Pension Managers Sound Alarm As Contributions Tumble

Law360, London (January 14, 2021, 4:00 PM GMT) -- Employees' contributions to corporate saving plans fell by 11% at the start of the pandemic, according to official statistics, a change that pension companies say could be the start of an alarming trend.  

The Office for National Statistics said on Wednesday that the amount of money workers put into defined contribution pension schemes fell from £1.8 billion ($2.4 billion) in the first three months of 2020 to £1.6 billion in the second quarter.

The fall occurred in a period when the government introduced its Coronavirus Job Support Scheme, in which employers could furlough staff with 80% of salaries paid by...

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