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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email:

Wed 16-Aug-2017
NewsNew Payroll Deduction Scheme for FSCS
11 January 2016
New Payroll Deduction Scheme for FSCS

One of the latest employers to set up a payroll deduction savings scheme with London Capital Credit Union is the Financial Services Compensation Scheme based in the City of London.

Our payroll deduction savings scheme allows employees to have savings or loan repayments deducted directly from their salary, and dozens of local employers now work with us to offer these schemes to their staff.

Evidence shows that people are much more likely to have a savings account where employers have a payroll savings scheme with the credit union. The financial stability established by the availability of savings or low cost loans is seen as a real benefit by employees who use the service. This in turn can reduce the stress caused by financial problems, leading to lower staff turnover, sickness levels, and absenteeism.

London Capital Credit Union Chief Executive Martin Groombridge says: “These schemes increase the number of people starting to save and provide access to low cost credit as and when it’s needed. Increasingly employers are working with us on such schemes, recognising that a workforce that is financially sound is good for business.”

To find out more about setting up a payroll deduction savings scheme for your employees, and for more information about which employers currently offer the scheme, click here.

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