• 4% flex consolidation and 10% GPS consolidation into your pay, meaning your annual salary will increase by 14% from 1st July

• 8% market movement, which means that your position in range will move fairly higher

• Movement to the market ceiling and the maximum salary for role

HEADLINES

FURTHER DETAIL

14% consolidation into your pay

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• Overnight pay rise of 4% of your salary for flex  and 10% for GPS (both calculated at 30 June) = 14% - this will be higher than your current flex allowance but colleagues have told us that most of this will not be 'new money'

• GPS award now in line with A-C (previously recommended on target 5% dependent on group performance)

• "Same" bonus award overall (15% last year, 10% colsolidated and 5% GPS next year) would result in an extra £2,700 GPS due to the new higher salary for a Grade E at the current mid-point of Pay Group 3 (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).