The Department for Work and Pensions has promised a better working relationship between the Pensions Regulator (TPR) and the Financial Services Authority (FSA) and said joint thematic reviews are planned.
In an evidence session with the work and pensions committee, pensions minister Steve Webb responded to fears about the complexity of the dual regulatory bodies.
Labour MP Glenda Jackson asked if the government would consider a single regulator for the whole pensions industry, ending the divide whereby TPR regulates trust-based pensions and the FSA regulates contract-based vehicles.
Webb admitted the relationship between the two regulators and between the DWP and the FSA has not been operating as best it can.
"The DWP should have more conversations with the FSA than it does," he said.
"We need to make sure there are not overlaps or areas that are not regulated at all."
He also said there is a tendency for "silo" thinking, in which the FSA and the Treasury operate in one area and the DWP and TPR in another.
However, Webb did not approve of a super-regulator for all pensions.
"At a time of massive turmoil, the last thing you want is another regulator," Webb said.
He warned if TPR was subsumed into the Financial Conduct Authority, which will be created when the FSA splits, it would be "swallowed up".
"I can't see the gain, but I can see disruption and the loss of expertise," he said.
He said the two bodies must work better together, but pointed out that joint working has already achieved a great deal.
As an example, Webb said the practice of offering "cash bungs" to members to persuade them to transfer from defined benefit to defined contribution schemes, such as enhanced transfer value or pension increase exchange exercises, had been an area of concern for the Department for Work and Pensions.
Through working with both the FSA and TPR, the DWP had "more or less stamped out that abuse", Webb said.
The DWP stewardship team's John McCallion, who also took part in the session, added that there are plans for joint thematic reviews conducted by both regulators.
As first reported on IFAonline's sister title Professional Pensions.
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