The proposed merger with Plane Saver Credit Union will bring significant benefits to our members, including enhanced savings rates, access to a wider range of loan products, better financial stability, and improved technology and services. The merger aims to secure a stronger and more sustainable future for Money Matters and its members.

If the merger is approved, you will become a member of Plane Saver Credit Union. Your savings will be transferred, and you will have access to enhanced benefits such as higher savings rates, more loan products, and advanced online services. There will be no negative impact on your current savings or loans.

All your savings and loan balances will be transferred to Plane Saver Credit Union with no disruption to your accounts. You will continue to earn interest or dividends on your savings, and your loan terms will remain the same. You will also gain access to potentially better rates on future loans and new savings products.

• Enhanced dividends/savings interest: You could receive a minimum of 2% and up to 4% on your savings, similar to what Plane Saver members currently enjoy.
• Access to more loan products: Including car loans, business finance, and larger loan amounts.
• Improved services: With better online platforms, mobile banking, and customer service.
• Financial stability: Joining a larger credit union means more resources to support members and the community.
• Discounts and additional services: Access to exclusive discounts and offers from Plane Saver’s partners.

For legal and regulatory reasons, the merger process requires two member meetings. At the first SGM, members will vote on a resolution to approve the merger. At the second SGM, members will confirm that decision with a majority vote. Both meetings are essential steps in the merger process.

A Special General Meeting (SGM) is a meeting called to address specific issues that require member approval, outside of the usual annual business. In this case, the SGMs are being held to vote on the proposed merger between Money Matters Credit Union and Plane Saver Credit Union.
In contrast, an Annual General Meeting (AGM) is held once a year and typically covers broader business topics such as:

• Reviewing the credit union’s financial performance.

• Electing board members.

• Presenting annual reports and statements.

• Discussing general operations of the credit union.

The key difference is that an SGM is focused on a single, significant issue (such as a merger), while an AGM covers a range of topics related to the credit union’s overall operations. SGMs are only called when there is an urgent matter requiring member input that cannot wait until the next AGM.

We strongly encourage you to attend both SGMs. The first vote will take place at the meeting on 29th of October 2024, and the second vote at the meeting on 26th of November 2024 will confirm the decision. Both votes are crucial to the merger process.

You need to register for each meeting using the registration links provided in the email. Make sure you have your membership number ready and that you register with the same email address associated with your Money Matters account. Once registered, you will receive a Zoom link and further instructions.

If you cannot attend the SGMs, you may be able to appoint a proxy to vote on your behalf. Please contact us for more information on how this process works.

While your membership will not be directly affected if you do not vote, we highly encourage all members to participate and have their say in the future of the credit union. The outcome of the vote will impact all members, so your involvement is important.

At both SGMs, members present will vote on the merger resolution. A two-thirds majority is required to pass the resolution at the first meeting, and a simple majority (50%+1) is needed at the second meeting to confirm it.

If the merger is not approved by members, Money Matters will continue operating independently. However, the Board believes that merging with Plane Saver is the best option for the long-term sustainability and growth of the credit union.

After the merger is finalised, you will be able to access your account through Plane Saver’s online and mobile banking platforms. We will provide detailed instructions on how to transition smoothly to these new systems.

For more detailed information about the merger and the SGMs, please refer to the attached document or contact us at [email protected] or 01582 666 877. We are happy to answer any additional questions you may have.