The majority of the industry agrees the public's level of trust in pensions has not gone up since the introduction of the pension freedoms five years ago, according to a Professional Pensions poll.
PP's latest Pensions Buzz revealed just 15% believe the public's trust in pensions has increased since 2015.
Two fifths (41%) agreed public trust has decreased over the period, while 45% said it has stayed the same.
Some respondents who agreed public trust had increased said it was thanks to auto-enrolment (AE) increasing the number of people saving into a pension.
"Savers are hopefully becoming more involved and interested in pensions through the introduction of AE, and initiatives such as Pension Wise and the Money and Pensions Service," said one.
However, another added: "But we can't be complacent. We are only ever one scandal away from losing trust. If a big AE provider failed, the whole industry would be back to square one."
One who believed trust has gone down said: "Big government focus on the scams makes people think that their pension is not very safe and secure," while another said the current "emphasis on 'victims' makes it seem that everyone is in danger of having a scammer steal all their pension. The truth is far more optimistic".
Another industry member suggested high fees and pension scams "undermine trust".
Of the almost half that agreed public trust in pensions has stayed at the same level since the 2015, some said despite the number of scams being publicised rising, the positives of AE balances this out.
One said, despite the level of trust not decreasing over the five-year period, the current level "is very low!"
A different pundit argued: "Regulators have done little to improve public perception," while another said: "Schemes communicate better and try to engage members, but the progress is offset by tinkering."
The call for input on the first phase of the committee's inquiry closed to responses last month, while a further call for evidence is likely in 2021.
Pensions Buzz is conducted each week to anonymously collate Professional Pensions readers' views on key news and trends. Respondents include actuaries, trustees, investment managers, lawyers, pension scheme administrators, and consultants.
To take part, email: [email protected]
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