Newcastle is first Building Society to become Living Pension employer
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.
The Living Pension is a new Living Wage Foundation accreditation for employers who want to help workers boost their pension pots.
As an early adopter of Living Pension its commitment will see all new colleagues who join the organisation after 1st April, 2024 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.
Karen Brewerton, chief people officer at Newcastle Building Society, said: “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.”