Jessica O'ConnorNewcastle Building Society has become the first building society anywhere in the UK to become an accredited Living Pension employer.
The Living Pension is a new Living Wage Foundation accreditation for employers who want to help workers boost their pension pots.
As an early adopter of Living Pension, the society’s commitment will see all new colleagues who join the organisation after 1st April 2024 receive a default level of pension that is aligned to the Living Pension standards (5% colleague contribution and 7% Society contribution).
Existing colleagues will also be advised on how to increase their contribution in line with the standard if they wish to do so.
The Living Pension is a voluntary savings target for employers who want to help employees, especially those on low pay, build up a pension pot that will provide enough income to meet basic everyday needs in retirement. It launched in March 2023.
Karen Brewerton, chief people officer at Newcastle Building Society, said: “We’re proud to be the first building society in the UK and the first organisation in the North East to become an accredited Living Pension employer.
“Our purpose is to connect our communities with a better financial future, and this extends to our colleagues with the offer of a pension that provides security and stability in retirement.
“Our Living Pension employer status is a reflection of the commitment to our wider reward package, that plays an important role in us delivering a great place to work where people are empowered to realise their potential.”
“For over 20 years, the Living Wage campaign has championed decent wages, working with over 15,000 employers, securing over £3 billion in pay rises for low paid workers and transforming millions of lives.
“Our Living Pension accreditation builds on the foundations of the real Living Wage, with an independently calculated benchmark for Living Wage Employers to provide workers with security and stability both in-work and in retirement. Newcastle Building Society are a trailblazer in the UK, joining a growing movement of over 40 employers putting their workers’ financial futures first.”
