The Living Pension is a voluntary standard from the Living Wage Foundation, helping workers build a pension pot for a decent standard of living in retirement.
Everton has become the first Premier League football club to sign up to the Living Wage Foundation’s Living Pension accreditation. The move will help ensure all staff, including lower-paid workers, are supported to save for a decent standard of living in retirement.
By committing to the Living Pension, the Club is going beyond the legal minimum to boost pension saving and improve retirement outcomes for its entire workforce, from matchday stewards to backroom staff, making pension contributions designed to keep workers out of poverty in later life. Everyone who works at Everton will now receive a total annual pension contribution of at least £2,950, with a minimum of £1,720 coming from the Club, pro-rated for part-time staff.
The Living Pension is a voluntary savings target for employers who want to tackle low pension saving, just as the real Living Wage tackles low pay. The scheme calls on employers to contribute at least 7% of a worker’s salary, significantly more than the legal minimum of 3%, as part of a total savings target of 12%. This can also be met through a cash benchmark, as Everton have chosen to do. It is designed to ensure staff can afford to live a dignified life when they retire.
Everton now joins a growing list of responsible employers leading the way on employee pension benefits, including insurance giant Aviva, energy company SSE Plc, and City law firm Herbert Smith Freehills, as well as many small and medium sized businesses.
Katherine Chapman, Director of the Living Wage Foundation, said:
“We are delighted that Everton is leading the way as a responsible employer by becoming the first Premier League Club to sign up to the Living Pension. Just as the real Living Wage ensures workers can meet their everyday needs today, the Living Pension helps them plan for a retirement where they can live with dignity and security. By signing up to the Living Pension, Everton, as a prominent football club, is sending a powerful message that everyone should have a decent standard of living now and in the future.”
Everton FC's Chief Tax and People Officer Alison Haynes said:
"The Club has for many years made pension contributions on behalf of our people which are considerably in excess of the auto-enrolment requirements. Now with the support of our new owners TFG, we are able to take this further step to improve the lives in retirement of our valued colleagues.”