Calculating a Living Pension: the 2024 update

Last year, the Living Wage Foundation launched the Living Pension standard to tackle low pension saving. Nearly 50 employers have now signed up to the voluntary savings target, committing to help workers build up a pension pot that will provide enough income to meet basic everyday needs in retirement. 

The Living Pension standard was based on a framework developed by the Resolution Foundation in 2021, which set out the pension contributions required for workers to receive an adequate income in retirement. In the last three years the UK has seen significant changes in the economic context, and so working with the Living Wage Foundation, they have now completed a review of the Living Pension rates which is contained in this report.