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We're over the moon and proud to have achieved the Living Pension accreditation, making us the first Building Society in the country and the first employer based in the West Midlands to achieve all three Living Wage accreditations.
Building on the work of the Real Living Wage and Living Hours, the Living Pension aims to give workers financial stability now and in the future.
Research from the Resolution Foundation in 2022 found that 4 in 5 workers (16 million people) save into pension schemes, but 95% of low-paid workers, are not saving enough for retirement. This research also found that over half of pension savers fear they will never be able to retire.
The good news is that the Living Pension standard is designed to tackle low pension savings among low-paid workers. It sets a voluntary saving target for employers who want to help their employees build a pension pot that will cover their basic everyday needs in retirement. And it's independently calculated based on the real cost of living.
"We’re delighted that West Bromwich Building Society is the first employer in the West Midlands to achieve the Living Wage, Living Hours, and Living Pension triple accreditation. As the first Building Society in the UK to reach this milestone, the West Brom is setting a powerful example for the financial sector, demonstrating that good business means ensuring financial security for workers—now and in retirement.
By going beyond the minimum and committing to fair pay, secure hours, and adequate pension contributions, they are raising the bar for responsible employers nationwide. We hope their leadership will inspire others to follow suit."
Katherine Chapman, Director of the Living Wage Foundation
The Real Living Wage is the only UK wage rate based on the cost of living. By choosing to pay it, over 15,000 employers across the UK are making sure their employees earn enough to meet their everyday needs. Thanks to this campaign more than 460,000 employees have received a pay rise.
Our people have always been our priority, and we believe that all our colleagues deserve fair pay. Our purpose has always been to support people’s financial wellbeing, and we are proud to say all our colleagues have been paid at or above the real Living Wage since our accreditation in 2020.
In July 2023, we were recognised at the Living Wage Champion Awards, winning in the ‘Beyond the Living Wage’ category.
This award acknowledged our high employment standards and commitment to going beyond the basic accreditation requirements.
It's fantastic to be recognised for our efforts in such an important area. Our people are our greatest asset, so we strive to deliver positive change for them day in, day out." - Sophie Pazzaglia, Chief People Officer.
We’re proud to be the first Building Society in the country and the first employer in the West Midlands to achieve this accreditation.
Research from the Living Wage Foundation shows that 1 in 6 workers are in low paid insecure jobs, with many facing cancelled shifts, unstable hours, or short-term contracts.
The Living Hours standard was created to give workers more stability and control over their work. In addition to paying the Real Living Wage, employers accredited in this standard must give workers at least four weeks' notice of shifts, a contract that accurately reflects hours worked, and guaranteed minimum of 16 hours a week.
This helps ensure fair and reliable employment for workers.
We're always looking for ways to support our colleagues because we understand that juggling careers and work isn’t easy. Becoming accredited as a Living Wage employer is just one of the ways we're showing how much we value our colleagues, and this is what continues to make the West Brom a great place to work.
