Payroll Deduction 2

Payroll Deduction Scheme

Offering you a great deal for your staff

Employer Partnership Schemes offer benefits for both your staff and your organisation.

North London Credit Union has agreements with a number of employers, both large and small, enabling their employees to save with us direct from their salary - no mess, no fuss, no temptation to spend. Our Partners come from a range of different organisations but the one thing their employees have in common is that they continue to make their savings regularly - something many agree they wouldn't do without payroll deduction.

  • Easy savings deposits and loan repayments by payroll deduction
  • Mitigate future financial stress, a cause of absence and reduced productivity
  • Savings fully protected by the Financial Services Compensation Scheme (FSCS)
  • Free and simple to set up. Run in the same way as any other deduction from salary

If you are employed by one of these employers you can join the payroll deduction scheme:

  • Barnet and Southgate College
  • Citizen's Advice Enfield
  • College of North East London (CONEL)
  • Enfield Council (including all services formerly part of the Council whose payroll is still administered by them)
  • Enfield Schools (including all schools independent of the Council whose payroll is administered by Enfield Council)
  • Enterprise Enfield
  • London Diocesan Board for Schools (LDBS) for schools whose payroll is administered by Enfield Council
  • London Energy (previously London Waste)
  • North Middlesex University Hospital (all sites)
  • Reynolds Catering Services (UK-wide)

If you're already a member of North London Credit Union and want to set up payroll deduction you can download a form here or call us on 020 8366 8244. option 1.

If you've not found out how easy it is to save regularly through your payroll yet, join today!

 

Give your staff access to affordable financial services and offer them a genuinely valuable benefit at a very low cost.

 

Saving via payroll can offer a buffer if things go wrong when you least expect them. Even a small amount of savings can soften the blow and help your employees avoid resorting to expensive borrowing.

Financial worries are a huge concern to employers and workers alike: debt can cause stress and depression, which can lead to absences and reduced productivity – a vicious circle that leaves everyone worse off.

Encouraging your employees to sign up to North London Credit Union's payroll savings and loans scheme can help reduce your staff turnover and absenteeism costs associated with financial stress in employees, as well as meeting your corporate social responsibility objectives by keeping money in the local community and supporting a not-for-profit, ethical lender.

To see how payroll deduction improves the well-being of your employers, take a look at this video

For more information on the benefits of our payroll deduction schemes or to set one up, call us on 020 8366 8244, option 1 or email manager@northlondoncu.org

Will it cost us anything to set up a payroll deduction scheme?

No, setting up a scheme is completely free and there are no charges for payroll deduction services. The only cost is the time taken to process deductions and provide us with a confirmation schedule each month.

Is the money safe?

We are fully regulated and your employees' savings are completely protected by the Financial Services Compensation Scheme (FSCS).

Will I know account details for my staff?

No, details of member accounts are confidential and will not be given to anyone else without their permission.

If a staff member leaves and has a loan, is the employer liable for repayments?

No. The contractual arrangement is between the credit union and the borrower. They are still responsible for making repayments and we ask that you inform us if you're aware that an employee is leaving, so that we can contact them in time to make alternative payment arrangements.