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Payroll deduction scheme

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Payroll deduction allows employees to save into a Credit Union account with the money taken directly from salaries.

It is an excellent method of saving regularly and we are keen to promote this as a standard workplace benefit across Wales.

Credit Unions can provide more affordable loans and secure savings through a member-owned, cooperative structure, and with a focus on providing a meaningful social benefit to the communities in which they are based. Payroll deductions are a convenient and easy way to save and borrow. The payment is deducted before your money goes into your bank, at an amount that suits you, meaning that you don’t feel the impact, but you still get the benefits of saving.

Employers – what you need to know

These schemes are easy to set up and require minimal resources to administer. The Credit Union takes all responsibility for the operation of the scheme, with the employer just facilitating monthly deductions from salary. All contacts and queries are dealt with by the Credit Union, making it administratively simple for employers.

For more information on how to sign up to payroll deduction, please email credit.unions@wales.gsi.gov.uk. Many Credit Unions will allow you to join and save via payroll online. To find your local Credit Union, please visit the Credit Unions website (External link).

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