Fintech firm Smart has received both living wage and living pension employer accreditation, as part of its commitment to help employees build financial security and prepare for their future retirement.
The living pension accreditation, which was introduced by the Living Wage Foundation in 2023, is a voluntary pension savings target to help workers build a pension pot to meet their basic everyday needs in retirement.
The scheme encourages employers to go beyond the 3% legal minimum contribution and contribute at least 7% of an employee’s salary, or £1,720 annually. The savings target can also be met as a cash amount of £2,950 a year, with the employer contributing at least £1,720 to this.
Through its living wage accreditation, Smart’s employees will receive a minimum hourly wage of £13.85, which is the current London rate, while the UK-wide rate is £12.60. These are higher than the government’s minimum and national living wage.
By achieving these accreditations, Smart aims to ensure more of its employees can build a pension pot that provides stability and security in later life. It hopes to encourage the wider industry to commit to this to ensure workers achieve financial security now and in the future.
Alex Arundale, chief people officer at Smart, said: “At Smart, we believe that helping people save for a dignified retirement is more than just a service, it’s a responsibility. By achieving both living wage and living pension accreditation, we’re putting that belief into practice, ensuring that our own team and living wage workers across the country are prepared for retirement. We are proud of this commitment and encourage other employers to join us in securing a financial future for their employees.”
