“If members live longer it will add to the cost of pensions and schemes must recognise this.”

The regulator can force  schemes to fill funding shortfalls. One way of doing that is to increase contributions.

But experts fear that being forced to inject more money into these “defined benefit” schemes could be the final nail in the coffin for many schemes which they say are already struggling to survive, coping with the burden of extra tax and regulation imposed by Gordon Brown when Chancellor.

Mr Brown attracted fierce criticism for his infamous £5billion-a-year raid on pensions in 1997 when he abolished tax relief on dividends paid into pension funds.

This lead to the collapse of hundreds of final salary pension schemes and resulted in many demonstrations from protesters across the country.

The UK has around 7,800 defined benefit schemes which are eligible for the Pension Protection Fund brought in since which covers savers if schemes go bust.

Joanne Segars, chief executive of the National Association of Pension Funds, called for firms to be given freedom to offset higher costs.

She said: “The pressure valve cannot continue to be tightened so any increase in costs must be offset by lighter regulation to help keep existing schemes open.’’