Speaking at a conference in London, Webb said he would not delay implementation of the 0.75 per cent charge cap on default funds for auto-enrolment schemes or the accompanying transparency and disclosure framework.

He said: “April 2015 is a firm deadline. We are not moving it.”

This comes after industry bodies expressed serious concern over the timing of the charge cap – with the National Association of Pension Funds (NAPF) recommending the Department for Work and Pensions (DWP) should consider a “more realistic timetable”.

Webb also voiced his opposition to any delay to the Budget reforms.

He argued there was never a good time to enact changes despite the government coming under pressure to act on pensions.

He said: “Every year people tell me why this year is the wrong time. In 2014 people said there would be a capacity crunch in auto-enrolment. Virtue is always best deferred.”