Introduction

Tandem Money Limited is the employing entity of Tandem Group and its subsidiary companies, the Group is referred to as ‘Tandem’ and consists of:

• Allium Lending Group Limited (Company Registration Number 10028311)
• Allium Money Limited (Company Registration Number 10977963)
• GDFC Assets Limited (Company Registration Number 08272354)
• GDFC Services Plc (Company Registration 08271985)
• Oplo Group Limited (Company Registration Number 05438114)
• Tandem Bank Limited (Company Registration Number 00955491)
• Tandem Home Loans Limited (Company Registration Number 05667257)
• Tandem Money Limited (Company Registration Number 08628614)
• Tandem Motor Finance Limited (Company Registration Number 07213812)
• Tandem Personal Loans Limited (Company Registration Number 08457740)

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As an employer with a workforce of 250 employees or more, we are required by law to publish annual information relating to the gender pay gap in our organisation under the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.

The following data, which has been accurately calculated following statutory guidance, is Tandem’s first mandatory publication based on a snapshot date of 5^th April 2023. Tandem became in scope of this legal requirement following the merge of the employing entities of Oplo Group Limited and GDFC Services PLC with Tandem in September 2022.

This information will be published on the Gender pay gap service as well as on our website.

1. What does the Gender Pay Gap mean?

The gender pay gap measures the difference between men and women’s average earnings. It does not take into account people’s roles or seniority. The gender pay gap is not the same as equal pay which means that men and women performing equal work, or work of equal value, must receive equal pay. An employer with an effective equal pay policy can still have a gender pay gap for example, if the majority of women are in lower-paid jobs.

2. Definitions of Key Terms and Calculations

Median pay gaps: the difference between the median pay for female employees and the median pay for male employees, as a percentage of the male employee median. Medians are calculated by ordering individual rates of pay from lowest to highest and selecting the value for the middle employee.

Mean pay gaps: the difference between the mean pay for female employees and the mean pay for male employees, as a percentage of the male employee mean. Means are calculated by summing all the individual pay rates and dividing by the number of individuals.

Hourly pay gaps: made up of all regular payments of salary and allowances during April 2023.

Bonus pay gaps: made up of all bonus and incentive payments received over the 12-month period to the end of April 2023, excluding any employees who did not receive a bonus or incentive (either due to performance or due to not being eligible to be considered for a bonus given their start date or due to their role being excluded from the bonus scheme).

Pay quartiles: Pay quartiles are prepared by ordering the population by hourly pay, from lowest to highest, and then dividing it into four equal groups (lower quartile, lower middle quartile, upper middle quartile and upper quartile) to show how the distribution of males and females varies according to each quartile.

3. Gender Split

On the 5^th April 2023, Tandem employed 491 staff of which 224 (46%) were female and 267 (54%) were male.

Gender is reported in a binary way as per the current requirement for gender pay gap reporting however Tandem recognises that not all colleagues identify as male or female and we take our responsibility towards our non-binary and gender-fluid colleague seriously.

4. Pay Quartiles

The percentage of employees in each hourly pay quartile who are men and women are shown in the table below. A higher percentage of employees in the lower pay quartiles are women than in the upper pay quartiles. This is one of the factors contributing to the difference in the mean and median hourly pay gap of men and women as referred to in Pay Gap Figures points 1 and 2 below.  ‍

5. Statutory Gender Pay Gaps Disclosure

Tandem’s results, which are based on the snapshot date of the 5^th April 2023 and the 12 months ending on this date, are shown below:

1. The difference in mean hourly pay is 33.67%
2. The difference in median hourly pay is 34.33%
3. The difference in mean bonus pay is 42.5%
4. The difference in median bonus pay is 29.6%
5. The percentage of female employees who received bonus pay in the 12 months ending on 5^th April 2023 is 86%
6. The percentage of male employees who received bonus pay in the 12 months ending on 5^th April 2023 is 85%

6. Gender Pay Gaps and Representation

As gender pay gaps are based on averages taken across the whole workforce, they do not take into account factors such as roles, responsibilities or levels of seniority. The pay gaps for both hourly pay and bonus pay result from the different representation of males and females in senior and other higher paying roles within Tandem.

We recognise that achieving a more equal distribution of males and females, particularly within our Senior Leadership Team, will take time and our actions to close the gender pay gaps focus on supporting females to progress into more senior roles internally.

We also recognise the impact that external factors have on our gender representation such as the low female representation in our industry, especially in higher paying roles, and the higher number of female applicants for our more junior roles.

7. Declaration

I confirm that the gender pay gap information published in this written statement and submitted to the Gender pay gap service is accurate and has been calculated according to the requirements and methodology set out in the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.