LCP data has suggested that “top-up” contributions will be cut by at least £500 million.

Pension regulators are allowing firms to suspend contributions to help businesses weather the storm of the coronavirus. It is intended that the measures will allow businesses a short term financial break and firms will catch up with the contributions after the outbreak has passed.

The data has estimated that over 500 companies will take advantage of the contributions suspension under which the trustees of pension schemes can allow them to put off paying for three months.

Debenhams has already missed a payment and the Arcadia group, which owns Topshop, plans to stop them temporarily.

Regulators are permitting the suspensions to help businesses survive.

The pension schemes affected are the most valuable for staff because they guarantee a retirement income based on your salary while working. However, there has to be a fund in place to back the promise.

In many cases, these funds have huge shortfalls and the current crisis has made the situation worse.

Scottish Financial News reported in March that around 7.5 million low and moderate earners in Britain have lost between 13% and 18% of their pension savings since the coronavirus crisis began.

Employers are supposed to be making emergency contributions, in addition to their usual ones, to try to close the pensions gap.

Jill Ampleford, a partner at LCP, said: “The ability to agree with trustees a delay in making pension contributions will help firms to weather the present storm and continue their support to the scheme in the long-term. But it will be vital to get things back on track once the crisis is over, so that a realistic plan is put in place to deal with the shortfall.”

The Pensions Regulator told BBC News it was vital to support businesses through the crisis, and where one did fail, staff would be supported by the UK’s Pension Protection Fund.

David Fairs, executive director of policy at the regulator, commented: “We are clear that the best support for a pension scheme is a strong employer. It is vital that we support businesses and trustees through this crisis while balancing the risks to members.”

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