UK - The credit crisis has "hugely damaged" the UK's pensions system leaving retirement savers disillusioned and destroying the idea stock market investment will always deliver generous pensions, Ros Altmann warns.
And she argued the "bet on equities" had allowed governments to cut the state pension to low levels and to shift responsibility to employers only for employers in turn to cut pension provision as government regulation and policy changes increased their costs.
MetLife said stock market returns over the past 10 years have averaged just 1.2% per annum compared with 16.1% per annum in the previous 10 years.
Altmann said: "Essentially the entire UK pensions system has been based on a bet that equities would always do well enough over the long-term to deliver reliably good pensions.
"The old idea that stock markets can always be relied on to deliver strong returns has left millions facing an impoverished old age. It is therefore important that people understand what risks and costs have now passed from employers on to their own shoulders.
"As both State and employer pension provision decline the importance of individual long-term savings increases. People will be increasingly on their own to cope with both the costs and the risks. Not everyone who is saving for their retirement is aware of the risks of poor equity market or investment returns."
Research from MetLife for the report showed 32% of those who are five years from retirement are either unhappy with their pension or feel they wasted their money by investing.
Around 54% said their pensions will fall short of expectations and are worried about their retirement income.
And it said 43% of people would like the idea of being able to pay for some insurance - such as unit-linked guarantees - against losing money in the stock market.
Altmann added: "Everyone who lives in a house knows that they face the risk of burglary, fire or flood. If you cannot afford to lose much of your pension savings you can now consider insuring against this eventuality."
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.