Around half of our adult members use the payroll deduction scheme offered by their employer to save directly from their salaries into their savings account with us. Thirty employers now offer this option to their staff, with new employers joining all the time.
How it Works
The main benefit of this option is that once you have completed and returned the payroll deduction form, there is nothing else required of you. We and your Payroll Section will do the rest for you, including arranging for the amount you have told us you want to save each month to be deducted directly from your salary, and credited to an account of your choice.
It is possible to use this method to pay into a number of accounts each month from one single deduction. For example, you can pay a sum into your regular savings account, plus an additional amount into a Christmas Saver account, and also to make loan repayments. Your employer will only know the amount of your deduction: the details of which account your deduction will be credited to remains confidential. This method can also be used to credit the accounts of junior saver accounts for children.
Members are able to change the amount they want to save at any time, simply by completing and returning a new payroll deduction form to confirm the new amount to be deducted.
Benefits for Employers
There are benefits for employers in becoming a partner too. Offering the scheme to employees demonstrates corporate responsibility: not only to improving the financial health of staff, but also contributing to the benefits for the local community and economy of supporting our work. This service is often considered a 'perk' for employees who work for employers who offer the scheme.
We offer this service free of charge to employers and employees, and setting up a scheme is very straightforward.
2015 Incentive for our Members
As part of our Local Revolution Campaign 2015, we are offering an incentive to members to encourage the introduction of payroll savings schemes in their workplace. The first 10 members who persuade their employer to launch such a scheme will be eligible for a £50 credit to their savings account with us. Terms and conditions apply: to find out more, contact us using the reference New Payroll 15.
Find Out More
Please contact us on (029) 20872373 if you or your employer are potentially interested in establishing a payroll savings scheme in your place of work, and want to find out more.