The Living Pension standard builds on the work of the real Living Wage by providing stability and security for workers now and in the future.
It is a voluntary savings target for employers, to help workers build up a pension pot that will provide enough income to meet basic everyday needs in retirement. It is independently calculated based on the real cost of living.
The standard sets out the minimum annual contribution required through an average working life to reach this savings level and employers commit to making sure all workers can access this.
Why do we need a Living Pension?
Research completed by the Resolution Foundation in 2022 showed that four in five workers, and 95% of low-paid workers, are not saving at a level likely to deliver an acceptable standard of living in retirement.
Those on low pay are being hit hardest, with many struggling to keep their heads above water today, as well as worrying about an uncertain future. By introducing a Living Pension alongside the Living Wage, employers can help employees meet the real cost of living today and in the future.
For further information please select the following link Living Pension | Living Wage Foundation
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