Supporting the Living Pension

At a time when many people are not saving enough towards their pensions, we're pleased to have signed-up to the Living Pension initiative.

For many people retirement still seems a long-way away.  Saving towards a pension can feel like a luxury, something to put off for another time, especially if budgets are already tight.

Lisa, Donna and Doug at Investing Ethically

As Financial Planners we always encourage people to be thinking ahead to their retirement, building up a pension pot that will help them to meet their future needs.  It’s an unfortunate fact that many people aren’t currently doing this.  For example, research – from the Resolution Foundation in 2022 – showed that four out of five workers, and 95% of low-paid workers, are not likely to be saving enough towards their pensions.

Here at Investing Ethically, we’ve been signed-up to the Living Wage initiative since 2018.  We’re now also accredited to the Living Pension – a newer national initiative which encourages employers to step-up their support for their employees.

The Living Pension is a voluntary savings target for employers, to help workers build up a pension pot that will provide enough income to meet basic everyday needs in retirement.  The standard sets out a minimum contribution – equivalent to at least 12% of the full-time Living Wage salary (with at least 7% paid in by the employer).  For comparison, a standard Workplace Pension requires 8% (with the employer only required to contribute 3%).

We think that Living Pension is a great initiative – helping to tackle what’s a real problem.  We really encourage employers to sign-up!

Investing Ethically | Living Wage Employer logo

If you’d like to talk more about your retirement planning, and how Investing Ethically might help, please get in touch.

Lisa Hardman | Director and Chartered Financial Planner.

Lisa Hardman
27 February 2024

This article is for information purposes only. None of the content should be considered a personal recommendation to invest in any of the companies or funds listed. You should seek personal financial advice before considering investments.

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