Kay Blair, vice-chair of the Financial Services Consumer Panel, has said consumers are getting an unfair deal from DC pensions.
Speaking at the Westminster and City conference today on decumulation, Ms Blair said more needed to be done to ensure members got a fair deal from DC schemes.
This meant reducing complexity, addressing high charges and tackling the cost-effective treatment of small pension pots.
She also noted the lack of consumer understanding over how much they need to save for a pension at a time of falling annuity rates and growing life expectancy.
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She said: "People need to save more to ensure a decent income when they retire. The looming savings gap is at best in danger of reducing many people to an uncomfortable retirement and at worst poverty in old age. Increasing life expectancy and falling annuity rates combined with poor public awareness and low savings rates are leaving a gaping hole in consumer finances. "With the continuing demise of Defined Benefit schemes, it is critical that more people are encouraged to save in DC schemes. Auto-enrolment is a positive move. But there are still far too many high charging schemes which eat unfairly into yield."
Ms Blair said she felt communication was needed to ensure people knew they should shop around for an annuity in order to get the best value for money.
She continued:"It is imperative that issues like value for money and effective scheme governance are addressed and that communications with consumers can be made in a meaningful way. And when it comes to decumulation, it is vital that people about to retire shop around and ensure they get the most appropriate annuity and the best deal. Members' needs should be higher up the agenda and their expectations managed effectively."

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