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However, Origen warned that the Pension Protection Fund (PPF) is currently only promising to cover £31,936.32 of a pension in the event of a DB scheme failing - and even then only if accepted.

As such, Origen urged board members to seek advice, as if their scheme is not fully funded, as continuing to make large pension contributions may not be the most secure option for their future financial planning.

Meanwhile, Origen also found that the average employer contribution to defined contribution pension plans is running at 6.7 per cent.

The survey also revealed that knowledge of the proposed auto-enrolment for the future personal accounts regime in 2012 is scant, with 60 per cent of companies in the Midlands and East unaware of the pensions reform or personal accounts at all.

Of those who were aware of the personal accounts regime, not one firm surveyed thought that personal accounts would provide sufficient income for their employees in retirement

Warren Page, director of client services at Origen, said: "What companies need to realise is that pensions reform will soon become law and become a major financial burden on them, as employers will have to contribute 3 per cent of employees' salary.

"It is vital for firms to be on a firm footing with the advent of pensions reform and to understand how it will affect their business costs."