Britons missing out on pension billions, study shows

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Financial Services > Pensions > News

Britons missing out on pension billions, study shows

Tue, 26 Sep 2006

UK residents are missing out on billions of pounds of pension credits when reaching retirement, a study has found.

Some £2 billion worth of pension credits will remain unclaimed, the IFA Promotion research revealed.

Between 34 and 44 per cent of those reaching retirement are not taking advantage of the full pension pot by realising their entitlements.

Furthermore, those who are saving for a pension "squander" £658 million in tax payments, which the company stated are unnecessary.

David Elms, chief executive at the organisation, commented: "It seems that people are compounding the situation - be it through apathy or confusion - by failing to claim vital sources of retirement income in the form of tax credits.

"Likewise, retirement savers are not making things any easier for themselves by overlooking the need to top-up their company pension pot."

Mr Elms added that UK residents should start their tax and pension planning well before reaching retirement, to avoid paying unnecessary tax.

IFA Promotion has a dedicated website designed to help consumers to avoid paying too much tax, including top tips and a tax calculator.

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