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The new system of personal accounts is intended to encourage saving for retirement, especially for those without access to a good occupational pension, as for the first time there will be a matching employer contribution.

Employees will automatically be enrolled into the scheme and it is hoped that inertia will prevent people from taking it upon themselves to opt out and hence people will begin saving for their retirement.

On a poll on FTAdviser.com, however, advisers voiced their opinions on whether personal accounts will achieve its purpose or if it will just amount to another financial services industry failure.

The results of the poll (at the time of going to press) showed that 79 per cent of respondents expect that people will opt out of the personal accounts scheme.

Under a quarter of respondents believe that the scheme will be a success, with 21 per cent saying people will realise its benefits.

Mike Morrison, pension strategy manager at Winterthur, said that unless the government listens to how the personal accounts scheme could be improved, there is a good chance it could be another failure for the industry.

"I have a strong feeling people will opt out. There are too many issues that need resolved such as means testing which makes it difficult to know who it is suitable for.

"There also needs to be an education programme because if people see 4 per cent of their salary disappearing, if they don’t know any better they will just want to get their money back and will opt out."

To vote on this week's poll visit the FT Adviser.com homepage and scroll down to see the poll on the right.