Pensioner savers paying too much tax

Nexus Wealth Planning > News > Pensioner savers paying too much tax

Research from Prudential has suggested that approximately £229m a year is being unnecessarily kept by the tax man because more than 182,500 people have not claimed the correct tax relief on pension contributions.

Their findings reveal that 26% of UK employees who pay higher rate tax (on income over £41,450) did not claim higher rate relief on pension contributions.

Given that tax relief is one of the main reasons why you would invest in a pension it is staggering that so many people may be missing out.

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