New research has found that millions of pounds are going unclaimed, as higher rate taxpayers fail to pay into a pension or claim the right amount of tax-relief due to them.
Research from the Prudential found:
Higher rate taxpayers are missing out on £225 million in tax-relief by not paying into a pension
Astonishingly, 10% of higher rate taxpayers make no pension contributions at all
For those higher rate taxpayers who do pay into a pension the average annual contribution is £6,276, way below the maximum allowable amount of £40,000 per year