The perception of The Pensions Regulator (TPR) improved in 2022, with specific improvements in relation to TPR’s effectiveness on its statutory duties and core roles, its approach and way of working, and the extent to which TPR is seen as 'tough'.

The regulator noted that while the perception of its effectiveness worsened in 2021, many of these ratings improved in 2022, generally returning to the high point seen in the 2020 survey, which linked to positive perceptions of TPR’s response to the pandemic.

In total, more than two thirds (70 per cent) of respondents rated TPR’s overall performance over the last 12 months as very good or good, while 22 per cent rated TPR’s performance as fair, and just 1 per cent gave a poor rating.

Compared to 2021, the ratings also increased for five of the measures relating to TPR’s effectiveness on its statutory duties, core roles and activities.

In particular, ratings improved for strengthening the funding of defined benefit (DB) schemes, up from 74 per cent to 79 per cent, and protecting the benefits of defined contribution (DC) members (from 75 per cent to 82 per cent).

Ratings for TPR's work improving standards in governance and administration also increased from 83 per cent to 87 per cent, while protecting savers though proactive and targeted regulatory interventions rose from 73 per cent to 78 per cent.

TPR’s effectiveness ratings were highest for protecting the benefits of DB members (87 per cent), improving standards in governance and administration (87 per cent), and maximising employer compliance with their AE duties (85 per cent).

Of the three new measures added to this year’s survey, TPR was perceived to be most effective at taking enforcement action, with a rating of 71 per cent when it discovers breaches of pensions regulation and 67 per cent when it discovers criminal activity.

In contrast, TPR was rated least effective at minimising any adverse impact on employers’ sustainable growth (48 per cent).

The survey also revealed an improved perception of TPR’s effectiveness on four of the five priority areas set out in the corporate strategy, and most of those aware of the strategy felt that it gave TPR a clear direction for the future (70 per cent).

Overall, the survey found that 42 per cent of respondents were aware of TPR’s corporate strategy, similar to 2021 (45 per cent).

Furthermore, approaching three-quarters (70 per cent) of those aware of the corporate strategy agreed that it gave TPR a clear direction for the future, with this highest among lay trustees (83 per cent).

In addition to the effectiveness improvements, the 2022 survey highlighted an increased perception that TPR puts savers at the heart of everything it does, takes a system-wide view across the pensions market, and that employers are clear on their legal requirements in relation to pensions (from 76 per cent to 81 per cent).

TPR was also widely felt to be trustworthy, clear, risk-based and evidence-based, with more respondents describing the regulator as tough and innovative than in 2021.

Indeed, the vast majority of respondents (94 per cent) agreed that TPR was ‘trustworthy’, and over three-quarters felt that it was ‘clear’ (80 per cent), ‘risk-based’ (80 per cent) and ‘evidence-based’ (76 per cent).

In comparison to the 2021 survey, there was also an improved perception that TPR was ‘tough’, rising from 57 per cent to 63 per cent in 2022, and ‘innovative’, up from 35 per cent to 41 per cent.

According to the survey, the most common interactions with TPR reported by respondents were reading codes/guidance, completing the trustee toolkit and hearing about enforcement action against other schemes, with fewer respondents having experienced direct TPR interventions than in 2021.

The survey also showed that more schemes communicated warnings about pension scams to members than in 2021, up from 78 per cent to 84 per cent, while 67 per cent had a website that members could visit had added content to it about pension scams.

Over two-thirds (67 per cent) of respondents also recalled seeing or hearing information about TPR’s pledge to combat pension scams, although recall of the pledge was lowest among employers, at 42 per cent, compared with 75 per cent of lay trustees and 74 per cent of pension professionals.

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