Members of the work and pensions select committee are to launch an inquiry into advice and guidance available to retirees following pensions freedom to ensure people are not "ripped off" when accessing their pots.
The reforms, which came into effect in April, give defined contribution savers unfettered access to their pension pots from the age of 55. It removed the effective need to buy an annuity and opened income drawdown to people with smaller pots.
As part of the reforms the government introduced a free, impartial guidance service - Pension Wise - to help people navigate their options.
The work and pensions select committee wants to hear evidence on the take-up, suitability, affordability and independence of the advice, guidance and information available to those approaching retirement.
It also wants to hear recommendations for improvement.
Committee chairman Frank Field (pictured) said: "Many constituents were ripped off in the process of putting their earnings into pension savings.
"We have a duty to ensure they are not ripped off again if they wish to take their money out and spend some lump sums."
Richard Graham MP, committee member and chairman of the all-party pensions group, added: "Taking away the requirement to buy an annuity and introducing much greater flexibility in how and when individuals can access their pension savings should be a positive change for many.
"However getting the right guidance is key, and this inquiry will look at the guidance and advice being given, and how effective the system is in helping people make informed choices."
The Pension Wise service is funded by a levy from the financial services industry, including a substantial contribution from advisers.
It was thought the hand-off from Pension Wise to regulated financial advice would be a boon for advisers.
However, the Association of Professional Financial Advisers recently called for a reduction in advisers' contributions as they were not benefitting from its existence as much as anticipated.
Providers have previously said a workable and affordable simplified advice framework must be established to ensure "ordinary savers" properly benefit from the pension freedoms.
Speaking at last year's Personal Finance Society conference, executives from Prudential, Royal London and Just Retirement all agreed simplified advice should be the profession's next area of development.
Others commentators have said a "retirement pathway" should be established to help savers navigate income decisions.
More than half of BlackRock’s flagship UK defined contribution (DC) default fund’s assets will be invested in ESG strategies by June 2021.
Graeme Bold says the right communications can improve both the level of savings and the outcomes for savers.
More than half of UK savers agree they are unable to save sufficiently to achieve the retirement they want, according to research by BlackRock.
Pension savers have held off from making changes to their pensions despite nearly half having been impacted by the pandemic, research finds.