Coastline Housing, which owns and manages 5,000 homes across Cornwall, will be one of six employers to test a benchmark for the rate of pension saving needed to afford an acceptable standard of living in retirement.
The pilot, initiated by the Living Wage Foundation, builds on the work done to create a real living wage, which has improved the pay of thousands of workers by providing a clear benchmark for what people need to make ends meet.
However, recent research published by The Living Wage Foundation and the Resolution Foundation revealed that 16 million workers are currently not saving enough to meet the cost of living beyond their working lives.
The Living Pension benchmark sets a rate of pension saving needed, totalling the contributions made by workers, employers and the government, to provide employees with a decent standard of living once they retire.
Hannah Tripp, Head of People & Culture at Coastline Housing, said: “We are already a Living Wage Foundation employer, ensuring every colleague receives at least the minimum salary required to live on. Joining this Living Pensions pilot will help us in our aim to be the best employer in the South West by offering a fair and equitable total reward package. Internal research highlighted how recent recruits and younger colleagues were benefiting less well from our previous matched contribution pension scheme. By being part of this pilot scheme we have already started engaging with a wider variety colleagues in planning for a future that meets their needs.”
Paul Moffatt, Director at Isio and a member of the Living Pension steering group, who is working with Coastline to implement the trial, said: “Everyone needs to be confident that what they earn during their working life will also help provide for them later on. The Living Pension aims to be straightforward and provide greater transparency to help people prepare for the future.
“Isio has been working alongside the Living Wage Foundation on developing the benchmark and are delighted to be supporting Coastline in its ambition to provide an acceptable retirement income. The association has repeatedly demonstrated a strong commitment to its employees and the implementation of a new flexible and inclusive benefit offering in line with the Living Pension principles will greatly benefit the team and Coastline’s wider community.”
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