U.K. executives that oversee defined contribution plans think the government should increase mandatory contribution rates and did not change their approach to running their plans as a result of the coronavirus pandemic.

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A joint survey by Mercer and the Confederation of British Industry, which represents U.K. businesses, also showed that although businesses support an expansion of automatic enrollment, a significant minority currently can’t afford higher minimum contribution levels.

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The survey was conducted between June 7 and June 25, among 350 pension fund managers and senior executives, who are responsible for U.K. retirement plans.

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Three-quarters of the survey respondents looked after a DC plan, while 31% of them managed a defined benefit fund alongside a DC plan.

Almost half, or 48% of respondents, managed a DC plan with less than £10 million ($13.5 million) in assets, and more than 41% of them managed a DB fund with more than £1 billion in assets.

Three-quarters of senior executives who responded to the survey believe higher contribution rates above the current mandatory 8% of the combined employer and employee rate will be needed in the future to ensure that workers end up with sufficient retirement income.

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