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Billy Burrows, an independent retirement expert, said: “Stringing a customers along for months and then failing to deliver is certainly not treating people fairly.
Savers are instead being given three options: cash in the entire pension and face a tax bill, swap the whole fund for a lifetime annuity income, or undertake a potentially costly transfer to a rival company.
A spokesman for the Treasury said companies that did not offer the "full range of flexibilties" were missing a "great opportunity".
"We’ve made sure that people can transfer their pension if their provider does not offer them the option they want," the spokesman added.
Along with millions of other over-55s, Friends Life customers were led to believe they would be able to access their money flexibly under new Government rules introduced on April 6.
After years of customers being forced to sign poor-value lifetime contracts, Mr Osborne declared that "no one will have to buy an annuity" to access their retirement funds.
He said the "biggest and most exciting change" to the pensions system for a century would give savers "complete freedom" to access their funds as they desired.However, companies are under no legal obligation to offer all the freedoms.Ahead of the changes on April 6, pension providers warned that they might be unprepared to offer fully flexible access on day one.• Jessca Investigates: Friends Life admits it got pension all wrong Friends Life initially told customers that their applications to make partial withdrawals had been "delayed".Two months later, savers are being told to find another company that offers so-called "flexible drawdown".The process of moving a pension fund can cost hundreds or even thousands of pounds in penalties and fees.Tags: Adult Dating, affair dating, sex dating