The strategy identifies key issues which contribute to the prospect of people not having adequate income, or the income they expected in retirement.

In response, the FCA and TPR have set out a vision for the pensions sector over the next five to 10 years. This includes making clear their areas of priorities and how to address fundamental changes in the sector.

The strategy also includes two new priority areas for joint action. The first is a strategic review of the entire consumer pensions journey - taking an in-depth look at what tools are needed to enable people to make considered decisions about their pensions.

The second is using their powers to drive value for money for members of pension schemes, including the setting and enforcement of clear standards and principles where relevant.

Christopher Woolard, FCA's executive director of strategy and competition, said: ‘We have worked closely with TPR to produce a co-ordinated and cohesive strategy that will produce positive results for people in or approaching retirement. But success in delivering this strategy doesn’t just depend on action by us.

'With the support and collaboration of the government, industry and consumers themselves, we can deliver an environment which contributes to people having higher incomes in their retirement.’

Lesley Titcomb, TPR’s chief executive, said: ‘The joint strategy further strengthens our close working relationship with the FCA so that through our new approach we can together address earlier any issues that threaten the retirement outcomes for pension savers.

'Our goal is to ensure the people who run workplace pensions meet our expectations so that members can have confidence their savings are protected. We are being clearer, quicker and tougher in the pursuit of this goal and working collaboratively with the FCA is vital.'

FCA/TPR Regulating the pensions and retirement income sector: our joint regulatory strategy is here

Report by Pat Sweet