TPR urges trustees to do more for members at retirement

The watchdog also found some schemes had never looked at the process they have in place to help members at retirement.

The research comes as the regulator issued its latest statement, Engaged employers and informed retirement choices - key to good outcomes for members of defined contribution pensions.

It highlighted the need for increased employer and trustee engagement to ensure members make the right decisions at retirement and get the most from their pension pot.

The statement said "more can be done to improve member outcomes".

The regulator said it had already reviewed its per-retirement literature and was working with a sample of trust-based DC schemes to review their retirement processes.

"Where we find shortcomings we will expect trustees to make improvements and, if appropriate action is not taken, we will use our enforcement powers if necessary. We will report on our findings later this year," the statement said.

TPR chief executive Tony Hobman said: "It is more important than ever in these challenging economic times for members to make the right decisions to maximise value for money at retirement.

"We know that our work on DC will enable trustees, employers, advisers and providers to improve the outcomes for DC scheme members."

He added: "In the run-up to 2012 we are focusing on providing more education to assist employers with their pension provision and are looking at the standards in key processes for DC pensions. We are willing to enforce better practice, if we need to."

The statement said employer engagement was "central to good DC provision".

However, the regulator recognised that some employers were anxious about providing pension information. It said it was working with the Financial Services Authority on the issue and would publish a guide for employers later this year.