Britons losing out on pension cash, survey finds

Wed, 05 Nov 2008

Britons could be losing out on pension cash through failing to invest in a tax-efficient manner, according to a new survey.

Research by Zurich shows that 75 per cent of respondents are unaware that they are eligible for tax relief on their pension contributions .

According to Tony Solomon, business development director for the firm, more needs to be done to make sure that people are aware of ways they can make their pension money go further.

He said: "Providers, the government and advisers must work together to help people understand the importance of saving for a decent income in retirement ."

The UK as a whole is not saving enough for a decent pension, Mr Solomon added.

Recently, a study by Prudential found that UK workers could be missing out on £5 billion each year by failing to join their company pension scheme .

This equates to £2,208 in pension savings per person every 12 months.
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