A building society with a branch in Hexham has become the first organisation in the North East and the first building society in the UK to be accredited as a Living Pension employer.

The Living Pension is a new accreditation by the Living Wage Foundation for employers wanting to boost workers' pension pots.

All new colleagues who join Newcastle Building Society after April 1, 2024, receive a default level of pension aligned with Living Pension standards, comprising a five per cent contribution from employees and seven per cent from the society.

Existing colleagues will be advised on how to increase their contribution if they wish to do so.

Karen Brewerton, the society's chief people officer, said: "Our Purpose is to connect our communities with a better financial future, and this extends to our colleagues with the offer of a pension that provides security and stability in retirement.

"Our Living Pension employer status is a reflection of the commitment to our wider reward package, that plays an important role in us delivering a great place to work where people are empowered to realise their potential."

This initiative aims to help employees, particularly those on low pay, to accumulate a pension pot sufficient to meet basic living needs after retirement.