The government automatically tops up any money paid into a personal pension by 20 per cent. But analysis shows that over 2.3m high-income savers are unwittingly missing out on over £1bn of tax relief on pension contributions.
More than half (56 per cent) of workers in higher or additional rate tax bands have a personal pension, according to research from ETF investing platform InvestEngine.
However, 46 per cent (2.3m people) of that group do not claim pension tax relief on their contributions, meaning a smaller overall retirement fund.
If this is something that may affect you, please don't hesitate to contact us for advice.
Note: This blog has been shared from an article by City AM
Comentários