"Faced with too much information and complexity, even an engaged saver can decide to just take a chance on what the right decision is. That could lead to some pretty poor
He said it was unrealistic to expect savers to be experts, arguing default options "at all stages of the savings journey" - including decumulation - were necessary.
"And we need those default options to be well governed and have consumer interests at their heart. Above all savers need someone on their side," he said.
Alistair Byrne, head of DC investment strategy at State Street Global Advisers, agreed.
"Many of those who have accessed their pension still focus on the short term – what they can do with the money now, rather than how it will support them in old age," he said.
"It’s good to see there are few regrets, but that may change as the consequences of spending the money now and hoping for the best start to become clear.
"Good default investment options are required to support savers who want to keep their pension funds invested to provide for their financial needs through retirement."
james.fernyhough@ft.com
