A survey by the firm found that 31 per cent of people with stakeholder pensions and 33 per cent with self-invested personal pensions (Sipps) do not know the charges they are expected to pay.

David Dalton-Brown said that consumers would “not dream of paying over the odds” on their gas bills or car insurance.

However, pensions are often “overlooked”, the expert claimed.

“It is equally important that savers in to personal pensions, including Sipps, make the most of their savings and ensure that high charges are not eating away at their long term returns,” he stated.

In related news, Alliance Trust recently stated that the impact of potential inflation rises on pension provision is a significant concern for many people.

Such movements were found to be in the top three risks to a “comfortable retirement” for 28 per cent of people in their 60s.

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