UK - Some employers in key UK industries are failing to provide adequate pensions for their staff, new research from AXA has found.
The survey found that 52% of UK construction workers claim their employer does not provide a company pension.
Some 40% of employees in the hotels, catering and restaurants sector and 37% of those in the distribution, transport and communication sectors made the same claim.
The figures compared poorly with pension provision in the private sector where 78% of workers in the banking, finance and insurance sector and 73% of those in manufacturing industries receive a company pension as part of their employment package.
In addition, the vast majority of public sector workers (83%) say they are offered an occupational pension scheme.
“Our research demonstrates that there is a pensions lottery in the UK with the winners determined largely by the industry sector they choose to work in,” said Mark Rowlands (pictured), business development and marketing director at AXA Corporate Benefit Solutions.
In other findings, public sector workers are able to join their pension schemes quicker, with 71% saying they could join as soon as they started the job, compared to just over one in three workers in manufacturing (36%) and distribution, transport and communications (37%) who were able to join immediately.
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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