A new study has revealed the industries that offer the best pension contributions by your 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 Office for National Statistics to establish which industry has the highest percentage of its workforce receiving employer pension contributions of 20% or more.
Peak pension providers
The research revealed that employers in public administration and defence (including compulsory social security) are the most generous when it comes to pension contributions with 67.9% of employers contributing 20% 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% or more is 64.0% – 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.
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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% – 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% of employers in this sector contribute 20% 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% or more to pension pots in this sector are at 10.6%, 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% or more, at only 1.3%.
Commenting on the study, a spokesperson from Investing Reviews said: “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.”
The study was conducted by Investing Reviews, an independent comparison review site that was set up to help people make smarter decisions about investing.