DWP reveals industries to benefit most from AE

Analysis by the DWP shows the industries where workers are least likely to have a workplace pension are construction (33 per cent); distribution, hotels and restaurants (28 per cent); and agriculture and fishing (19 per cent).

It also claimed gas fitters, electricians and plumbers are among those accumulating the most, with 66 per cent saving.

Yet the energy and water sectors have seen the sharpest decline in saving, down 20 per cent over the past 15 years from 86 per cent.

Pension saving has fallen across all age groups, but it is steepest among those aged 22 to 29, dropping from 43 per cent in 1997 to the current 24 per cent.

The DWP said both men and women are saving less, although pension saving has fallen further for men – down from 59 to 44 per cent, and from 49 to 39 per cent for women.

Pensions minister Steve Webb said: “Pensions are far too important to be the preserve of the few. All workers deserve a decent income in retirement, and far too many are missing out at the moment, particularly those on low to moderate incomes who need them the most.

“With the dawn of auto-enrolment millions of workers from every industry will start saving so they can secure a more prosperous retirement.”