2005
(05/08/2005) Pensions lottery leaves staff in key industry sectors without occupational pension scheme - New Research
The industry sector you choose to work in can make the difference between a comfortable retirement and poverty in old age according to new research from AXA.
The survey found that some employers in key UK industries are failing to provide adequate pensions for their staff, with 52% of UK construction workers, 40% of employees in the hotels, catering and restaurants sector and 37% of those in the distribution, transport and communications sectors claiming their employer does not provide a company pension.
This compares poorly with pension provision elsewhere 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.
Public sector workers also benefit from being able to join their pension schemes more quickly, 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 their pension scheme immediately.
Mark Rowlands, business development and marketing director at AXA Corporate Benefit Solutions said: "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."
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Notes to Editors
The survey was conducted over the phone by TNS from April 8th - 24th 2005. A representative sample of 1,797 people were interviewed across the UK.
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