The government's new national pension scheme has an unbalanced investment remit that will "disappoint" savers, advisers say.
NEST will be invested in five broad categories; global equities, conventional and index-linked gilts, cash and diversified global growth.
According to an Incisive Media BUZZ survey, 61% of advisers think this selection will not make a balanced portfolio for pensions savings.
A number of advisers polled say personal pensions have lower charges and a much wider fund choice than that offered by NEST, and brand the government scheme as a "one-size-fits-all solution".
Many argued a long-term savings vehicle should invest in assets such as real estate and infrastructure to ‘capture the illiquidity premium'.
Advisers questioned the difference between NEST's merits and those of stakeholder pensions, and claimed NEST is designed to ‘cut out advice'.
"This range is likely to create many shocked and disappointed pensioners," said one IFA respondent.
"If it will never be possible to transfer any funds out of NEST this looks like a disaster in the making."
For many advisers, it is the lack of equities in the portfolio that is disappointing.
A total of 45% of IFAs polled invest up to half their clients' assets in UK equities, and 28% invest up to a quarter in the asset class.
The 39% of advisers who see the portfolio as a good selection said although the portfolio may not have the investment return potential offered on commercial platforms or via mainstream pension providers, NEST is still a step in the right direction.
"Keeping it simple is the best option as the target market for this scheme is not sophisticated," one adviser said.
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