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Research conducted by the provider has revealed that when considering whether to opt out of the scheme a two-tier charging structure was no more likely to affect someone's decision than a single charging structure.

Aegon UK gave two groups identical information about Personal Accounts, apart from charge structures, and then asked them how likely they were to remain in the scheme.

According to Aegon UK, just 6 per cent of people surveyed across both groups said they would opt out of the scheme due to charging structures.

Steven Cameron, head of business development for Aegon UK, said: "Some have voiced concerns people will be put off by a dual charging structure and, as a result, will opt out of Personal Accounts. But our research shows this just is not the case.

"Firstly charging structures are not a major determinant of behaviour. And secondly people offered a dual structure were no more likely to opt out than those offered a single charge structure."

Mike McDonnell, senior partner of Buckinghamshire-based IFA Chessman & Partners, said he did not think charging structures influenced people.

He said: "I believe most people do not understand charging structures, the way they were quoted, anyhow. So if they do not understand them properly it will not make a huge amount of difference to the majority of people."

Mr McDonnell said the charging structures needed to be simplified.

He said: "If they want it to have the affect that is intended the contract has to be as clear as possible."