Bolstering its commitment to being a responsible business, ICMIF member Shepherds Friendly announced recently that it is now a Living Pension Employer.
An early adopter of this important initiative, Shepherds Friendly says it is only the third mutual to gain certification, with 86 other businesses and organisations currently signed up across the UK.
What is the Living Pension?
Launched by the Living Wage Foundation last year, the Living Pension encourages employers to do more to support their workers to build a pension pot. The Living Pension accreditation provides an annual savings target for Living Wage Employers to provide workers with financial security now and in the future.
The accreditation builds on the success of the Living Wage and sets an annual pensions savings target that employers can have confidence in, making it easier to do the right thing by their employees.
The accreditation means Shepherd Friendly’s employer pension contributions are set at a level that will help its people to meet their basic everyday needs in retirement.
Why is it important?
Shepherds Friendly says it is important for the organisation to support its people with their financial wellbeing assists in building a happy team that are motivated to deliver exceptional customer service for members of the mutual.
Previous research completed by the Resolution Foundation found that 4 in 5 workers saving into defined contribution pensions (16 million workers) were not saving at levels likely to meet basic everyday living costs in retirement. Only one in 20 low-paid workers are saving enough.
Enhancing the organisation’s credentials
Being recognised as a Living Pension Employer sits alongside other initiatives Shepherd’s Friendly takes part in. The organisation is a Living Wage Employer, and has been awarded ‘We invest in people’ Platinum accreditation from Investors in People.
Nasrin Hossain, Director of People & Culture, said: “As a modern mutual we always put our members first, and as a responsible employer we must also support and recognise our people. We’ve just celebrated five years of being a Living Wage Employer, and The Living Pension builds on this commitment. We want to help our hard-working team feel good about their financial future, and Shepherds Friendly is pleased to be a pioneer of this worthy scheme.”
