RN FPS had the opportunity to celebrate a decade of partnership between three leading credit unions and Defence which has helped thousands of Armed Forces people save, borrow responsibly and build financial resilience.
On Monday 19 January, at the Palace of Westminster, guests celebrated the tenth anniversary of Joining Forces – a collaboration consisting of Serve & Protect, First Defence Finance, and Forces Finance (part of London Mutual Credit Union), working with the MOD to offer tailored financial services for Defence people.
The anniversary reception brought together staff and directors from the credit unions, uniformed and civilian Defence personnel, and representatives from trade bodies, armed forces charities and financial organisations.
Credit unions differ from traditional banks. They operate as not-for-profit financial cooperatives, owned and run for their members’ benefit. Any surplus is returned to members through competitive dividend rates on savings or used to help improve the range of products and services available, rather than being distributed to external shareholders.
A decade of impact
Joining Forces now supports over 28,000 members – approximately one in seven of the UK's Armed Forces personnel. Collective savings exceed £12.4 million, while more than £72 million in loans have been issued at fair, affordable rates.
For many members, they can access credit that might otherwise be unavailable or unaffordable. Common uses include consolidating existing debt, purchasing vehicles, covering relocation costs, and saving towards visa fees for non-UK personnel settling with their families.
Joining Forces helps to enhance life skills in the Defence community through regular base visits, briefings at training establishments, online webinars, and informal guidance for those experiencing financial difficulties. This educational element complements the practical financial products available for members.
Access to Joining Forces
Membership with the credit unions 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.
The payroll deduction model is simple but effective: savings and loan repayments leave your pay before you see it, removing the temptation to spend first and save later.
Looking ahead
As Joining Forces enters its second decade, it continues to demonstrate how tailored financial services can support the unique circumstances of Service life – from frequent relocations to overseas postings, to building long-term financial resilience.
The first months of the new year are traditionally a time when people reassess their finances. For service personnel and their families and Defence civil servants, Joining Forces offers a trusted partner in that journey. Whether you're looking to start saving, clear debt, or simply take control of your money in 2026, the 'set and forget' approach of payroll deduction can be a straightforward way to start.
To find out more about what is available to you, visit Discover My Benefits
