Living Pension Standard Launched

Today, the Living Wage Foundation launched a new voluntarystandard for pension contributions. It follows research by the ResolutionFoundation that four in five workers, rising to 95% among low paid workers, arenot saving enough to receive a pension that will give an acceptable standard ofliving.

The standard uses a saving benchmark of £2950 per annumwhich equates to 12% of a full time living wage salary (based on 37.5 hours) incomparison with the total 8% required under auto enrolment.

Accredited employers must contribute a minimum of 7% to meetthe standard. As an employer you can, of course, choose to contribute more thanthe 7%.

For more details see the LivingPension page on the Living Wage Foundation website.

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