The Pension Quality Mark is to consulting on setting tough new minimum standards for the default investment funds that cover the vast majority of pension savers.
PQM is used as a benchmark to distinguish good quality defined contribution pensions against a number of standards, and is run by the National Association of Pension Funds.
NAPF wants to add handling default funds to the criteria applicants and existing holders of its quality badge must meet.
Default investment options are a requirement for all auto-enrolment pension schemes.
PQM is concerned that people may lose out if they save into a weak default fund, as 84% of savers are placed into default funds automatically if they do not actively make investment choices about their pensions.
It is seeking industry views on what pension schemes should consider when setting the investment strategy for their default fund.
The deadline for responses is 20 September 2013 and changes are expected to be implemented in April 2014.
Options include regular checks on the suitability of the default investment option for members, and investment performance of the default fund and charges of fund managers.
PQM manager Alex Kitching said: 'Millions of workers will be automatically enrolled into pensions in the years ahead, and the overwhelming majority will end up in the default, so it is a fundamental part of the pension.
'It is essential that those who do not want to make investment decisions about their pension do not get left out or short-changed. Pension schemes must look out for their saver's interests.'
The growing number of people covered by default funds meant that trustees, employers and providers should focus on better design, communication and governance, she said.