Salary
means at any date the total of the annual rate of basic salary payable to you by Allen & Overy on that date. Salary usually excludes any incentive or award arrangements which a member is eligible to participate in, overtime payments, premium hours payment or other fluctuating emoluments. Your salary will be the lower of your actual rate of basic salary or the earnings cap, with the exception of the death in service lump sum, which will be based on the lower of your actual rate of basic salary or £200,000.