As searches for ‘pension help’ skyrocket 157% to a ten year high as of August 2022, a new study has revealed the industries that offer the best pension contributions by employer, with public administration and defence (including compulsory social security), otherwise known as the civil service, taking the top spot.
Analysis of Google Trends data made by investing comparison site Investing Reviews found that searches for ‘pension help’ has more than doubled in the past ten years amid the rising cost of living and inflation hikes.
A spokesperson from Investing Reviews said: “It is paramount to prepare and invest in your future, now more than ever. However, this is easier said than done with costs rising in every factor of life. Despite it being no surprise to see that people are seeking help with their pensions, these figures highlight an alarming shift in the way Brits are viewing their retirement.”
Which industries offer the best pension contributions by employers?
Research conducted by investing comparison site Inveting 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.
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.
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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.
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%.
|The best industries to work in for a pension
|Percentage of employers that contribute 20% or more to employees’ pension
|Public administration and defence (including compulsory social security)
|Electricity, gas, steam and air conditioning supply
|Human health and social work activities
|Arts and entertainment
|Finance and insurance activities
|Transportation and storage
|Real estate activities
|Professional, scientific and technical activities
Commenting further 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.”