TSB’s Pay Gap 2021

At TSB we are creating a truly inclusive workplace. That means building a diverse and balanced workforce that reflects the customers and communities we serve. And achieving gender balance and addressing the underlying causes of the gender pay gap is a core commitment for TSB.

Understanding TSB’s Gender Pay Gap

As at April 2021 TSB’s median gender pay gap had increased by 1.6% and the mean had reduced by -1.1%. TSB's pay gap is predominantly driven by the make-up of our workforce where we continue to have a higher proportion of women in more junior roles (66% of roles held by women) and a lower proportion in senior manager roles (41% held by women). If the Bank achieved a 50:50 gender mix at non-senior levels, we estimate the mean pay gap could reduce by around 22 percentage points to 11%.

Female representation in senior roles also impacts TSB’s gender pay gap. By the end of 2021, TSB is proud to have increased the number of senior roles held by women by 1 ppts to 41%.

We’re confident that TSB’s gender pay gap is not an equal pay issue; we know this because our approach to pay is gender neutral by design and our analysis shows that our pay gap is driven to a very large extent by the structure of our workforce. We also regularly analyse and monitor our pay to make sure our male and female colleagues are treated equally.

TSB confirms the published gender pay gap reporting is accurate and signed by the Chief Finance Officer.