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Payroll Saving Scheme

If you work for Middlesbrough Council, the Thirteen Group or the charity Hope North East you could choose to save directly from your pay with Pioneer.  If your company isn't part of this scheme yet but you're interested in offering this service to your staff please come and speak to us, or if you're an employee speak to your employer about joining the scheme. Setting up an Payroll Deduction scheme is straight forward and inexpensive.

How does the Saving Scheme work?

It's simple.  Eligible employees first join Pioneer as a normal member through their workplace.  We have an easily managed process to do this, and a form is available from your HR/Employee Services team or you can download one from our Forms and Downloads section.  At the same time you decide how much to save directly from your pay each month, fill in a Payroll Saving Form from the Downloads page and give it to your employer.  Your employer deducts this amount each week, fortnight or month directly from your pay (after any tax and insurance deductions) and sends this to Pioneer.  You can change how much you save simply by completing a new form.  We deduct the £2 joining fee from your first payment.  Easy!

Deduction from wages is a great, reliable way to build up your savings.  Because the money never goes into your bank account it often feels less painful too.  It's amazing how quickly regular saving can build up to a substantial amount.  And remember, all of your savings are completely safe and guaranteed by the Financial Services Compensation Scheme.

How do I get my money out?

Simply fill in a withdrawal form and submit it directly to Pioneer at a contact point and a cheque will be prepared for you to collect the following week. You can also, if you prefer, have the money transferred straight into your own bank account. Just fill in the part of the form that asks for your banking details. Bank transfers can take up to 2 hours, but it is our members' experience that most seem go  through instantly.

Check the balance of your account at the time you submit the withdrawal form.  Due to the processes that your employer needs to follow to pay your savings to us, please allow 2 weeks from your pay date for the last saving deduction to be added to your Pioneer savings.

Can I still apply for member loans?

Of course!  You get all of the usual membership benefits.  We recognise that people in work are just as likely as anyone else to occasionally need to borrow money, and you get the same great loan interest rate.  

Great!  How do I join?

Speak to your employer (usually whoever manages pay) and ask about joining.  They will have all of the details you need.  If your employer isn't part of the scheme already why not ask them about the possibility of joining?  Our contact details are on the Contact Us page.

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