Proposals for a New Variable Pay Scheme - PTSB

24 March 2026

The below update has now been posted from the Unions, on the Bank’s WorkVivo site.

 

This is good news and FSU recommend and support these negotiated proposals for a new variable pay scheme. They are comparable to other schemes we negotiated in both AIB and BOI.

 

It provides staff the opportunity to secure an additional annual reward based on the Bank’s overall performance. Details below.

 

We will be opening a ballot of all members at 2.00pm today, Tuesday 24 March 2026.  You will receive an e-vote via Mi-Voice, and the ballot will close at 4.00pm on Wednesday 1 April 2026. Your union recommends a Yes vote.

 

Dr. Gareth Murphy

Head of Industrial Relations and Campaigns

 

 

Title: Variable Pay Update

Subtitle: Find out the latest update on Variable Pay from the Bank and Group of Unions

 

Dear Colleagues,

 

The Bank and Group of Unions have reached an agreement in principle on a Variable Pay scheme. Please find the summary points of the scheme below, and detailed information and FAQs can be found on the Bank’s WorkVivo site.

 

Summary of the Variable Pay Scheme

1.      The new “Variable Pay Scheme” is an opportunity for all colleagues across PTSB to earn a Variable Pay award.

2.      The potential award will be a once-off payment annually, subject to a basic affordability test on our profitability and capital requirements (known as the 'Gateway'), in addition to Bank and Individual performance.

3.      The first Variable Pay award is expected in Q2 2027, subject to 2026 performance.

4.      For the majority of colleagues, Individual and Bank Performance will each form up to 50% of your maximum potential award (ranging from 2.75% to 10%).

5.      For colleagues in ‘Controlled Functions’ (Risk, exclusive of RCC, and Audit) a 30% weighting will apply to Bank Performance to maintain their independence from the business units they control.

6.      For colleagues at Level 1 or above, an 80% weighting will apply to Bank Performance to ensure that awards for more senior staff track the success of the Bank and reflect their increased ability to influence Bank strategy.

 

The Variable Pay scheme is subject to an accepted ballot by the Group of Unions. These ballots are due to commence on 24th March and conclude on 1st April with results expected shortly thereafter.

 

The Unions will engage with their respective members and non-Union members may read the detailed information and FAQs on the Bank’s WorkVivo site.

 

Questions can be raised via:

  • Gareth Murphy, FSU Official - through your appropriate FSU Representative.
  • Ronan Murray, PTSB Employee Relations Senior Manager through the employeerelations@ptsb.ie mailbox. 
  • Jean O’Dowd, Unite Official - through your appropriate Unite Representative.
  • John O’Donnell, Mandate Official - through your appropriate Mandate Representative.

 

An update will be provided on conclusion of the Group of Union ballots.

 

Kind regards,

 

Bank and Group of Unions

 

 

 

Financial Services Union

Unite the Union

Mandate Trade Union