He advised that corporate deals to transfer company pension schemes to new specialist vehicles could result in employers abandoning schemes without fully meeting their obligations to members.

The Regulator advised that it has already been approached by pension scheme advisers with proposals to transfer company retirement plans in such a way that the existing employer would avoid having to meet its full obligations.

David Norgrove, chairman of the Pensions Regulator, told The Daily Telegraph that Tony Hobman’s speech is "a warning shot across the bows to employers and pension scheme trustees to be exceedingly careful before transferring pension funds to another company”.

Internet link: Telegraph article