Good Things Foundation is one of the first Living Pension Employers
Good Things Foundation has signed up to become a Living Pension Employer, supporting employees to build up a pension pot that meets the cost of living.
Research from the Resolution Foundation shows over half of pension savers feel like they will never be able to retire as 1 in 10 cut contributions. Bucking the trend, Good Things Foundation has committed to become a Living Pension Employer. The “Living Pension Employer” standard is a voluntary savings target for employers who want to help workers build up a pension pot that will provide enough income to meet basic everyday needs in retirement.
Yesterday, The Living Wage Foundation launched a new Living Pension standard to tackle low pension saving. The Living Pension is a voluntary savings target for employers who want to help workers, especially those on low pay, build up a pension pot that will provide enough income to meet basic everyday needs in retirement. The Living Wage Foundation is at the heart of the independent movement of businesses, organisations and people who believe workers should be paid a real Living Wage that meets basic everyday needs. The Living Pension builds on the work of the real Living Wage by providing stability and security for workers in retirement.
We are incredibly proud to be one of the six first employers who have signed up to the standard, working to make sure our employees have the security and stability they need, alongside: Phoenix Group; Herbert Smith Freehills; Aviva; Wealthify; and Citizens UK.
The Living Pension savings target is 12% of a worker’s annual salary, of which the employer pays in at least 7%. This builds on auto-enrolment, where the employer is only required to contribute 3%. The Living Pension savings target can also be implemented as a cash amount of £2,550 a year, based on 12% of a real Living Wage worker’s salary. The employer contributes at least £1,448 to this cash amount.
Adam Barlow, Assistant Director of Finance at the Good Things Foundation, said:
“At Good Things Foundation, we are very proud to have signed up to a Living Pension, as we want to provide security and stability for our amazing staff not just now, but in the future. We believe it’s important to ensure our staff receive a pension that meets the real cost of living and delivering the Living Pension truly demonstrates our position as a caring employer with a market-leading offer.”
Katherine Chapman, Director of the Living Wage Foundation, said:
“Low pension saving levels are a long-standing issue and our research shows that workers are worrying about an uncertain future. The current cost-of-living crisis is exacerbating the problem. Struggling to make ends meet as living costs soar, many workers are unable to prioritise pension saving, which risks storing up a future crisis of millions unable to afford even the basics in retirement.
Over the last ten years the Living Wage campaign has grown in strength and numbers. Now paid by over 12,000 employers, it delivers essential pay rises to over 450,000 workers every year. The Living Pension builds on this by encouraging employers to do more to help their workers build a pension pot that meets basic everyday needs in retirement, providing stability and security for workers now and in the future.”