Scottish energy firm SSE has been accredited as a living pension employer to provide financial stability and security.
The living pension, which launched in March 2023, is a voluntary savings target for employers that want to help workers, particularly low-paid ones, to build a pension pot that will provide enough income to meet basic everyday needs in retirement.
The living pension savings target is 12% of a full-time employee earning a living wage salary, of which the employer pays in at least 7%. This is higher than the minimum contributions required under auto-enrolment, where an employer is required to contribute 3%. The living pension savings target can also be implemented as a cash amount of £2,550 a year, with the employer contributing at least £1,488 to this.
In addition, SSE has achieved accreditation in both the living wage and living hour schemes.
Frazer Thomson, head of pensions at SSE, said: “The living pension accreditation recognises that our current pension provision for colleagues will support them in saving for a decent level of income in retirement, and we’re working to make it as easy as possible for colleagues to save. We would encourage every employer that can to join the scheme, as well as the living wage and living hours, to ensure their workforce has a decent level of income both in employment and later in life.”
SSE also offers employees flexible-working arrangements, an employee assistance programme, discounted private healthcare, paid time off for antenatal, adoption and fostering appointments, 21 weeks of maternity or adoption leave at full pay, two weeks of paternity leave at full pay plus a further seven weeks of partner’s leave, with three at full pay and four at half pay, and up to two weeks leave at full pay in every 12-month period for employees undergoing assisted fertility treatment.