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The Department for Work and Pensions (DWP) has launched a consultation on whether the law should be altered to allow new types of schemes that split the risk of saving between employers and staff more equally.
It is asking for stakeholders' views on the possible amendments and whether greater risk sharing could be implemented without major changes to the framework of the current laws.
The risks include investment performance and increasing life expectancy, which can make funding pensions more expensive for employers.
Secretary of state for work and pensions, James Purnell, said: "We know that providing defined benefit pensions can be expensive for employers and we want to explore how risk sharing can help them continue to provide good schemes.
"We want to encourage innovation and growth in the market. But we also need to strike a balance between reducing costs for employers and protecting members' benefits."
The aim is to make the pensions system as simple as possible, he added.
Risk sharing schemes are possible under current legislation through hybrid options, but others will require significant changes to the law before they could be implemented.
A report published by Edward Jones today showed that 43 per cent of workers are saving "far less" or a "little less" for their retirement because of increasing prices of petrol and food.
