to take, including:

• Start and end dates
• Whether you're also claiming ShPP

We will confirm your leave in writing.

Step 3: Variations (at least 8 weeks' notice)

You can vary or cancel leave with 8 weeks' notice (this counts as a new notice).

6.7 Important Notes on SPL

• This is a complex area of law. If you're considering SPL, please speak to your manager or CEO early to discuss your plans and ensure you meet all requirements.
• We strongly recommend both parents read the government's guidance: www.gov.uk/shared-parental-leave-and-pay
• Late or incomplete notices may delay your leave or pay entitlement.

7. Parental Leave (Unpaid)

7.1 Current Entitlement (Until April 2026)

Employees can take up to 18 weeks of unpaid parental leave for each child to care for them. This leave can be taken at any time up until the child's 18th birthday.

Current eligibility:

• You must have been employed for at least 1 year
• You must have or expect to have parental responsibility for the child

From April 2026 (Employment Rights Bill): Parental leave will become a day-one right with no qualifying service period.

7.2 How It Can Be Taken

• Maximum of 4 weeks per year per child (unless we agree otherwise)
• Must be taken in blocks of at least 1 week (unless the child is disabled)
• Cannot be taken as "odd days" here and there

7.3 Notice Requirements

You must give us at least 21 days' notice in writing, stating:

• The dates you want to take leave
• The length of leave required

We may postpone your leave for up to 6 months if it would cause significant disruption to the business (but we must explain why and suggest alternative dates).

7.4 Rights During Parental Leave

During parental leave you:

• Remain employed (your contract continues)
• Accrue statutory annual holiday
• Are protected from dismissal or detriment
• Have the right to return to the same job (or a similar job if you take more than 4 weeks)

You do not:

• Receive pay (this is unpaid leave)
• Accrue non-statutory benefits
• Build up pension contributions unless you arrange to pay these yourself

8. Parental Bereavement Leave and Pay

8.1 Leave Entitlement

If you lose a child under the age of 18, or suffer a stillbirth after 24 weeks of pregnancy, you are entitled to 2 weeks of parental bereavement leave. This is a day-one right — there's no qualifying service period.

8.2 When It Can Be Taken

Parental bereavement leave can be taken:

• As a single block of 2 weeks, or
• As 2 separate blocks of 1 week

It must be taken within 56 weeks of the death or stillbirth.

8.3 Parental Bereavement Pay

Statutory Parental Bereavement Pay (SPBP) is paid at £184.03 per week (2024/25 rate) or 90% of your average weekly earnings, whichever is lower.

To qualify for SPBP, you must:

• Have been continuously employed for at least 26 weeks ending with the week before the death
• Have average weekly earnings of at least £123 per week

8.4 Notice Requirements

You should notify your manager or the CEO as soon as reasonably practicable if you need to take parental bereavement leave. We recognise this is an extremely difficult time and will handle all matters with sensitivity and compassion.

8.5 Additional Support

We understand that bereavement affects everyone differently. If you need additional time off beyond your statutory entitlement, please speak to your manager or the CEO. We will consider each situation on its individual merits.

Upcoming Change (Employment Rights Bill): New bereavement leave provisions are expected to cover bereavement for non-parents and early pregnancy loss. This policy will be updated when the legislation comes into force.

9. Emergency Leave for Dependants

9.1 What Is It?

Emergency leave for dependants (also called "time off for dependants") is a day-one right to take a reasonable amount of unpaid time off to deal with unexpected emergencies involving a dependant.

