I've just done exactly that with my 18v NiCd battery and charger from B&Q. It's one of their Performance Power range and is common to a whole lot of their cordless garden tools (I have the mini chainsaw lopper).
It turns out that, to my mind at least, they've done it the most expensive way possible, so much for shaving off the last few cents.
It has a fairly solid looking transformer rectifier power supply, full wave rectification by the way, no corner cutting there. There are then various indicator LEDs, a microswitch (with an external button to press it) and a latching relay. There are *three* connections to the battery, one of which is a temperature sensing one, when the temperature rise indicating full charge is detected the relay is latched off.
As I said, this surprised me, because it makes the charger relatively complex. A crude rectifier and series resistor would be cheaper and so would a delta/V detecting IC. As it is they have to have a latching relay in the charger, three connections to the battery and a temperature sensor in every battery. Certainly not corner cutting to my mind.