Newcastle Building Society has become the first organisation in the North East – and the first building society anywhere in the UK – to become an accredited Living Pension employer.
Developed by the Living Wage Foundation, the Living Pension is a new accreditation for employers who want to help workers boost their pension pots.
As an early adopter of Living Pension, all new colleagues who join our Society after 1st April, 2024 will receive a default level of pension that is aligned to the Living Pension standards – 5% colleague contribution and 7% Society contribution. Existing colleagues will also be advised on how to increase their contribution in line with the standard if they wish to do so.
The Living Pension launched in March 2023 and is a voluntary savings target for employers who want to help employees, especially those on low pay, build up a pension pot that will provide enough income to meet basic everyday needs in retirement.
Karen Brewerton, our Chief People Officer
"We’re proud to be the first building society in the UK and the first organisation in the North East to become an accredited Living Pension employer. Our Purpose is to connect our communities with a better financial future, and this extends to our colleagues with the offer of a pension that provides security and stability in retirement. Our Living Pension employer status is a reflection of the commitment to our wider reward package, that plays an important role in us delivering a great place to work where people are empowered to realise their potential.”
Our Living Pension accreditation builds on our commitment to being a Living Wage employer. We recently also formed part of a city-wide action group to make Newcastle a living wage city and encourage more employers in the region to pay the real Living Wage.
Download the press release (PDF, 173kB).
Image caption: Newcastle Building Society colleagues celebrating outside of our head office.
