Cornish independent housing association, Coastline Housing, will be one of six employers to pilot a ‘Living Pension’ for its employees, an initiative begun by the Living Wage Foundation.

As reported by our sister title, Pensions Age, Coastline Housing will test a benchmark for the rate of pension saving needed to afford an ‘acceptable’ standard of living in retirement.

The pilot builds on the work done to create a real living wage, which aims to improve workers’ pay by providing a clear benchmark for what people need to make ends meet.

However, research published by the Living Wage Foundation and the Resolution Foundation in July found that 16 million workers were not saving enough to meet the cost of living in retirement.

The Living Pension benchmark sets a rate of pension saving needed, totalling the contributions made by workers, employers and the government, to provide employees with a decent standard of living once they retire.

Commenting on the announcement, Coastline Housing head of people & culture, Hannah Tripp, said: “We are already a Living Wage Foundation employer, ensuring every colleague receives at least the minimum salary required to live on.

“Joining this Living Pensions pilot will help us in our aim to be the best employer in the southwest by offering a fair and equitable total reward package.

“Internal research highlighted how recent recruits and younger colleagues were benefiting less well from our previous matched contribution pension scheme.

“By being part of this pilot scheme we have already started engaging with a wider variety colleagues in planning for a future that meets their needs.”

Isio director and Living Pension Steering Group member, Paul Moffatt, added: “Everyone needs to be confident that what they earn during their working life will also help provide for them later on. The Living Pension aims to be straightforward and provide greater transparency to help people prepare for the future.

“Isio has been working alongside the Living Wage Foundation on developing the benchmark and are delighted to be supporting Coastline in its ambition to provide an acceptable retirement income.

“The association has repeatedly demonstrated a strong commitment to its employees and the implementation of a new flexible and inclusive benefit offering in line with the Living Pension principles will greatly benefit the team and Coastline’s wider community.”

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