The regulator has written to the YMCA Pension Plan Trustee, which runs the plan, suggesting it should try mediation to patch up the dispute.
A small group of YMCAs, led by Hastings & Rother YMCA, are refusing to pay the thousands of pounds the trustee says is necessary to plug a gap in the plan (14 May, page 3).
The regulator said it was unlikely to try to force local YMCAs to pay.
Hastings and Rother's solicitor criticised the trustee for taking a threatening stance on the matter. However, Paul Smillie, company secretary for the Pension Plan Trustee, denied it had been heavy-handed.