Prudential is providing its new chief executive, Mark Tucker, with a London home, following his relocation from Edinburgh to take up the job he has coveted for years.

The former finance director of the banking group HBOS, who took the helm of the Pru on Friday, is able to claim "reasonable accommodation costs" until April 2006.

Mr Tucker is also able to ask the Pru to pay "reasonable removal costs" to cover his relocation to London and can also apply for an interest-free season ticket loan to help with his travel expenses.

His contract with the Pru does not disclose his rate of pay, other than to say that it will be subject to "periodic review" and that his pension will be 25% of his annual salary.

The 47-year-old signed the contract on March 24, the day that his surprise appointment was announced to the City. He replaced Jonathan Bloomer, who was ousted with a £1.6m pay-off after criticism about a series of mistakes, most recently a £1bn rights issue.

The contract shows that Mr Tucker, who left the Pru two years ago when he felt he would never be offered the top job, did not have to take up the role until September 30.

His salary will not now be revealed until next year's annual report and accounts, although it is expected that his basic salary will be slightly below the £800,000 that was paid to Mr Bloomer last year.

Mr Bloomer spent a decade on the Pru's board and surprisingly attended last week's annual general meeting, at which one private investor raised questions about his "murky assassination".

While small investors backed the ousted executive, major City institutions had demanded Mr Bloomer's departure after a string of errors. In contrast, Mr Tucker's return to the Pru has been welcomed by City investors who had regarded him as the heir-apparent before he walked away from his position as head of operations in Asia in 2003.

In that Hong Kong-based job, his total take-home pay, including bonuses, was greater than Mr Bloomer's, who was then his boss.

His contract shows that in addition to his salary he is expected to join a number of incentive schemes, including a restricted share plan, annual incentive plan and a savings-related share options scheme.

The document also says the Pru is able to ask for "supervised access" to his home to assess any security measures "for the protection of the executive".

Mr Tucker, who stunned HBOS with his decision to resign after less than a year, gives an Edinburgh address in the contract.