TransaveUK Credit Union Helps Employees’ Finances Thrive with Opt-Out Payroll Savings Scheme

Friday 26 January 2024

In 2021 a new innovative partnership to test the effectiveness of an opt-out approach to workplace emergency saving was launched by Nest Insight in collaboration with TransaveUK and SUEZ recycling and recovery UK.

The pilot trial involved automatically enrolling new joiners to the company SUEZ into payroll savings with the credit union, unless they opted-out. Almost two years after its launch, approximately 95% of employees who were enrolled into opt-out savings schemes with TransaveUK still save money through this method.

The credit union has added almost 1,000 active members two years on from the opt-out savings trial and Roger Shelton, Marketing and Business development Manager at TransaveUK said: “The trial has been extremely successful for the credit union and our members. It has enabled hundreds of people to start saving or build their financial wellbeing further.”

1 in 4 workers have lost sleep over money worries and Mariam – a SUEZ employee involved in the trial – was experiencing financial difficulties and said she was “not living” but “surviving” before saving with the scheme. Due to her determination and the scheme’s design, Mariam said: “I am pleased that I am in it. It might sound silly to some people, but if I hadn’t decided to do it, I don’t know what I would have done for Christmas”.

Following the success of the scheme after the trial phase, TransaveUK Credit Union currently has another employer signed up to the same model and they are in discussion with other employer partners.

Read more here.