Asked by: Seema Kennedy (Conservative - South Ribble)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions his Department has had with the financial sector and employer groups on workplace money management and workplace payroll savings schemes.
Answered by Harriett Baldwin
The government is committed to supporting savers, and government officials meet regularly with the Chartered Institute of Payroll Professionals to discuss the role that payroll deduction can play in promoting workplace saving, particularly in relation to the credit union movement. The Department for Work and Pensions (DWP) is funding a £38m project to enable participating credit unions to expand their services to many more consumers, including to employees via workplace payroll savings. DWP is also looking into providing payroll savings facilities for their staff who are members of a credit union.