It couldn’t be easier to set up MONEY@WORK in your workplace. We make it as stress-free as possible for our employer partners by handling all the day-to-day account enquiries and administration, and take responsibility for all regulatory compliance. We also provide you with dedicated marketing support tailored to your business to make your employees aware of their new workplace benefits.
Every employer and their systems are different, so if you’d like to set up an Employer Partner Scheme for your employees, and give them a great, low-cost in-work benefit then please contact us to discuss your needs.
Frequently asked questions
What does it cost?
The only cost involved is setting up the payroll deduction option for employees – and that will depend on the employer’s payroll systems and processes. Almost every employer has various options for making deductions from pay, and all major payroll software packages support this arrangement. There is no charge from BCU to the employer for setting up an Employer Partner Scheme, and there are no charges to the employee either (other than those the employee chooses – for example interest on a loan).
All businesses are eligible regardless of employee numbers and size. Your business must have a registered premises within our common bond area.
Depending on the size of the employee base, the commitment of the employer to promoting take-up and what BCU currently has available we can tailor special offers to your organisation and your employees.
- You agree with BCU the process, promotion and any special offers of Money@Work.
- Payroll remains unchanged, we simply help you make the appropriate deductions and agree how often you end these to us.
- You promote Money@Work to your employees, offering the new payroll deduction option. BCU can provide dedicated marketing support.
- Employees who want to join the scheme completes a membership form for BCU and a Payroll Mandate, online or at a workplace roadshow.
- We let you know the deductions to be made, and you make those deductions in the next (and subsequent) pay runs
- You pay one lump sum to BCU, and provide a schedule of the amounts deducted with a relevant reference number (such as employee number).
- We credit payments to the members’ accounts, keeping them up to date, and handles any account or deduction related queries.
- Employees can request withdrawals, make loan applications, change deduction amounts by phone, by email or online, directly with BCU.