It follows news that some providers will not allow the over 55s to withdraw money from their pension pots as they wish.
Other companies are charging hundreds of pounds for advice.
But Ros Altmann, the pensions minister, said the reforms - which started in April - must be given a chance to work.
"If things aren't working properly, we will take action," she told BBC Radio 5 Live.
"But let's give these reforms a chance; let's see how they work; the idea is right."
Under the government changes, anyone over the age of 55 now has the ability to withdraw as much money as they like from their pension savings, subject to income tax.
But some companies are refusing to offer the full range of freedoms.
Friends Life, for example, has written to 1300 customers, telling them they can either buy an annuity, or withdraw all their savings at once.
But savers are not allowed to draw down a pension, or take out smaller amounts - something which would enable pensions pots to be used like bank accounts.
The company told the BBC it was planning to offer partial withdrawals "in due course", but could not say when.
It is not compulsory for providers to offer the full range of flexibility.
However Lord McFall, a former chairman of the Treasury Select Committee, said the government ought to intervene.
He said charges for customer advice could be excessive.
"You can find that a third of the pension pot can be taken away in pension charges," he told the BBC.
However pension providers are obliged to give consumers advice in certain circumstances - particularly with older-style defined contribution schemes, and defined benefit schemes where the pot is worth more than Â£30,000.
Providing such advice can be time-consuming, so providers say they have to charge appropriately.
Ros Altmann said the government might consider capping charges, if there is evidence they are too high.
"We have powers in the legislation to impose caps on charges, and if necessary to force companies to behave much better."
The government will not intervene immediately to force pension providers to deliver on promised freedoms, the pensions minister has told the BBC.