On Monday 19 January, guests gathered at the Palace of Westminster to mark ten years since the launch of Joining Forces, the partnership between London Mutual Credit Union, Serve & Protect Credit Union and Plane Saver Credit Union, working with the Ministry of Defence to offer tailored financial services to UK armed forces personnel and their families.
The evening reception in the Jubilee Room brought together staff and directors from all three credit unions alongside uniformed and civilian Defence personnel, representatives from armed forces charities, trade bodies and financial inclusion organisations. Speakers included Gareth Thomas MP, Lord Coaker (Minister of State for Defence), Sarah Houghton (Director of Armed Forces People Policy) and former Army Sergeant Major Paul Carney OBE.
A decade of impact across the armed forces
Since launching in October 2015, the three Joining Forces credit unions have collectively served over 28,000 members, roughly one in seven of the UK’s armed forces. Together they have issued more than £72 million in loans at fair, affordable rates, while members have built up £11.6 million in savings.
For many service personnel, these are financial products they might otherwise struggle to access. The frequent relocations that come with military life can make it difficult to build a credit history, and the payroll deduction model, where savings and loan repayments come straight from military pay, removes the barriers that can make conventional banking a poor fit.
London Mutual’s role in the partnership
London Mutual has been part of Joining Forces since the beginning. Over the past decade, armed forces membership has become an important and growing part of our wider membership, which also includes people living and working across South London, NHS staff, education workers and Transport for London employees.
We are the only one of the three Joining Forces credit unions to offer a mortgage product with full support for Forces Help to Buy, giving service personnel another route onto the housing ladder alongside the savings and loan products available across the partnership.
Our commitment to the armed forces community extends beyond financial products. In 2017 we received the Armed Forces Covenant Bronze Award, followed by the Silver Award in 2021, recognising our support for serving personnel, reservists, veterans and their families, both as a financial services provider and as an employer.
What service personnel use us for
Service personnel come to London Mutual for a wide range of needs. Common uses include consolidating existing borrowing at lower rates than credit cards and overdrafts, borrowing for car purchases to maintain family connections off base, covering relocation costs, and saving towards visa and immigration costs for non-UK personnel choosing to settle permanently with their families in the UK.
We also contribute to the Ministry of Defence’s life skills agenda through regular base visits, briefings at training establishments, online webinars, and informal guidance for those experiencing financial difficulty.
Highlights from the reception
Lord Coaker praised the work of the credit unions: “Joining Forces really captures what the credit unions are all about, the work they do, and the work our Armed Forces do. Standing together, solidarity, looking out for each other, not letting someone pass by when they need help. That’s the epitome of our Armed Forces and why we’re so proud of them.”
Sarah Houghton described the partnership as “a fantastic example of the Armed Forces Covenant in action,” and Paul Carney OBE shared his personal story of how a credit union helped him through a period of serious financial difficulty following a divorce. Speaking to BFBS Radio, he encouraged even the most junior service personnel to start building their savings from day one.
Looking ahead
Our Head of Business Development, Ben West, said: “Behind the numbers are thousands of individual stories. Service personnel who’ve cleared problem debts, borrowed affordably in an emergency, or started saving, many for the first time. That’s the real measure of what this partnership has achieved.
“We’re proud to stand alongside Serve and Protect and Plane Saver as part of Joining Forces. Together with the Ministry of Defence, we’ve built something that changes lives and strengthens the resilience of those who keep our country safe.”
What our members say
“Applied for a loan to get a new car and everything ran smoothly. I joined the salary deduction scheme which I find absolutely amazing as the loan and savings come straight out my wage and I never have to include it in my budgeting. Using this service has improved my credit score massively.” — Chris, British Army
“They were calm in taking me through my worries. I’m very grateful. They’ve changed my life.” — Jim, Royal Navy
“Since I was told about Joining Forces and referred, I’ve had nothing but clear, transparent and affordable banking.” — Sy, British Army
“I took out a loan to help me with visa costs and now I have been able to support my family’s move to the UK with my own savings.” — Jone, British Army
How to join
Membership is available to Regular and Reserve personnel, veterans and their families, with repayments taken directly from military pay or pension. Defence civil servants can also join and pay via direct debit.
For more information about Joining Forces credit union services, visit www.joiningforcescu.co.uk or search ‘Joining Forces’ on Discover My Benefits.
You can also read coverage of the anniversary event from ABCUL.
