There may be a need to give TPR more teeth to help combat the problems highlighted by the collapse of BHS, Frank Field MP said.

The committee has today called for written evidence as it further investigates defined benefit pension funds.

Mr Field said: “The lessons of BHS must be learnt. This may mean strengthening the powers and resolve of the Pensions Regulator to act early, quickly and firmly with those who seek to avoid their pension responsibilities. It is important, however, that businesses that are run reputably and responsibly are not put under undue restriction. Ultimately, defined benefit schemes must be placed on a sustainable footing.”

In its recent report on BHS and DB pensions, the committee stated: “The future of occupational pension schemes is perhaps the greatest challenge facing longstanding British businesses.

“In an environment of rising longevity, interest rates close to zero and intense international competition, defined benefit pension liabilities accumulated in a different age can appear burdensome and unaffordable.

“Investigating how to secure a fair and sustainable settlement will be at the centre of the Work and Pensions Committee’s on-going inquiry.”

The committee aims to collect recommendations on the adequacy of regulatory powers, including anti-avoidance provisions and the application of those powers.

It will assess whether there should be a greater emphasis on supervision and if pro-active regulation would be appropriate.

The review will look at the impact of the TPR’s regulatory approach on commercial decision-making and the operation of employers.

The Pension Protection Fund’s sustainability will come under question as will the fairness of the PPF levy system and its impact on businesses and scheme members.

Evidence is invited by Friday 23 September 2016.