Seven in ten people who have accessed their pension since the April freedoms have not looked around for different products, according to Citizens Advice.
The national charity's Drawing a Pension report which surveyed 501 people who accessed their defined contribution pensions since last April, found 352 chose to stick with their existing provider.
Citizens Advice has warned consumers may end up with a poor value product which fails to meet their needs if they do not look at a range of options to get the best deal.
The research discovered various reasons why most people chose to stick with their current providers.
A quarter of consumers (24%) stayed with their pension provider because they thought the product offered the best value for money, while the same number had not explored options with other providers.
Over a third (36%) trusted their existing pension provider, while only one in three had a product which met their needs.
The research also revealed up to 160,000 people have paid fees when accessing their pension since the freedoms were introduced. Those with smaller pots were the group hit the hardest, as people with pensions of £20,000 or less faced fees of £1,966 on average. For some this could mean losing 10% of their retirement savings to charges levied by providers.
The Financial Conduct Authority (FCA) previously proposed to cap exit fees for current pension schemes at 1% of a person's pot value. However, Citizens Advice is calling for a standard £50 exit fee charge to cover provider's administration costs.
Citizens Advice chief executive Gillian Guy said: "More and more consumers are choosing drawdown products but our research shows they aren't checking whether they're getting the best deal. The government and industry need to work together to make it easier for consumers to compare drawdown products and choose the one which best meets their needs.
"The threat of excessive charges can also put people off making the right pension choices for them. A standard £50 exit fee across all types of pensions will mean consumers can make the most of the pension freedoms," she added.
Just Retirement group communications director Stephen Lowe said: "This report provides more evidence of what, even at this early stage of pension freedoms, are widely recognised problems.
"In the next few weeks we expect more details of proposed improvements. These include better comparisons across products; a rethink of the information given to consumers such as wake-up packs; and better framing of consumer choices to put the focus on better decision-making. Those changes can't come soon enough."
The findings were based on a ComRes survey of 501 British adults aged 55+ who accessed their DC pensions after April 2015 carried out between 17th and March and 1st April 2016.
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