Chief executive of The Pensions Regulator has revealed that the industry watchdog is in talks with the UK government over concerns about the security of the multi-employer pension schemes known as master trusts, warning that insufficient safeguards are in place if they were to go bust.

Lesley Titcomb, who has headed TPR since March 2015, told delegates at the National Association of Pension Funds conference that the industry watchdog feared that master trusts might have "sustainability issues".