Aegon has called on the government to allow more choice on when people can start claiming the state pension.
The pension provider wants the government to look at different options for the pension age, which is expected to increase to 67 in 2028 and 68 by 2048.
Pensions director at the company, Steven Cameron, said while pushing back the state pension age would save governments money, it would be a "major concern" for those who feel unable to work unto their late 60s and early 70s.
He said: "Rather than an ever-increasing single age, we’re calling for the government to explore offering individuals more choice over when they can start claiming.
“The higher the state pension age, the more individuals will struggle to stay in work. This could be because of their health, a physically or mentally taxing job or caring responsibilities for elderly parents.
"We’re already seeing increasing numbers of over 50s exiting the workforce due to ill-health. An ever-rising fixed state pension age could become increasingly divisive and out of sync with today’s flexible private pensions world."
At the moment, people can choose to defer their state pension in return for a higher monthly payment however there is not the option to start it from a younger age.
Cameron added: "An alternative would be to commit to allowing access from not later than say age 68, at a lower amount, even if the state pension age increases thereafter.
"Some individuals rely heavily on the state pension and opting for an earlier, reduced amount could leave their retirement income below the current threshold for means tested benefits.
"To understand any impact on their eligibility to claim such benefits, individuals might first be required to take advice or guidance from Money Helper.
"But as automatic enrolment into workplace pensions continues to mature, millions more employees are building up an increasingly valuable workplace pension, with fewer solely reliant on the state pension, so with less risk of falling below the means tested threshold.
“A more flexible approach to state pension age would not only meet the more varied ways people now live their ‘Second 50’ including when they retire but would also go some way to alleviate the concerns of an ever increasing ‘standard’ state pension age.”
tara.o'connor@ft.com
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