Insanity is proud to share that we are now officially accredited as a Living Pension Employer, alongside our existing Living Wage accreditation, one of only 116 companies accredited in the UK!

The Living Pension is an independently calculated pension savings target designed to help you build enough savings for a basic and secure standard of living in retirement. It is based on the real cost of everyday needs in later life, including food, household bills, clothing, and housing costs.

Research shows that many people across the UK are not currently saving enough for retirement. In fact, around 4 in 5 workers are projected to fall short of the income needed for an acceptable standard of living when they retire, and many worry they may never be able to retire at all.

The Living Pension accreditation helps employers take practical action by setting a clear annual savings benchmark that supports long-term financial wellbeing. It reflects the belief that everyone should have the opportunity to live with dignity and security, both during their working lives and in retirement.

For this year, the Living Pension savings target for a colleague working a 35-hour week is £2,940 per year in total pension contributions. Of this amount, at least £1,718 must be contributed by the employer. This applies to colleagues who are enrolled in the pension scheme and have not opted out.

As part of our benefits package, we currently contribute 6% of colleagues’ full salary into their pension, including earnings that are not normally pensionable. We are pleased that while none of our colleagues currently require a top-up to meet the Living Pension standard, we are committed to providing one should this change in the future.

The Living Pension is based on someone saving consistently from age 25 throughout their working life. We recognise that everyone’s circumstances are different, and that planning for retirement can sometimes feel distant or difficult amongst immediate financial pressures. Our hope is that this commitment helps provide greater reassurance, support, and financial security for the future.