The regulator said outdated charging structures, older product designs and weaknesses in firms’ data mean some savers in closed pension products are not getting as much value as they could.

However, the FCA identified examples of good practice, with some providers simplifying legacy products, capping or reducing charges, comparing customer outcomes across products and moving savers into better-value alternatives.

Charlotte Clark, the FCA’s director of cross-cutting policy and strategy, said consumers in older pension products “should not be left behind” and called on firms across the market to adopt the improvements already being made by some providers.

The regulator said the review supports wider pensions reforms, including targeted support for consumers and the introduction of pensions dashboards, aimed at helping savers make better-informed retirement decisions.