Mr Cridland had called for the MOT to help people plan their later lives in addressing their lifestyle, skills, paid and unpaid work, and their retirement income some years before they retire.
Ricky Chan chartered financial planner and director at IFS Wealth and Pensions, said it would be preferable for an independent third party to offer the service, instead of the providers themselves.
He said: "A 'mid-life MOT' is likely a good thing as it would give people the opportunity and the time to put their finances back on track if it’s not heading the right way. The devil is always in the detail of when these MOTs happen, what information is provided and how it’ll be delivered.
"I’d prefer an independent third party to avoid conflicts of interests - rather than the pension provider. But realistically for cost efficiently, it makes sense for the workplace pension providers to facilitate this as they have the scale and resources to."
Mr Chan said the initiative could be good for advisers as an increase in financial awareness and possible signposts to financial advice for more complicated circumstances could lead to more clients in future.
However, he said he was concerned if it meant bringing back the old days of insurance agents selling the pension providers’ products and an increase in vertical integration.