More than a third of UK employers are only contributing the minimum amount towards staff pensions, while some are not contributing at all, according to new findings.
The British pension report by Investing Reviews discovered that while 11.7% of organisations contribute 20% or more towards their employees’ pensions, 34% put in under 4%, A total of 13.4% invest between 15 and 20%, while almost 11% contribute between 12 and 15%.
The report also analysed demographics, to see which employees were most likely to benefit from pension contributions. The most common contribution for managers and directors is between 4% and 5%, while those working in professional occupations receive the highest average figure of 7% and over.
Those working in care, leisure and other service occupations are most likely to receive between 5% and 6%, according to the analysis.
The data also found that employees aged between 40 and 49 are most likely to be enrolled in a workplace pension, while those aged 16 to 21 wae the least likely to be enrolled.
Numbers decline as workers get closer to retirement age, which, according to the report, may be partially due to more workers in the older age groups reducing their working hours or taking on lower-skilled roles.
Those living in Wales and working in the public sector are most likely to have a workplace pension, while among those in the private sector, employees in London are more likely to have a one.
The public sector workers least likely to be enrolled in a workplace pension live in the East of England, and, in the private sector, live in Yorkshire and the Humber.
In the UK, employers are legally obliged to contribute towards staff pensions when that employee is aged between 22 and the state pension age and is earning more than £10,000.