In the report Andrew Tyrie recommended that the Department for Work and Pensions (DWP) pass the necessary legislation to enable TPR to oversee duties on trustees.

Responding, the DWP said: “DWP accepts the recommendation.

“We will introduce DWP regulations which put the CMA’s remedies, insofar as they apply to trustees, into the main body of pensions law.

“As well as allowing TPR to more effectively monitor compliance, it will integrate the monitoring function with the production and maintenance of guidance, allowing TPR to update one in the light of insights from the other.

“Overall the proposed remedies will encourage trustees to better engage and monitor the value for money of the services they use.

“Better oversight of these measures should also have a positive impact on DC members’ pots and DB funding shortfalls.”

The department revealed it intends to produce draft regulations and consult on them this year.

The response added: “Subject to the outcome of that consultation and Parliamentary time we will bring regulations into force and replace the CMA order in 2020.”

Mr Tyrie’s report also called for TPR to provide enhanced trustee guidance.

This was also accepted by the Government and a statement read: “TPR accepts the recommendation to produce guidance to help trustees comply with the remedies referred to above.

“Trustees play a vital role in helping to ensure the best possible outcomes for members.

“Driving up standards of scheme governance is a priority for TPR. 

“TPR wants to see, and support, those running pension schemes being knowledgeable, empowered and an effective first line of defence for scheme members.”

Another recommendation in the report was in extending the FCA’s regulatory perimeter to cover activities of investment consultants.

A joint statement said the measure would be considered and consulted on “in due course”.

Mr Tyrie’s final report, which was commissioned in September 2017 by the FCA, was published today.