The Pensions Regulator (TPR) is consulting on changing its definition of professional trustees and is also reviewing its penalty policies for breach of duties.
The watchdog explained it wants to send a strong message to trustees that standards of governance and administration must be raised to protect member benefits.
It wants to know if its definition of a professional trustee - a person who acts as a trustee of the scheme or an expert in trustee matters generally - is sufficient.
These penalties will apply to any trustee, manager, employer, adviser or other person who has contravened pensions legislation.
TPR executive director for regulatory policy Andrew Warwick-Thompson said: "By consulting on our monetary penalties policy we are inviting views on our approach to applying fines on trustees and other scheme managers, but we are also sending a clear message that we are getting tougher on poor governance.
"We want trustees to understand that action may be taken where they fall short of expectations. We have shown that we will act where trustees are not complying even with their basic duties."
He added: "Our 21st century trustee strategy is seen by us as key to meeting our regulatory objectives. Good governance is essential to pension schemes delivering good member outcomes. This is why we and the industry support improving standards of trusteeship. We will announce further parts of the package and future plans in the coming weeks."
The consultation will run from 23 March for six weeks until 4 May.
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