Private pensions are not all they're cracked up to be
The TUC report A Race to the Bottom which analyses official pensions data, shows that in the private sector:
- Two in three private sector workers are not members of a workplace pension.
- Private sector pension provision increases sharply with pay, while in the public sector it is much more evenly distributed. Two in three public sector staff earning between £100 and £200 a week are in a pension while only one in seven private sector employees in the same wage band are in a pension.
- Pension provision in the private sector varies hugely between sectors, with four in five workers in the energy sector having a pension, but only one in 16 in the hospitality sector having one.
- While senior public sector staff are in the same schemes as the rest of the employees in their sector and often pay bigger percentage contributions, top directors in the private sector (FTSE100 directors) have pensions worth nearly £4 million.
Read more about the TUC’s Race to the Bottom report
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