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.
Partner Insight: In recent years, pensions administrators have seen scheme member engagement increase significantly. The advent of Pensions Freedoms in 2015 and the increased choices faced by members have led to a sea-change in the levels and types of...
Purna Bhudia looks at how the PPF's investment strategy has evolved, especially in the area of credit
Two consultancies have reported decreases in defined benefit (DB) transfer quotation requests in Q3, and said guaranteed minimum pension (GMP) equalisation could impact transfer activity.
The Association of Consulting Actuaries (ACA) and Royal London have proposed a "pensions pound" to "radically simplify" defined benefit (DB) pensions rights.