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  • 4% flex consolidation into your pay, meaning your annual salary will increase by 4% from 1st July

  • 4% market movement, which means that the consolidation won't affect your position in range

  • Movement to the minimum salary and the market ceiling



4% flex consolidation into your pay

  • Overnight salary increase of 4% (calculated at 30 June)  - this will be higher than your current flex allowance but colleagues have told us that most of this will not be 'new money'

  • GPS amount is based on salary so in essence if you were awarded the same percentage GPS next year as you were this year, your award would be even bigger (assuming GPS set at 5%)

  • Pension contributions are based on salary so both yours and the bank's pension contributions will increase if on the Your Tomorrow scheme

  • Ability to take higher salary into consideration for things like mortgages

Market zone ceiling increasing

  • Previously the 'Market Zone' part of the pay range ran from 95% of the mid-point to 105%

  • This will now run from 95% to 110% meaning that some people will drop down from 'Market Plus' into 'Market', increasing their chances of a higher pay rise if the bank use your position in the range as a qualifier for your pay rise (typically, the lower you are in the pay ranges, the higher the percentage pay rise you would receive).

Market range starting at 95%

  • Previously you had to be competent at your role and be in role for 6 months to reach 95% of the range. Now you will start there overnight

  • Potential real pay rise of £4,000 overnight for colleagues in this position

  • Removal of the "bring to market" qualifier which used to hang over colleagues' heads when they started a new role

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