Pension firms have been warned by the Government's watchdog that they could have their trustees removed if they fail to come clean about hidden charges.
Millions of people saving into private pensions are routinely hit by hidden levies, which typically wipe more than £100,000 from the value of a middle-class worker's pension.
Almost half of the working population have never reviewed their pension plans, research has found.
While the majority of non-retired adults said they did consider it their responsibility to ensure that they understood how their pension fund was invested, 45pc of those surveyed said they had never looked into it.
The deficit of the UK's final-salary pension schemes hit its second highest level on record in July, figures show.
The Pension Protection Fund (PPF) said pension deficits reached £283bn at the end of the month, up from £267bn at the end of June. However, this was lower than the record level of £312bn in May.
People who move jobs have unwittingly amassed billions in forgotten pensions. We explain how to get the most from yours.
Britain is heading for a "lost pensions" crisis with an increasingly mobile workforce predicted to create a £757bn trail of dormant pensions that could deprive them of thousands of pounds in retirement.
Experts warn council tax will have to rise sharply to cover shortfall
The number of former council staff drawing pensions has soared to nearly one million – raising fresh fears over Britain's pensions time bomb. A report has found that while more ex-town hall workers retire on generous public sector pensions, fewer are paying in to them.
Pension companies are taking the equivalent of 80% of money paid into some pension plans out in fees and commissions, the BBC's Panorama has found.
Paying 120,000 into one HSBC pension plan over 40 years would result in 99,900 being taken out in fees and commissions. This is a financial projection supplied by the bank itself to Panorama.
Pension companies have finally agreed to come clean about hidden charges and fees, as the industry admits that it has not given "straight answers" to savers.
Millions of people saving into private pension pots are routinely hit by hidden levies, which typically wipe more than £100,000 from the value of a middle-class worker's pension.