9.2 Who Is a Dependant?

• Your spouse, partner, child, or parent
• Someone who lives in your household (not a tenant or lodger)
• Anyone who reasonably relies on you for care in an emergency

9.3 When You Can Use It

You can take emergency leave to:

• Provide care when a dependant falls ill, gives birth, or is injured
• Make longer-term care arrangements for an ill or injured dependant
• Deal with the death of a dependant
• Deal with an unexpected disruption to care arrangements (e.g., childminder is ill)
• Deal with an emergency involving your child at school

9.4 What It's NOT For

Emergency leave is not for:

• Planned appointments (use annual leave)
• Long-term care responsibilities (consider parental leave or flexible working)
• Routine childcare issues
• General "life admin"

9.5 How Much Leave Can You Take?

The law says you can take a "reasonable amount" of time off. This is usually:

• 1–2 days to deal with an emergency and make longer-term arrangements
• The time needed to deal with the immediate crisis

It's not intended as ongoing carer's leave.

9.6 Notice Requirements

You must inform your manager as soon as reasonably practicable:

• That you'll be absent and why
• How long you expect to be away

This will usually be on the first day of absence, or even during the absence if it's a genuine emergency.

9.7 Carer's Leave

If you need ongoing time off to care for a dependant with a long-term care need, you may be entitled to Carer's Leave (up to 5 days per year, unpaid). Please speak to your manager or CEO about this if needed.

10. Keeping in Touch and Returning to Work

10.1 Keeping in Touch (KIT) Days

If you're on maternity, adoption, or shared parental leave, you can work up to 10 "Keeping in Touch" (KIT) days without it affecting your leave or pay entitlement.

KIT days are optional for both you and us — they must be mutually agreed.

You can use KIT days for:

• Team meetings
• Training or CPD
• Staying current with business developments
• Gradual return to work

Payment: You'll be paid your normal rate for KIT days worked. Any statutory pay you're receiving will continue as normal — KIT day payment is on top of this.

10.2 Reasonable Contact During Leave

We may maintain reasonable contact with you during your leave to:

• Discuss return to work plans
• Update you on significant business changes or restructures
• Inform you of job opportunities (especially if there's a redundancy situation)
• Discuss KIT days

You're not obliged to respond immediately, but keeping in touch helps with your return.

10.3 Returning to Work — Notice

If returning at the end of your full entitlement: No notice is required. We expect you back on the day after your leave ends.

If returning early: You must give 8 weeks' notice in writing of your intended return date.

10.4 Right to Return

After Ordinary Maternity/Adoption Leave (first 26 weeks): You have the right to return to the same job on the same terms and conditions.

After Additional Leave or SPL: You have the right to return to the same job, or if that's not reasonably practicable, to a suitable alternative job on terms and conditions which are no less favourable.

10.5 Annual Leave During Family Leave

You continue to accrue statutory annual leave throughout your family leave period. You can:

• Take annual leave immediately before or after your family leave
• Request to carry over holiday to the following year (subject to agreement)
• Be paid for unused holiday if you don't return to work

Please discuss annual leave planning with your manager before your leave starts.

10.6 Pension During Family Leave

During paid leave: Both your and our pension contributions continue as normal.

During unpaid leave:

• Pension contributions usually stop
• You can arrange to continue contributions by contacting NEST directly
• We'll provide information on how to do this

11. Protection from Dismissal and Redundancy

11.1 Protection from Pregnancy Discrimination

It is automatically unfair to dismiss you or subject you to any detriment because:

• You are pregnant
• You have given birth
• You are taking or have taken maternity, adoption, paternity, shared parental, or parental bereavement leave
• You have exercised or sought to exercise your rights under this policy

This protection applies regardless of length of service.

11.2 Enhanced Redundancy Protection (Updated April 2024)

Since 6 April 2024, enhanced redundancy protection applies if you are:

• Pregnant (from the day you notify us of your pregnancy)
• On maternity, adoption, or shared parental leave (if taking 6+ continuous weeks of SPL)
• Returned from leave in the last 18 months

The protected period:

• Starts when you notify us of pregnancy
• Continues through your leave
• Extends for 18 months after the birth/adoption date

During this protected period: If your role is at risk of redundancy, you have priority status for any suitable alternative vacancies. This means:

• You must be offered any suitable alternative vacancy before other employees
• The vacancy must be suitable and appropriate for you
• It must be on terms and conditions no less favourable
• We cannot make you redundant if a suitable alternative exists

You can still be made redundant if:

• There are no suitable alternative vacancies
• You unreasonably refuse a suitable alternative role
• The redundancy is for a genuine business reason not connected to your pregnancy/leave

11.3 Risk Assessments for Pregnancy

When you notify us of your pregnancy, we will carry out a specific risk assessment in accordance with our Health and Safety Policy to ensure your work doesn't pose any risks to you or your baby.

