The Pensions Regulator does not like being viewed as the enemy. Fears among private equity executives over the body’s enhanced role do not mean it is targeting the industry, it insists.

For private equity executives who followed the regulator's role in making UK buyout firm Duke Street Capital pay £8m (€9.9m) to top up a pensions deficit of DIY retailer Focus, even though the firm had sold the asset, this may not be very convincing.