Unlimited Potential has accredited as a Living Pension Employer. As an early adopter of the Living Pension, its commitment will see everyone working at Unlimited Potential receive an employer contribution of 9.0% that, with a minimum employee contribution of 3.0%, creates a minimum total pension contribution of 12.0% of a person’s total earnings.
Unlimited Potential is a community benefit society that specialises in social and economic innovation. It creates, together with local people and communities, new solutions to challenging social and economic issues in Greater Manchester.
The Living Pension is a voluntary savings target for employers who want to help workers, especially those on low pay, build up a pension pot that will provide enough income to meet basic everyday needs in retirement. It launched in March 2023.
The Living Pension savings target is 12% of a full time Living Wage worker’s salary, made up of a minimum 7% employer contribution. This builds on auto-enrolment, and a minimum contribution level set by the government. Through auto-enrolment, employers must contribute at least 3%, and workers pay the remaining 5%. The Living Pension savings target can also be met as a cash amount of £2,800 a year. The employer contributes at least £1,630 to this cash amount.
Chris Dabbs, Chief Executive of Unlimited Potential, said:
“Unlimited Potential has chosen to become a Living Pension employer because we want our people to have stability and security now and in the future. We provide support to every person to build a pension pot that will enable them to have an acceptable standard of living in retirement.”
Katherine Chapman, Director of the Living Wage Foundation, said:
“We are delighted that Unlimited Potential has signed up as a Living Pension employer. Over the last ten years, the Living Wage campaign has grown in strength and numbers. Now paid by over 14,000 employers, it delivers essential pay rises to 460,000 workers every year. The Living Pension builds on this by encouraging employers like Unlimited Potential to do more to help their workers build a pension pot that meets basic everyday needs in retirement.”
