The Association of Consulting Actuaries (ACA) has warned a system allowing all people within a certain age range to access the state pension flexibly would be unworkable.
In a written response to John Cridland's independent review into the state pension age (SPA), the ACS ruled out giving all people the right to draw down their state pension as they wish.
People running out of money, impracticality and a minimum level of retirement income being breached are listed as drawbacks.
In its evidence, the ACA said "such a model would leave the government effectively running the largest drawdown scheme in the country" and would be akin to the new freedoms in defined contribution.
It believes a universal SPA should be kept but with measures to allow members of disadvantaged groups early access where they cannot continue working.
Instead, the ACA said other proposals it has explored would be of no cost or low cost to the government and lead to better outcomes for the public.
These include encouraging people to use non-state pensions before reaching SPA or allowing actuarially neutral early access to the state pension, which would involve means-testing.
ACA chairman Bob Scott added: "We would also underscore the need for any future changes to take proper account of the need for state reforms to be considered alongside the pension regimes and rules applying in respect of private pensions. A joined-up approach that simplifies both state and private pension rules would represent a welcome statutory innovation!"
Cridland, the former head of the Confederation of British Industry, is leading the review on whether the SPA rising in line with life expectancy is optimal in the long run. He will report to the Secretary of State for Work and Pensions to allow the government to consider his recommendations by May 2017.
The idea of allowing flexible access to the state pension has been echoed in research by Trades Union Congress (TUC), which found one in eight people are forced to stop work before they reach pension age due to ill health or disability.
Aegon pensions director Steven Cameron said: "The findings in the TUC report raise an important issue around state pension benefit accessibility. Aegon believes that all individuals should have the choice of taking their state pension from their early 60s, at a reduced level to make this financially neutral for government.
"The inflexibility of the state pension system is at odds with the government's wider ‘pension freedom' agenda which allows individuals free access to private pensions from as early as age 55."
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