Criterion proudly announces its accreditation as a Living Pension Employer, reinforcing its commitment to supporting staff in saving enough for a secure and dignified retirement.
Criterion, based in Edinburgh, operates as a not-for-profit body, delivering standards and governance to support the UK’s financial services industry. Through its expanding suite of integration and data standards, Criterion helps firms streamline processes, strengthen compliance, and deliver better customer experiences.
By adopting the Living Pension standard, Criterion is setting a higher benchmark for pension contributions, ensuring employees can meet their basic needs when they retire.
Nicola Moffat, Operations Director, said:
“Achieving Living Pension accreditation reflects our belief that organisations should actively support their people not just in their working lives, but in their futures too. By committing to the Living Pension, we’re making a meaningful investment in our team’s long-term financial wellbeing and ensuring our colleagues can look forward to a secure retirement.”
Lynn Anderson, Living Wage Scotland Manager said:
“We are delighted that Criterion has signed up as a Living Pension employer, providing stability and security for their workers now and in the future. Over the last ten years the Living Wage campaign has grown in strength and numbers, with over 4,000 accredited Living Wage employers in Scotland. The Living Pension builds on this by encouraging employers like Criterion to go further, helping staff save enough to meet basic needs in retirement.”
The Living Pension scheme, launched in March 2023, offers a practical solution for employers to help workers build sufficient retirement savings. Currently, 4 in 5 UK workers – around 16 million people – saving into Defined Contribution schemes are not saving enough to cover basic living costs in retirement. Among low-paid workers, the situation is even worse, with only 1 in 20 saving enough to cover basic living costs later in life.
Living Pension Employers with Defined Contribution schemes commit to a voluntary savings target, either:
- Cash target: £3150 annually (with employer contributing at least £1840)
- Percentage target: 12% of salary (with employer contributing a minimum of 7%)