Rossie Young People’s Trust and Hebridean Housing Partnership have received defined benefit (DB) living pension accreditation from the Living Wage Foundation.
The living pension was initially developed for defined contribution (DC) pensions, but, from this month, the foundation has extended the scheme to include DB pensions. Rossie Young People’s Trust and Hebridean Housing Partnership have now gained living pension accreditation for their DB schemes.
The living pension accreditation provides an annual savings target for living wage employers that want to help their staff build a pension pot with enough income to achieve a basic standard of living for their retirement.
Shelley Morris, senior project manager at Living Wage Foundation, said: “Now the living pension extends to DB pensions, we can recognise and celebrate employers which are providing financial security to their workers now and in retirement by offering these very valuable pensions. The living pension accreditation builds on the success of the living wage by providing an annual savings target for living wage employers to provide workers with financial security now and in the future.”
Martin Brown, service manager at Rossie Young People’s Trust, added: “Rossie Young People’s Trust is delighted to be one of the first employers providing a DB pension to obtain living pension accreditation. We have always placed the wellbeing of our staff uppermost in our values, reflected by being a long-established living wage employer and now a living pension employer. We’re grateful to the Living Wage Foundation for setting these standards and we are proud to be at the forefront of this initiative.”
Dena Macleod, chief executive at Hebridean Housing Partnership, said: “Achieving living pension accreditation is more than a badge of honour for us, it’s a reflection of our goal to be an excellent employer. We want to ensure our people are not only supported in their roles but are also able to look to the future with confidence. We know the difference it can make in people’s lives, now and in retirement.”
