A government proposal to make it easier for employees to transfer pensions from one employer to another when they change jobs could result in those employees losing up to a quarter of their funds, according to Joanne Segars, chief executive of the National Association of Pensions Funds.

In a letter to the Daily Telegraph, she claimed that the plans would see money being transferred from good schemes with low fees to poor schemes with high fees, meaning that fund-holders would not get the best deal when they retire.

Talking to the Today programme's James Naughtie, Ms Segars called instead for a system of low-cost "aggregator schemes" under which retirement savings would be pooled in one place, giving clarity for savers.

"We want to take out the lottery factor," she explained. "We want people to stand a much better chance of getting a lower charging pension."

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