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08

TPR receives positive perception ratings

Open-access content Tuesday 5th August 2014 — updated 5.13pm, Wednesday 29th April 2020

More than two-thirds of pensions professionals consider The Pensions Regulator to be either ‘good’ or ‘very good’ in fulfilling its statutory objectives over the last twelve months, according to the watchdog’s annual Perceptions Tracker report.

TPR polled 762 people, including trustees, employers, pension professionals and non-pension professionals to find out their opinions on its effectiveness. As well as overall effectiveness, respondents were asked to rate the regulator against 'PACTT' principles to determine if its actions are proportionate, accountable, consistent, transparent and targeted.

Seven in ten (69%) of the 394 professionals in the pensions industry rated the regulator's performance as 'very good' or 'good'. Almost three-quarters (73%), said TPR met the PACTT better-regulation principles.

A majority (94%) of those polled said the regulator was a 'trusted source of information', while 89% believed regulator was 'independent'.

Eight in ten (84%) said TPR was effective in protecting the benefits of members of defined benefit schemes and almost 70% said the regulator was effective in protecting the benefits of defined contribution scheme members.

Additionally, for the first time, respondents were this year asked about their awareness of pension liberation scams. Almost a third (31%) said their opinion of the regulator was more positive in respect of its actions in combating such activities over the past year.

TPR interim chief executive Stephen Soper said: 'I am encouraged by the tracker report which notes that the pension industry continues to rate us highly at a time of significant change in the landscape.

'We're aware that one of our biggest challenges lie ahead with the automatic enrolment process, as tens of thousands of employer reach their staging date in the next few months.'

This article appeared in our August 2014 issue of The Actuary.
Click here to view this issue
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