Pensions Regulator members secure groundbreaking pay offer

Based on where a member is in their pay band they will receive a pay rise of either 7.55%, 6%, 4.25% or 2%. As a result of these pay increases 381 staff will have pay uplifts of 7.55% with an additional 195 receiving pay uplifts of 6%. This means 62% of the TPR workforce will receive pay rises of at least 6% this year and the majority of employees will move from below the mid-point to at least the mid-point of their pay bands.

PCS has also secured an underpin of £12.21 an hour for all impacted staff which means no employee in TPR will be overtaken by next year’s National Living Wage rise.

Through negotiations PCS has also secured a fairer distribution of the bonus pot and a pause to the loathed and discriminatory performance-related pay system.

The Pensions Regulator has also submitted a pay flexibility case to the Treasury with a view to remedying last year's lost pay.

Because the TPR dispute was part of our national campaign which included pensions and jobs PCS is not able to formally accept the offer. However, we believe this is the best offer that can be achieved at this stage and that on this basis further industrial action can be ruled out.

It is through the actions and solidarity of TPR members through 60 days of strike action that TPR have entered into and committed to continuing genuinely meaningful consultation PCS. This ground breaking offer represents a seismic cultural shift by TPR leadership and is very much welcomed by PCS.

Read the PCS pay briefing and TPR pay offer in full.