Connect with us

Hi, what are you looking for?

Business

Saving for the future? Best industries to work in for your pension

Employers in public administration and defence (including compulsory social security) are the most generous when it comes to pension contributions.

An older man, image by Ahmet Demirel via Wikimedia / Public domain (CC0 1.0)
An older man, image by Ahmet Demirel via Wikimedia / Public domain (CC0 1.0)

A review of pensions and the industries with the best provision for workers who have an eye on retirement reveals that working in public administration and defence (including compulsory social security), offers the best employer contributions to a pension scheme. The survey relates to organisations in the U.K.

Following this, education is the second-best sector to work in for employer pension contributions. At the other end of the scale, the wholesale and retail trade is the worst sector to work in for generous employer contributions to a pension.

A new study has revealed the industries that offer the best pension contributions by an employer, with public administration and defence (including compulsory social security), otherwise known as the civil service, taking the top spot.

The study conducted by investing comparison site Investing Reviews analysed data from the U.K. Office for National Statistics to establish which industry has the highest percentage of its workforce receiving employer pension contributions of 20 percent or more.

The research reveals that employers in public administration and defence (including compulsory social security) are the most generous when it comes to pension contributions with 67.9 percent of employers contributing 20 percent or more to their employees’ pension pot.

Education is the second-best sector to work in when it comes to employer contributions to your pension. The percentage of employers in the education sector contributing 20 percent or more is 64.0 percent, which is the second highest percentage out of all industries. The high contribution percentage is likely due to both industries being largely based in the state sector as well as private sector.

Employers in the electricity, gas, steam, and air conditioning supply sector that contribute 20% or more to their employees’ pension pot comes to 19.4 percent, representing the third highest percentage of any sector.

The fourth best sector to work in for a good pension contribution is the human health and social work activities sector. A total of 15.4 percent of employers in this sector contribute 20 percent or more to the pensions of their employees.

Water supply, including waste management, sewerage, and remediation activities, is the fifth-best sector to work in for good employer contributions to your pension. Employers contributing 20 percent or more to pension pots in this sector are at 10.6 percent, the fifth highest out of all industries.

Interestingly, working in wholesale and retail trade (including the repair of motor vehicles and motorcycles) results in the lowest percentage of employer contributions of 20 percent or more, at only 1.3 percent.

The outcome of the assessment is:

The best industries to work in for a pension
IndustryRankPercentage of employers that contribute 20% or more to employees’ pension
Public administration and defence (including compulsory social security)167.9
Education264.0
Electricity, gas, steam and air conditioning supply319.4
Human health and social work activities415.4
Water supply510.6
Arts and entertainment68.5
Finance and insurance activities77.6
Transportation and storage87.2
Real estate activities96.2
Professional, scientific and technical activities104.0

Commenting on the study, a spokesperson from Investing Reviews tells Digital Journal: “With the cost-of-living crisis playing on the minds of many, working in a sector that offers good pension contributions can bring ease of mind when thinking about future finances. This study serves as an insightful guide as to the sectors where employer contributions are higher than others.”

Avatar photo
Written By

Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, business, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.

You may also like:

World

The unions, which represent some 14,000 Disneyland Resort employees, have been in negotiations with Disney over wage increases since April. 

World

The Marine Climate Change Impacts estimated that 28 percent of the coastline in England and Wales was retreating by at least 10 cm.

World

US Republican presidential candidate Donald Trump said Friday he had spoken by telephone with Ukraine leader Volodymyr Zelensky.

Business

While trains are often promoted as a green mode of transport, there are growing concerns about their actual environmental impact.