We'll work with you to implement any necessary adjustments, which may include:

• Changes to working hours or patterns
• Modifications to your workstation or duties
• Additional rest breaks
• Temporary redeployment if necessary

Please see the Health and Safety Policy and Pregnancy Risk Assessment form for full details.

11.4 Breastfeeding

If you're breastfeeding when you return to work, please speak to your manager or the CEO. We'll ensure you have:

• Suitable rest breaks for expressing milk
• Access to appropriate facilities for expressing and storing milk (when office facilities are available)
• Any other reasonable adjustments needed

12. Notification and Administration

12.1 Early Notification Is Key

Please tell us as early as possible if you're:

• Pregnant
• Planning to adopt
• Expecting a child through surrogacy
• Considering paternity, shared parental, or parental leave

Early notification helps us ensure your rights are protected, carry out risk assessments if needed, plan for your absence, and discuss your options and answer questions.

12.2 Required Documentation

For Maternity Leave:

• Form MAT B1 (maternity certificate from your doctor or midwife) — you'll receive this around week 20 of pregnancy
• Written notice of your leave dates (at least 15 weeks before EWC)

For Adoption Leave:

• Matching certificate from your adoption agency
• Written notice of your leave dates (within 7 days of being matched)

For Paternity Leave:

• Written notice including dates and confirmation of eligibility (28 days before start date)

For Shared Parental Leave:

• Multiple forms required (see Section 6.6) — please request these from the CEO

For Parental Leave:

• Written notice of dates (21 days before start date)
• Evidence of parental responsibility if requested

For Parental Bereavement Leave:

• Notification as soon as reasonably practicable (formal evidence not required but may be requested sensitively)

12.3 Who to Notify

All family leave notifications should be made to:

Primary contact: Your line manager
Copy to: CEO (Ian Partington) — ian@wealthvector.com

If you prefer to discuss your situation confidentially before formal notification, you can speak to the CEO directly.

12.4 Written Confirmation

We will provide written confirmation within 28 days (or as required by law) including:

• Your expected return date
• Your entitlement to leave and pay
• Any important information about keeping in touch or returning early

12.5 Changes to Plans

We understand that circumstances change, especially around birth and adoption. If you need to change your plans:

• Give us as much notice as possible
• Provide written notice as required (usually 8 weeks for changes to maternity/adoption leave return dates)
• Contact your manager or the CEO to discuss

12.6 Payroll and Payment

Statutory payments (SMP, SPP, SAP, etc.) will be paid through normal payroll. Your manager will ensure payroll is notified of your leave dates. If there are any issues with payment, contact the CEO immediately.

12.7 Form SMP1 (If You Don't Qualify for SMP)

If you don't qualify for Statutory Maternity Pay from us, we'll provide you with form SMP1 within 28 days explaining why and how to claim Maternity Allowance from the government.

13. Policy Review and Compliance

13.1 Policy Owner

This policy is owned by the CEO and maintained by the Compliance Officer.

13.2 Review and Updates

This policy will be reviewed:

• Annually as a minimum
• When there are changes to employment law
• Following implementation of Employment Rights Bill provisions (April 2026 onwards)
• If issues arise in applying the policy

13.4 FCA Regulatory Context

As an FCA-regulated firm, we must maintain high standards of conduct and governance. Decisions about family leave that affect:

• Senior Management Functions
• Certified persons
• Staff with regulatory responsibilities

These roles may require additional considerations around oversight, conduct rules, and regulatory obligations. These will be handled on a case-by-case basis in consultation with the Compliance Officer.

