The architect of the UK’s auto-enrolment pension revolution has called for the consolidation of defined contribution pension pots, lamenting the "high costs" which eat into people’s savings.

Speaking at briefing hosted by the Pensions and Lifetime Savings association on November 24, Adair Turner, who as chair of the Pensions Commission from 2003-06 set in motion the wheels of auto-enrolment, said: "Large costs are not because the industry is getting fat in terms of profit at the expense of pensioners, it's because there's too much waste in the system. There's too much complexity, too many pots."