LCU

Special General Meeting

Notice of A Special General Meeting (SGMs)

We hereby give notice of a Special General Meetings of Liberty Credit Union Ltd (LCU) to be held as follows:

Special General Meeting (SGM) Details

  • Date: Tuesday, 23 April 2026
  • Time: 6:00 PM
  • Location: Online via Zoom

Purpose of the Meetings

The purpose of this meeting is to present the members of Liberty Credit Union with a proposal to merge with Plane Saver Credit Union Ltd. This merger is a significant opportunity that will strengthen our services and provide greater benefits to all members. The merger involves the transfer of all the assets and liabilities of Liberty Credit Union to Plane Saver Credit Union.

Background

This meeting will be the first of two required to approve the proposed merger with Plane Saver Credit Union. The resolution asks members to approve the merger, which will bring the following benefits to all members:

  1. Enhanced dividends/savings interest: Members of LCU would be eligible to receive a minimum of a 1.75% dividend and up to 3.75% on their savings account, amounts currently offered by PSCU to its members.  Plane Saver has paid a dividend every year since it was founded in 1993.
  2. Improved services: LCU members would benefit from enhanced products, services, and technology offerings.
  3. Better rates and terms: The increased efficiency and economies of scale could allow LCU members to benefit from lower, more competitive dividends and interest rates on savings and loans in many instances.
  4. Access to additional loan products and higher loan limits:  As part of Plane Saver, LCU members will have access to additional loan products such as car and business finance loans.  Moreover, our members could apply for loans as large as £35,000 (larger amounts for business loans).
  5. Greater financial education resources: A larger entity could invest more in financial literacy programs and workshops to benefit to communities of Borough of Havering, Barking & Dagenham or Redbridge.
  6. Increased community impact: The combined resources would allow for greater investment in local communities and support for social initiatives.
  7. Enhanced stability and security: LCU members would benefit from the increased financial stability and regulatory compliance capabilities of the larger entity.
  8. Discount Network: LCU members would also benefit from advanced discount structures for external service providers e.g., gyms, supermarkets and insurance providers, etc. 

Resolution to be Proposed

At this meeting, the following resolution will be presented:

“This meeting of members of Liberty Credit Union Ltd hereby resolves to transfer the stock, property, and other assets, and all engagements of the society to Plane Saver Credit Union Limited, in consideration of Plane Saver Credit Union Limited issuing to each member of Liberty Credit Union paid-up shares equal to the amount standing to the credit of each member in the share ledgers of Liberty Credit Union on the date when the transfer of engagements becomes effective.”

There will also have to be a vote to amend the credit union’s rule book.

Voting Requirements

For the resolution to pass at this meeting, at least two-thirds of the members present must vote in favour.

Zoom Details: Registration via the link below by Wednesday 22 April at 9:00am

https://us06web.zoom.us/webinar/register/WN_W51_1dFqTwWWMkZQwSeIjQ

By order of the Board:

Martyn Warne, CEO

Date of Notice: 8th of April 2026


Special General Meeting FAQ

SGMs – Frequently Asked Questions (FAQs)

1. Why is Liberty Credit Union proposing this merger with Plane Saver Credit Union?

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

2. What will change for me as a member if the merger goes ahead?

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

3. How will the merger affect my savings and loans?

All of your savings and loan balances will transfer seamlessly to Plane Saver Credit Union without any disruption. You will continue to earn interest or dividends on your savings, and your loan terms will remain unchanged. Additionally, you may benefit from better rates on future loans and new savings products.

4. What are the key benefits of merging with Plane Saver Credit Union?

  • Enhanced dividends/savings interest: You could receive a minimum of 1.75% and up to 3.75% on your savings, as offered to Plane Saver members.
  • Access to more loan products: Including car loans, business finance, and larger loan amounts, with loans available up to £35,000.
  • Improved services: Better online platforms, mobile banking, and customer service.
  • Financial stability: Joining a larger credit union provides more resources and security for members and the community.
  • Discount Network: Gain access to exclusive discounts and offers from Plane Saver’s partners, including gyms, supermarkets, and insurance providers.

5. Why is a Special General Meeting (SGM) being held?

The SGM is being held to give members the opportunity to vote on the proposed merger. Your vote is essential to determine the future of Liberty Credit Union.

7. Do I need to attend the meeting?

We highly encourage you to attend the SGM, which will take place on Thursday 23 April 2026 at 6:00pm. Your vote is crucial in determining whether the merger goes ahead.

8. How do I register for the meeting?

You can register using the registration link provided above. Ensure you have your membership number ready. After registering, you will receive a Zoom link and further instructions.

9. What happens if I can’t attend the meeting?

If you are unable to attend the SGM, you may be able to appoint a proxy to vote on your behalf. Please contact us for more information on how this process works.

11. How does the voting process work?

Members present at the SGM will vote on the merger resolution. A two-thirds majority is required to pass the resolution for the merger to go ahead.

12. What if the merger doesn’t go ahead?

If the merger is not approved by members, Liberty Credit Union will continue to operate independently. However, the Board believes that merging with Plane Saver Credit Union is the best option for the long-term sustainability of the credit union.

13. Will there be any changes to how I access my account after the merger?

After the merger is finalised, you will access your accounts through Plane Saver’s online and mobile banking platforms. Detailed instructions will be provided to help you transition smoothly to these systems.

14. How do I get more information or ask further questions?

For more detailed information about the merger and the SGM, please refer to the email sent to you or contact us at mail@lcu.org.uk or 020 8507 7436. We are happy to answer any additional questions you may have.