There is no low cost solution for retirees or any idea of how and when it will be provided according to London Business School executive David Pitt-Watson.
Speaking on a panel at the annual Trades Union Congress (TUC) conference on pensions, he said progress had been made with auto-enrolment and the establishment of the National Employment Savings Trust.
However too many people could still fall through the cracks and average people were not being catered for by the industry more broadly, he warned.
Pitt-Watson (pictured above) said: "Ros Altmann will probably be the first pensions minister who is not able to tell you what a low cost pension is."
The UK could look to pensions models in other European countries such as Holland which has many collective defined contribution (CDC) scheme arrangements, he added.
Last October Altmann told the NAPF Annual Conference delegates that CDC had not been abandoned.
The TUC has been supportive of CDC in the past.
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