An alarming rise in the number of late payments into company pension schemes could indicate economic turbulence ahead, according to law firm Pinsent Masons.

Its research shows the number of late payments being flagged up with the Pensions Regulator rose by 35% last year, growing from 6787 in 2011 to 9172 in 2012.

The figures also show the number of late payment notifications is higher than at any time in the past five years, including during the credit crisis.

Under UK pensions rules, scheme trustees are required to inform the regulator when contributions from employers are received late, particularly if contributions remain unpaid after 90 days.

The rise could signal an impending wave of restructuring and insolvencies, said Jamie White, partner and head of restructuring at Pinsent Masons.

"Time and again we have seen in insolvency proceedings that when companies are in distress, pension payments are deferred or not paid at all in an attempt to free up cash," he said:

"This can buy time but creates – or adds to – a deficit while the business tries to trade its way out of trouble.

"The latest increase does raise real concerns."

He admitted some of the increase was due to increased vigilance by the regulator, and by the insurance companies that administer the schemes.

But this did not alone explain the trend, especially as firms must only notify if late payments are of "material significance", he said.