Cornish charitable housing association Coastline Housing has received living pension accreditation from the Living Wage Foundation.
Launched last month, the living pension is a voluntary savings target for employers who want to help workers build up a pension that will provide enough income for everyday needs in retirement. The target is 12% of a full-time living wage worker’s salary, of which the employer pays in at least 7%, and can also be implemented as a cash amount of £2,550 a year, with the employer contributing at least £1,488.
Coastline was originally one of the six employers that took part in the Living Wage Foundation’s living pension pilot scheme, which launched in August 2022.
As a result of Coastline’s commitment to the target, and to ensure all its workers meet the living pension savings standard within their pension and benefits offering regardless of their earnings, 76 of its 366 workers will see an increase in their annual contribution.
In addition, with the association paying the minimum employer contribution of £1,488 per year, 50 employees who had previously opted out of pension saving will receive contributions.
Nathan Mallows, director of finance, people and change at Coastline Housing, said: “We are very excited to be able to include this offer within our total benefits package. As a responsible employer, we understand that even though we aim to support colleagues with our pension scheme, there can be obstacles to putting aside money every month. Signing-up to the living pension accreditation allows us to transform provision for retirement to secure a much-improved future standard of living for our employees.”
Katherine Chapman, director of the Living Wage Foundation, added: “We are delighted that Coastline has signed up as one of the first living pension employers, providing stability and security for their workers now and in the future. The living pension encourages employers to do more to help their workers build a pension pot that meets basic everyday needs in retirement.”