Over three quarters (81 per cent) of pension professionals are sceptical about the future of the state pension triple lock and doubt it will exist in its current form in five years’ time, according to the latest Pensions Management Institute (PMI) Pulse survey.

The research also revealed a broader dissatisfaction over the handling of pensions policy, as fewer than half (49 per cent) of pension professionals were satisfied with its direction over the past six months, marking a 12 percentage point fall from June 2021.

In addition to this, more than half (56 per cent) of respondents were pessimistic about the direction of pensions policy over the next six months with only 40 per cent optimistic, representing a 10 percentage point fall since June 2021.

In particular, less than a third (32 per cent) of pension professionals were satisfied with the handling of the increase to the normal minimum pensions age to 57 from 2028.

Nearly two thirds (65 per cent) of respondents said that they were dissatisfied about the changes, including 30 per cent who were very dissatisfied, with particular concerns raised around the lack of clarity and communication with the public about the changes.

Despite the concerns, over half (58 per cent) said they were happy with with the work of The Pensions Regulator (TPR) over the past six months, whilst only a third (34 per cent) were dissatisfied.

Furthermore, 67 per cent were confident that TPR will focus on the right areas in the next six months, up from 57 per cent in June 2021.

PMI vice president, Rosie Lacey, highlighted the findings as suggestion that the government could face "an uphill climb to convince the industry that it understands the most pressing issues and is taking action to tackle them".

She continued: “This year’s PMI Pulse survey paints a mixed picture of the outlook of pensions professionals.

"The lukewarm feelings of those surveyed about the direction of pensions policy over the past six months and the six months ahead should be cause for reflection among officials.

"In particular, questions about the future of the pensions triple lock and the handling of the increase to the normal minimum pension age seem widespread. These are surely issues which the government should confront if they wish to have the confidence of the pensions industry.

"In contrast to the respondent’s feelings about the future of pensions policy, those surveyed seem satisfied with the work of TPR's actions over the past six months and confident in its direction for the months ahead.

"Clearly there are mixed feelings amongst the pensions professionals about the current state of the industry and what lies ahead.”

The survey also highlighted some areas for improvement for the industry itself, particularly around diversity and inclusion, as nearly half (49 per cent) did not have a diversity and inclusion policy, whilst just 28 per cent did.

However, the majority of those surveyed recognised the benefits of diversity and inclusion, with 58 per cent mentioning the avoidance of groupthink and 55 per cent citing the more accurate representation of the scheme membership as the biggest benefits.

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