Marsden Building Society has received living pension employer accreditation from the Living Wage Foundation.
The living pension accreditation, which was launched in 2023, provides an annual savings target for living wage employers that want to help their workers build a pension pot that provides enough income to achieve a basic standard of living in retirement. It builds on auto-enrolment and the minimum contribution level set by the government.
Through auto-enrolment, employers must contribute at least 3% and staff the remaining 5%, including 1% in tax relief. The living pension savings target is 12% of a full-time living wage worker’s salary, including a minimum 7% employer contribution.
The living pension savings target can also be met as a cash amount of £3,150 a year, with employers contributing at least £1,840 to this.
Marsden Building Society has committed to give employees a 10% employer pension contribution, which is 3% higher than the living pension target.
The society already has real living wage employer accreditation to ensure its employees are paid above the government’s national living wage rate.
Hayley Duckworth, head of people at Marsden Building Society, said: “The wellbeing and financial security of our employees is incredibly important to us, so we’re extremely proud to receive this accreditation. Not only have we met the standards set by the Living Wage Foundation, but we’ve exceeded the maximum employer pension contribution, further strengthening our commitment to helping employees enjoy a comfortable and secure retirement. Combined with our enhanced employee benefits package and our real living wage status, this achievement reinforces our position as a leading employer in Lancashire.”
Katherine Chapman, director of the Living Wage Foundation, added: “We’re delighted that Marsden Building Society has signed up as a living pension employer, providing stability and security for [its] workers now and in the future. The living pension encourages employers to do more to help their workers build a pension pot that provides a decent standard of living in retirement.”
