BounceOT Stirling CIC is now a Living Pension Employer!
We are putting extra money into our employees pension's to help them have a better retirement!
Raising the standard for pension savings so employees can afford to live in dignity in retirement.
The Living Pension is an independently calculated savings target. Employers sign up to the Living Pension to show their employees that they are committed to helping their employees retire well.
The Living Pension is an independently calculated savings target. It is the amount you and your employer need to save into a pension each month to be able to cover the costs of your basic everyday needs when you retire.
Basic everyday needs include food, bills, clothing and the average cost of housing. The Living Pension is based on someone saving from the age of 25 for all of their working life. If you start saving later than 25 you will need to save more.
Today’s cost of living crisis is tomorrow’s pensions crisis.
Research shows that 4 in 5 people are not saving enough for retirement. This means they won’t have enough money to cover basic living costs when they retire.
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The Living Pension must apply to all directly employed staff (regardless of age and earnings) and, over time, third party contracted staff within scope of the Living Wage. As well as making the minimum savings level available for existing employees, all new employees should automatically be enrolled on the Living Pension at least.
Why do we need a Living Pension?
Research completed by the Resolution Foundation in 2022 showed that four in five workers, and 95% of low-paid workers, are not saving at a level likely to deliver an acceptable standard of living in retirement.
Those on low pay are being hit hardest, with many struggling to keep their heads above water today, as well as worrying about an uncertain future. By introducing a Living Pension alongside the Living Wage, employers can help employees meet the real cost of living today and in the future.
Many employers already recognise the challenge of pension adequacy and are stepping up to support their employees.
