Payroll Savings

What are Payroll Savings?

We encourage our members to save regularly and one of the best ways of doing this is payroll deductions directly from their wages – we call this Payroll Savings.

We support this by working with Payroll Partners to make direct deductions from employees wages.

If you’d like to encourage your staff and colleagues to make regularly savings, please get in touch and we’ll explain how to set it up and help you support the economic well-being of your staff and colleagues.

Call us on 020 8760 5711 or send us an email at cu-info@cmscu.co.uk and we’ll get in touch.

Information for Payroll Partner Employers

People are more likely to save when employers provide a payroll deduction scheme set up with a local credit union. In addition to saving, employees also have access to low cost loans with no hidden charges or early repayment fees. It’s easier for members to save and make loan repayments directly from their wages and helps to provide financial stability and reduce stress caused by financial problems.

CroydonPlus runs a payroll deduction scheme for the employers listed below:

Croydon Churches Housing Association logo

  • AmicusHorizon
  • Circle Housing
  • CroydonPlus Credit Union
  • Croydon Care Solutions
  • CCHA
  • Croydon_Council_P260[2][1] - CopyCroydon Council
  • First Security Guards Payroll
  • Good Shepherd School
  • Harris Academy
  • IRV_logoInterserve
  • Merton & Sutton Pensioner
  • Merton Council
  • Merton Teachers
  • Octavo
  • sutton_logo1Ravens Wood School
  • St Cyprians
  • STEP Academy
  • Strictly Education
  • Sutton Council
  • Sutton Housing Partnership

 

Payroll Deduction schemes are easy to set up; we need the following as part of our agreement:

  • Employee payroll date
  • Company pay run transfer date (ideally within 5 working days of the employee pay date)
  • Spreadsheet with employees names, Employee Payroll Number and monthly CMSCU deductions
  • Lump sum payment of deductions to CroydonPlus bank account within 5 days of pay roll run

If you would like to set up a payroll deduction for your staff and employees please call or drop us an email at cu-info@cmscu.co.uk to find out more.