The pensions industry has a generally positive view of The Pensions Regulator, with almost two-thirds of stakeholders rating its performance good or very good, according to a survey published yesterday.
The assessment given in the regulator's annual Perceptions tracker for 2011/12 represents an improvement from the previous year's survey, when 59% rated it 'good' or 'very good'.
Actuaries, trustees and pension managers were among those included in the survey, which also found that 76% agreed the regulator was effective at improving trustee knowledge and understanding. Over two-thirds (73%) thought said it was effective at protecting scheme members' benefits and 72% said it was improving standards in scheme governance and administration.
However, the regulator was rated less well for how it works with government, with only 52% agreeing that it works well with government to ensure regulation is appropriate. Almost half (45%) of respondents said the regulator needed to raise its profile.
Its performance slipped in three areas compared to the 2010/11 survey, with 83% of respondents rating it effective at providing codes of practice this year, compared to 88% a year earlier. Similarly, 55% of respondents rated it effective at reducing the risk of claims to the Pension Protection Fund, compared to 60% in 2010, and only 52% said it was effective at addressing the risks to defined contribution schemes, down from 59% in 2010.
Bill Galvin, chief executive of The Pensions Regulator, said: 'In order to achieve our statutory objectives we need the confidence of our stakeholders. There are huge challenges ahead and our goal is to maintain these positive results as we engage with the industry in the future.
'We will continue to work hard, and in a transparent manner, to ensure that the industry understands our approach to regulation and the decisions we make. We will continue to publish reports on key cases where possible, and to make available the analysis informing our approach.'
