As the Head of State, the President has significant custodial powers. The President is paid the same monthly salary as the Prime Minister, including the 13th month bonus and AVC. This amounts to an annual salary of $1.54m, which represents a reduction of 51 per cent from 2010. Unlike the Prime Minister, the President does not set national policies and does not have direct executive responsibility for governing the country unless it relates to his/her custodial role. Hence, the President does not receive a Performance Bonus or National Bonus. The provision of a pension for the President under the Civil List and Pension Act was removed, in line with the removal of pensions for political appointment holders, with effect from 21 May 2011. The provision was never exercised and no President has received a State pension.