13.5 Questions and Support

If you have questions about this policy or your entitlements:

First point of contact: Your line manager
For complex situations or regulatory roles: CEO or Compliance Officer
For confidential support: You can speak directly to the CEO

External resources:

• ACAS (Advisory, Conciliation and Arbitration Service): 0300 123 1100 or www.acas.org.uk
• Maternity Action: www.maternityaction.org.uk
• Working Families: 0300 012 0312 or www.workingfamilies.org.uk
• Gov.uk guidance: www.gov.uk (search for specific leave types)

13.6 Grievances

If you believe you've been treated unfairly in relation to family leave, you can raise a grievance using the procedure in the Employee Handbook.

Distribution & Related Policies

Distribution

• All employees (via HR system)
• Published on internal knowledge base
• Provided during induction

Related Policies

• Employee Handbook
• Health and Safety Policy (including Pregnancy Risk Assessment)
• Flexible Working Policy
• Equal Opportunities Policy
• Disciplinary & Dismissal Policy

Policy Updates

This policy will be formally updated when:

• The Employment Rights Bill receives Royal Assent
• Secondary regulations are published
• The changes come into force (expected April 2026 and 2027)

In the meantime, we will apply best practice and ensure all employees are treated fairly in accordance with the spirit of the forthcoming legislation.

Appendix: Summary Table of Entitlements

Leave Type	How Much	Service Required	Paid?	Pay Eligibility
Maternity Leave	52 weeks	None (day one)	Partially	26 weeks + earnings test for SMP (39 weeks pay)
Paternity Leave	2 weeks	26 weeks*	Yes	Earnings test (SPP)
Adoption Leave	52 weeks	26 weeks*	Partially	26 weeks + earnings test for SAP (39 weeks pay)
Shared Parental Leave	Up to 50 weeks (shared)	26 weeks*	Partially	Up to 37 weeks (ShPP) if eligible
Parental Leave	18 weeks per child	1 year*	No	N/A
Parental Bereavement	2 weeks	None (day one)	Yes	26 weeks + earnings test for SPBP
Emergency Dependants	Reasonable time	None (day one)	No	N/A
Carer's Leave	5 days per year	None (day one)	No	N/A

*Service requirements being removed from April 2026 for paternity, adoption, and parental leave under the Employment Rights Bill.

Earnings test: Average weekly earnings must be at least £123 per week (Lower Earnings Limit for NI contributions).

Statutory pay rates (2024/25): £184.03 per week or 90% of average earnings, whichever is lower (except first 6 weeks of SMP/SAP which is 90% of earnings).

Appendix: Employment Rights Bill Changes (from April 2026)

This policy is future-proofed against the Employment Rights Bill currently progressing through Parliament. Key changes expected from April 2026:

Day-One Rights

From April 2026, the following will become day-one rights with no qualifying service period:

• ✓ Paternity Leave (currently 26 weeks service required)
• ✓ Parental Leave (currently 1 year service required)
• ✓ Adoption Leave (currently 26 weeks service required — subject to confirmation)

Note: Service requirements for pay entitlements remain unchanged. You still need 26 weeks service and to meet earnings thresholds for SPP, SAP, etc.

Enhanced Dismissal Protections

From 2027, enhanced protections against dismissal will apply:

• ✓ Extended protection period for pregnant employees and those returning from maternity leave
• ✓ Tighter rules around what constitutes fair dismissal during this period
• ✓ Possible extension of these protections to other types of family leave (subject to consultation)

New Bereavement Leave

From 2027:

• ✓ Statutory entitlement to bereavement leave for non-parents
• ✓ Coverage for early pregnancy loss

Details are subject to consultation (closing January 2026).