Pensions law firm Sacker and Partners has become a living pension employer.
The living pension accreditation, which was launched in March 2023, is a voluntary savings target for employers and aims to support lower-paid employees who are not saving enough into their pension pots each year to prevent poverty and meet basic needs in retirement. It applies to all directly employed staff, regardless of age and earnings, as well as third-party contracted workers.
Employers commit to either a percentage or cash target, equivalent to 12% of salary for a full-time employee earning a living wage salary or £2,800. The employer pays in at least 7%, or £1,630. This is higher than the minimum contributions required under auto-enrolment, where an employer is required to contribute 3%.
Sackers joins other employers which have received living pension accreditation, including Aviva, Wealthify, Phoenix Group, Herbert Smith Freehills and SSE.
Debbie Holmes, director of HR at Sacker and Partners, said: “Ensuring effective provision for retirement is at the core of what we do as a specialist pensions law firm, and we believe that everyone should have enough money when they retire to live a secure life. Becoming a living pension employer felt like a natural next step for us after being accredited as a living wage employer in 2021, and we hope lots of other employers are inspired to sign up to this really important initiative to help their workforce save for their future.”
Sackers also offers its employees bonus payments, 30 days of holiday per annum, private medical insurance, life assurance of four-times salary, private medical insurance, interest-free season ticket loans, subsidised gym membership, an employee assistance programme and a bikes-for-work scheme.