Living Wage Foundation unveils Living Pension standard

The standard aims to provide employers with the means to help their employees to build up a pension pot which would provide them with a sufficient level of income in retirement to meet their basic needs. The Living Pension standard sets a savings target of 12% of a worker's annual salary, of which the employer would contribute at least 7% - expanding on the minimum 3% employer contribution levels required under auto-enrolment. The savings target can also be implemented as a cash sum of £2,550 a year, based on 12% of the salary of a living wage worker, to which the employer would contr...