Thousands of workers who have been encouraged by the government to take out pension plans could be at risk of losing their savings, the industry regulator has told the BBC.
It follows fears that dozens of companies providing auto enrolment pensions are too small to survive.
The BBC has also uncovered evidence that employers and workers are being deliberately misled by some providers.
The government said it was aware of the issue, and was planning to take action.
Independent experts claim the problem could affect up to a quarter of a million people a year who are putting their savings into so-called master trust pensions.
Such schemes are popular with the 1.8 million small employers with fewer than 30 staff who are currently signing up under the auto enrolment programme.
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