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Hertfordshire Police Federation

PCU helps officers manage their finances

9 February 2021

A not-for-profit organisation that helps secure the financial future of officers says it is continuing to adapt it services to ensure their members are fully supported during the pandemic.

In its annual report for 2020, Serve and Protect, which includes the Police Credit Union (PCU), says it took measures early on in 2020 to ensure it could remain fully operational for its members during the Covid-19 crisis.

As well as launching a member wellbeing call back service for those who were isolating, Serve and Protect created a faster payments system and developed an accessible mobile app. 

“Looking back over the past 12 months is both humbling and gives a sense of enormous pride,” says Serve Protect CEO Paul Norgrove, “Last year, we promised we would deliver the highest standard of service, little did we know at the time that the world as we knew it was about to change. 

“In these difficult times we were able to offer forbearance to our members who were unable to meet loan payments due to their household income being affected by coronavirus.”

Between September 2019 and September 2020, PCU supported 23,700 members from the police service, helping them save a total of nearly £60,000,000 between them, while lending more than £25,500,000 in loans.

“While 2020 was not the year we had planned, we have continued to move from strength to strength issuing more loans than ever before, with almost half of these to help our members consolidate higher cost credit and reduce their monthly expenditure,” added Paul.

Thanks to recent developments at Serve and Protect members can now withdraw and receive any funds on the same day.

PCU is currently offering members a range of offers on their savings accounts.  As well as a 1.2 per cent return on their easily accessible regular saver, it also offers a junior saver, which helps members to financially prepare for the future of their children or grandchildren.

Read the annual report.

Regular saver account.

 

 

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