On Tuesday, I had the pleasure of attending the FairLife Charity Launch event at Portcullis House. I decided to attend this event because I was particularly interested to hear more about the charity and what they were aiming to achieve.
From the start of their presentation, they had my undivided attention, as what they are trying to achieve is closely aligned with the reason behind why we set up mallowstreet: “working to solve the pensions and savings crisis.”
And this is what I learnt: “The FairLife Foundation is designed to benefit everyone in the UK by improving everyday financial products and educating the public in the responsible management of their financial affairs.”
The criteria is simple: an employer qualifies for a FairLife Pension Funding Mark if they pay or offer to match pensions contributions of 5%.
So, we’ve decided to sign up!
Where does the money go?
A key question I had was, where does my license fee go?
They’ve got an interesting model; Money raised through licensing fees is then directed towards various financial educational programs, in turn creating more educated individuals, and ultimately better consumers for the finance industry. If this works, the industry and individual will meet half way to raising contribution levels to ensure everyone is saving for a comfortable retirement.
So I challenge the industry: will you sign up to support this initiative?