Some weeks ago, Voyager Alliance Credit Union approached Penny Post asking if we would like to accept a Transfer of Engagements to give both credit unions the opportunity to jointly expand their business and product range to the benefit of all members.
After careful consideration, the Board feel this is a great opportunity for Penny Post, and fits with our strategy to grow membership, our loan book and offer a wider range of products and services to members.
To comply with PRA regulations, we must have a common bond in place which completely covers the common bond of the combined credit union before the Transfer of Engagements can take place, hence we are asking members to consider and vote on these changes at the Special General Meeting on Sunday 7th November 2021.
A Transfer of Engagements occurs when one or more credit unions transfer all their members, assets and liabilities into another credit union which would then take over all ongoing business and activities.
Alliance Credit Union was founded in 1984 and Voyager Credit Union was founded in 1992. The two Credit Unions merged in September 2006 to become Voyager Alliance Credit Union. In 2008 Wayfarer Credit Union based at Manchester Airport merged with Voyager Alliance as did Retail Credit Union in 2019, to form the credit union as it is seen today.
Voyage Alliance has many similarities with Penny Post, in that it serves working members through payroll deduction schemes. The Voyager Alliance membership is largely made up of transport workers and managers, retail sector employees and members of 7 trade unions.
Voyager Alliance have 102 payroll partners, with the most significant in terms of members being Stagecoach, Arriva, DWP, Abellio, Mersey Rail and Pets at Home. There are also growth opportunities with several large retail businesses such as Iceland, New Look and Rymans.
The Board and Management Team believe this merger should deliver many benefits to the combined membership including:-
Will there be service interruptions?
NO. While the computer systems are integrated, your existing, services and benefits will remain the same.
Will my loan or account rates and fees change?
Your loans and account rates will not be changed from the agreed levels as a result of this Transfer of Engagements.
What if I am a member of both credit unions?
You will continue to receive separate benefits from each credit union. After integration, your account and loans will be consolidated under one institution with a combined set of benefits. Details on the transition will be announced in the months ahead.
What happens next?
Members of both credit unions will have the opportunity to vote on the proposal and if approved we will submit an application to the Financial Conduct Authority to register the transfer. Subject to their approval, we anticipate that the transfer will be completed in early 2022.