Over 100,000 workers now stand to benefit from Living Pension accreditation
100 employers are now signed up to Living Wage Foundation scheme to tackle ticking timebomb of pensioner poverty as NatWest accredits with Living Pension.
Over 100,000 workers now stand to benefit from Living Pension measures so far.
Other committed employers include Penfold, Aviva and Everton FC.
The movement to tackle the crisis of pension undersaving is growing fast, with Natwest becoming the 100th employer to sign up to the Living Wage Foundation’s Living Pension accreditation. Pension provider Penfold also recently accredited.
Living Pension Employers are doing their bit to address the ticking timebomb of pensioner poverty, where 4 in 5 workers aren’t saving enough each year to meet their basic needs in retirement and over half feel they will never be able to retire. Over half of pensioners in poverty today struggle to keep up with bills and credit commitments, causing misery and worry to hundreds of thousands of retirees.
By committing to provide a Living Pension, accredited employers are going beyond the legal minimum to boost pension savings for their staff, making contributions designed to keep workers out of poverty in later life.
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 of £3,150 a year, with a minimum employer contribution of £1,840.
The growing list of responsible employers driving up standards in employee pension benefits incudes large companies like Aviva, SSE plc and Everton FC, as well as dozens of small and medium sized businesses like pensions provider Penfold and Manchester Cat Clinic. Over 100,000 employees now stand to benefit from the measures so far.
Katherine Chapman, Director of the Living Wage Foundation, said: “We’re delighted to welcome NatWest to the now 100-strong movement of responsible employers securing their workers’ financial futures with a Living Pension. The commitment of these leading employers means their workers can look forward to a dignified life in retirement. Launched in 2023, we’ve seen incredible growth in Living Pension accreditations in such a short time because employers know it’s good for people and good for business.”
Mark Chadwick, Head of Pensions at NatWest Group, said: “We’re pleased to have received Living Pension accreditation, which recognises that our pension funding supports colleagues in saving for a decent level of income in retirement and that we’re making it as easy as possible for them to save.”
Chris Eastwood, CEO and co-founder of Penfold, who recently accredited using the Living Pension cash target, said: "As a modern pension provider, we believe in leading by example. Employers have an opportunity, and a responsibility, to go beyond the legal minimum and give people a genuine chance at a comfortable retirement. Raising that bar is something we should all take seriously.
Becoming one of the first 100 Living Pension accredited employers formalises something we’ve long believed and built into our own approach. At Penfold, we contribute 10% as standard, with no requirement for employee matching. That means we meet the Living Pension benchmark without asking our team to contribute more themselves – helping ensure they’re on track for a comfortable retirement."