Mike Morrison, AXA Wealth's head of pensions, has warned allowing early access to pension funds could do more damage than good to savings.
The Treasury launched a consultation last week on allowing early access to the 25% tax free lump sum, in a bid to encourage pension saving amongst people intimidated by locking their money away.
It will assess four methods of allowing early access: loans from pension funds, feeder funds, permanent withdrawals or simple early access.
However, Morrison argues in the US where early access is permitted in some places the effects have been negative.
He says: "In the US there are current issues with the large number of loans which have been taken from 401k plans and never repaid, with the hardship provisions seemingly easier to meet in the current economic climate."
Morrison warns early access "could be an attractive option" but calls for considerable research before any implementation and significant controls if the proposal becomes law.
He raises questions over how only allowing withdrawals for significant life events would be policed.
Morrison also wants answers on how the Treasury aims to prevent the abuse of early access, highlighting how individuals may be able to recycle their money in order to get double the tax relief.
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