Labour has pledged to cap annual pension charges at 0.5 per cent if it wins the next election.
The BBC reports the cap would initially be brought in at 0.75 per cent, and then would be reduced during the lifetime of a parliament.
Labour has also said it would require people buying an annuity to be referred to an advised or non-advised broker, a proposal first revealed by Money Marketing last summer.
The party says that by shopping around for an annuity pensioners could be up to £400 a year better off. Citing figures from the House of Commons library, it adds that those with pension pots of £15,000 could get £173 a year extra.
Labour Shadow Work and Pensions Secretary Rachel Reeves told the BBC: “Rip-off pension fees and charges are costing savers thousands of pounds.
“An astonishing £1bn a year is lost because people aren’t offered the best deal when they approach retirement.”
The Department for Work and Pensions has proposed three possible charge caps – 0.75 per cent, 1 per cent or a two-tier “comply or explain model”.