Q: Will the bank review the Defined Benefit pension cap?

A: The pension trustees say that they review the cap on a regular basis, and, in his recent Group Town Hall, Charlie Nunn confirmed that the cap has been reviewed in the context of Pay 2023 and the wider set of Reward proposals and will remain in place. Unite are currently reviewing feedback that we’ve received so far regarding the matter and will contact the bank regarding next steps in due course. To give your feedback on the pension cap, email LBG.Support@unitetheunion.org  

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Q: Will the bank move market zones to keep in line with new salaries in July?

A: When flex and GPS consolidations happen in July, we think it’s only fair that market zones are moved by the same amount. Anything else would potentially lead to a pay cut in future years. The bank have committed to reviewing the zones and Unite have a proven track record of holding the bank to do the right thing.

 

Q: I’m not sure what my future GPS earning potential is.

A: Thing of it this way – your earning potential is still the same, just with a portion guaranteed and the rest subject to review. For example, a Grade D earning £40,000, receiving a 10% GPS would receive £4,000 previously. Going forwards, your salary would be £43,600 (with flex and GPS consolidation) and a 5% GPS would be £2,180. This means that there is more guaranteed income in your pocket and your earning potential is slightly higher when considered with the previous GPS scheme.

 

Q: I am getting a 5% increase, this is lower than inflation – how can this be justified?

A: The bank have for a considerable number of years now directed more money towards the lower paid, in line with the external economic situation. Higher graded colleagues have other linked benefits such as higher GPS percentages, consolidated car allowance, and annual leave. We have secured some extra initiatives for higher graded colleagues this year and will continue to receive feedback and press the bank to do the right thing for all colleagues.

 

Q: What happens if inflation continues to rise and dwarves this pay offer?

A: If accepted by members, this pay deal will come into effect from April. If the economic conditions continue to worsen either before or after it is implemented, Unite will commit to pushing the bank to coming back round the table, as we did in the summer, to make sure that colleagues can make ends meet.

 

Q: I am an agency worker – what is the benefit for me?

A: Agency worker pay should be linked to permanent colleague pay – especially if your team is a mixture of permanent and agency staff (this is then protected by law). When the annual pay review goes through in April you should therefore see change in your pay reflective of this, with the details of any changes communicated to you by your employer – if this doesn’t happen please get in touch with Unite. You should also receive flex and GPS payments in line with agency worker regulations.

 

Q: Will my flex now be subject to tax and NI?

A: On the whole, flex was always subject to tax and NI. Depending on your choices, some of these were tax efficient. This has not changed and your choices will still be tax efficient if they were previously.

 

Q: I am being paid less than my equals in other finance institutions – what can I do about this?

A: If you feel you are being paid less than others inside or outside of the bank for the same role, email LBG.Support@unitetheunion.org – we have assisted many colleagues in being able to see what other roles look like, whether the roles are similar, and securing better pay when we find out that they are.