Commsave Credit Union has achieved the living pension accreditation as part of its commitment to help all of its staff build adequate pension savings for their retirement.
The living pension accreditation, whichi was established by the Living Wage Foundation, sets an annual pension savings target based on a living wage salary that gives employees confidence that they are saving enough for their future. It also makes it easier for employers to support their workforce’s financial security both now and in retirement.
All employees at the union, which is also an accredited living wage employer, will now receive a total annual pension contribution of at least £2,950, with a minimum of £1,720 coming from the employer, pro-rated for part-time staff.
The scheme requires contributions of at least 7% of an employee’s pay, more than double the legal minimum of 3%, as part of a total savings target of 12%. This can also be met through a cash benchmark.
All directly employed staff, regardless of age and earnings, will be able to access the living pension savings level, with new employees automatically enrolled. The union plans to extend this to its third-party contracted staff over time.
Richard Munro, interim chief executive officer of Commsave Credit Union, said: “As a member-owned financial co-operative, supporting our employees’ long-term financial wellbeing is fundamental to who we are. Today’s cost-of-living crisis is tomorrow’s pensions crisis, and we have a responsibility to ensure our team can retire with dignity.
“Our living pension commitment means our staff can have confidence they’re building adequate savings for their future, while we can have peace of mind that we’re doing the right thing by the people who make Commsave such a special place to work.”
Commsave is committed to ethical employment practices and invests heavily in staff development and wellbeing to create an environment where they can thrive personally and professionally.
