KWL Expands Financial Wellness Options with Salary Sacrifice AVCs

KWL continues to prioritise the financial wellbeing of its employees through innovative programmes. Building on the success of its partnership with HEY Credit Union for workplace savings, KWL has recently introduced Salary Sacrifice AVCs (Added Voluntary Contributions) as another avenue for employees to boost their retirement funds.

The new Salary Sacrifice AVC scheme can allow employees to make additional contributions towards their pension directly from their salary in a tax and national insurance efficient way.

Credit Union Scheme Remains Popular

Alongside the new AVC option, KWL’s long-standing partnership with HEY Credit Union, the Humber Region’s leading not-for-profit savings and loans cooperative, continues to gain traction among employees. Currently, around 10% of the workforce actively contributes to the Credit Union scheme through convenient payroll deductions.

HEY Credit Union has been offering workplace savings to employers across the region for two decades, helping employees save for various goals, such as holidays, celebrations, or even retirement. The scheme also provides access to affordable loans, allowing employees to spread the cost of significant purchases or unexpected expenses through confidential payroll deductions.

Supporting Financial Resilience

With the ongoing cost-of-living crisis impacting communities, KWL recognises the importance of supporting its employees in building financial resilience. Roger Grannon, Chief Operations Officer at KWL, emphasised the company’s commitment to this cause:

“In 2022, we talked to employees about the cost of living crisis and researched ways to support them to build better resilience, and Hull Credit Union was welcomed by many people in the team. Now, by introducing Salary Sacrifice AVCs and promoting our Credit Union partnership, we aim to provide employees with additional tools to help to secure their financial futures.”

KWL encourages other employers in the region to explore similar initiatives, highlighting the benefits for both employees and the organisation.

To learn more about HEY Credit Union’s workplace savings schemes, contact Sarah Hanson at shanson@hullandeycu.co.uk or call 01482 778753 ext 302.