National Mutual has criticised Financial Services Authority guidance on personal pensions.
The life office believes the guidance implies that many people with personal pensions should transfer to stakeholder.
But it suggests that despite the actual terms of stakeholder not being known, many people may still be better off remaining in a personal pension.
National Mutual has labelled the FSA's decision tree fact sheet published with the guidance as 'odd' from a financial perspective.
It says: "If your explicit planning purpose is to save for retirement, it makes little sense to say that the fact that your money is locked into a pension arrangement until you retire is a 'disadvantage' whereas Isas have the advantage that your money is not locked in."