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01 February 2021

Accord TSB newsflash

Variable pay award & April 2021 salary review
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Tell us what you think: TSB variable pay award and April 2021 salary review

Details of the TSB variable pay award payable on 19th March and the proposed April 2021 salary review have been published.

After such a difficult year in which the bank made a loss of £204.6m, this is very good news – and better news than staff in many other banks will get this year.

In her note to all partners, TSB’s HR Director Liz Ashford said:

"I’m pleased to share that we there will be a variable pay award for all eligible colleagues. The on target pool is 35%. This is a recognition of the hard work, commitment and dedication during the difficult times in 2020. For colleagues in grades B-F roles, this will equate to 3.9% of your salary – and is pro-rated for those who work reduced hours."

Accord and Unite have been in dialogue with TSB for some time about the April 2021 pay review and what that means for your total reward proposition for the year.

The talks have concluded and eligible colleagues will get a pay increase of at least 0.75% with a minimum of £200, meaning those lower in the pay range in grade B will receive increases of up to 1.1%.

The pay budget is not as much as we'd have liked but set against the backcloth of the bank losing money, ongoing difficult trading conditions, a three year pay freeze at Sabadell in Spain and a variable pay award being paid in March, we accept that we cannot get any further in the pay negotiations.

You'll be able to find out your individual increase before the end of February through a personal letter.

TSB does not plan to increase its pay ranges in 2021.

No agreement has been reached at this stage. Accord is an open and democratic union; we will do what members want us to do. That’s why it’s important you tell us your views before we decide on our next steps. Please let us know what you think by close of business on Friday, 12 February if possible.

Any feedback or queries should be sent to [email protected]

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