If it was in her contract then no because it would effectively change the terms and conditions under which she was employed. If it's not in the contract then Yes, he can do what he likes. If she accepted the job on the promise of an annual bonus (and has proof that one was offered, or there is a history of a bonus being payed within the company) she could leave and try to persue a claim for constructive dismissal, on the grounds that the promised earnings potential no longer exists. It won't be easy to prove though.