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Labour MP and committee chair Frank Field said: "It is difficult to imagine the Pensions Regulator would still be having to negotiate with Sir Philip Green if he had been facing a bill of £1 billion, rather than £350 million.

"He would have sorted the pension scheme long ago." The cross-party committee made a number of other recommendations for the regulation of pension schemes, insisting responsible employers have "nothing to fear" from the proposals.

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But the MPs said the regulator should have the power to impose fines that could treble the amount payable towards covering a pension scheme deficit. Rowe-Beddoe, David Sydney, chm, Welsh Development Agency. Byatt, Ian Charles Rayner, Dir gen of Water Services. Johns, Michael Alan, Chief exec, Valuation Office Agency and commr of Inland Revenue, HM Bd of In Rev. Gordon, Robert Smith Benzie, Head, exec Secretariat, Scottish exec. Ireton, Barrie Rowland, Dir-Gen, resources, Dept for Internat Development.The MPs said regulatory intervention is often "clunky" and concentrated on stages when a company pension scheme is in severe distress or has already collapsed.TPR should be reformed into a "nimbler, more proactive" regulator to intervene sooner when company pension schemes appear to be in difficulty and before problems mount up.