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Personal Accounts are low-cost workplace pensions that employers will have to offer employees from 2012. Employees will be auto-enrolled into the schemes.

Twelve per cent of experts polled thought less than one in 10 employees would opt out of personal account schemes, while 36 per cent thought it would be less than one in five.

Some 28 per cent thought more that two out of five employees would opt out, while 12 per cent thought that more than half would.

Colette Dunn, head of the insurance and the financial services strategy team for Watson Wyatt, said: "There appear to be strong concerns that many people for whom Personal Accounts are designed will decide not to take part.

"Introducing funds with guarantees was a popular option at the debate for enhancing the prospects of Personal Accounts, however this on its own, was not a panacea for the audience's concerns.

"A range of refinements to the current plans, reinforced by effective communication initiatives to highlight the stark alternatives to not saving for retirement, may well be needed."