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Education is the second best industry to work for a good pension, new research has revealed – FE News

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  • Working in public administration and defense (including compulsory social insurance) offers better employer contributions to your pension
  • Education is the second best sector of work for employer pension contributions
  • Wholesale and retail is the worst sector to work in as the employer makes generous contributions to your pension

New research has revealed the industries that offer the best pension contributions to your employer, with public administration and defense (including compulsory social security), also known as the civil service, coming out on top.

Research conducted by investment comparison site Investing Feedback analyzed data from the Office for National Statistics to determine which industry has the highest percentage of the workforce receiving employer pension contributions of 20% or more.

The research found that employers in government and defense (including compulsory social insurance) are the most generous when it comes to pension contributions, with 67.9% of employers contributing 20% ​​or more to their employees’ pension fund.

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 of any industry. The high percentage of contributions is probably due to the fact that both industries are mainly in the public sector as well as in the private sector.

Employers in the electricity, gas, steam and air conditioning supply sector that contribute 20% or more to their employees’ pension fund reach 19.4%, the third highest percentage of any sector.

The fourth best sector for a good retirement is the health and social work sector. A total of 15.4% of employers in this sector contribute 20% or more to their employees’ pensions.

Water, including waste management, sanitation and rehabilitation, is the fifth best sector to work in if your employer makes good contributions to your pension. Employers contributing 20% ​​or more to a pension fund in this sector account for 10.6%, the fifth highest of any industry.

Interestingly, working in wholesale and retail trade (including auto and motorcycle repair) results in the lowest percentage of employer deductions of 20% or more at just 1.3%.

Best industries to work for retirement
Industry Rank Percentage of employers contributing 20% ​​or more to employee pensions
Public administration and defense (including compulsory social security) 1 67.9
education 2 64.0
Provision of electricity, gas, steam and air conditioning 3 19.4
Activities in the field of health and social work 4 15.4
Water supply 5 10.6
Arts and entertainment 6 8.5
Financial and insurance activities 7 7.6
Transportation and storage 8 7.2
Real estate transactions 9 6.2
Professional, scientific and technical activities 10 4.0

Commenting on the study, the press secretary of Investment 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 when thinking about future finances. This study provides an in-depth guide to sectors where employer contributions are higher than others.’

The research was carried out by Investing Reviews, an independent comparative review site created to help people make smarter investment decisions.

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