Pension contributions drop 11% during first lockdown

Figures from the Office for National Statistics (ONS) showed employee contributions fell by 11% between January and March last year. Q2 (between April and June) was a similar story with an 11% employee contribution drop. Employers also cut contributions by 5% during the second quarter. England's first national lockdown started on 23 March with millions of people furloughed on 80% of salary causing significant strain on household budgets and a consequent reduction in automatic enrolment contributions. While contributions were cut back membership of workplace DC schemes remained steady ...