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

To tackle the main drivers of the problem the FCA and TPR set out plans for the pensions sector over the next five to ten years.

The FCA says the initiative will include making clear their areas of priorities and how to address fundamental changes in the sector.

The regulators’ strategy aims to provide “pensions that are well funded, well governed and deliver value for money; and which provide the tools to enable people to make well informed decisions.”

The strategy also outlined a number of ways in which the FCA and TPR will work together in future.

This includes two new priority areas for joint action.

The first is a strategic review of what they termed “consumer pensions journey.”

It will take an in-depth look at what tools are needed to enable people to make considered decisions about their pensions.

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

Having already launched a joint campaign to combat the risk of savers being scammed out of their pensions, the two regulators say they are already well-equipped to work collaboratively.

Christopher Woolard, the 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.”