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The in-house staff savings scheme will unfortunately come to an end following some issues highlighted by HMRC.
In order to be compliant with National Minimum Wage levels, once savings contributions have been deducted, the staff net pay must meet the required levels and, in some instances, could fall below the required levels for National Minimum Wage. The Senior Team were all keen to keep this scheme, however HMRC are very clear on their stance on this matter.
Staff still have the ability to save with the Credit Union or have savings paid directly into a private savings account from their monthly salary payment.
Credit Unions in your local area are below:
All staff savings will be returned in full in your April salary. If you have set up a credit union account, and wish to have your savings paid directly into your new credit union account or private savings account from the repayment of staff savings in your April salary, please provide Payroll with the information before 15 April to enable it to be processed in April. Any updates received by Payroll for future monthly saving plans after 15 April will be implemented in your May salary.
If you need any assistance or have any queries about how this would impact you, please e-mail Payroll and we will collate a FAQ document or if there is demand, arrange drop in information sessions on the credit union.