UK tax payers missing £5.5bn pension boost

Research from Scottish Widows also shows two fifths of UK residents who are considering financial investments are unaware they can receive tax relief from personal pensions. Of every pound an investor saves in a pension, HMRC gives a basic rate taxpayer 22p and a higher rate taxpayer 40p. However, the research reveals of those who would consider financial investments, only one in five (19%) basic rate taxpayers and one in three (37%) higher rate taxpayers contribute to a personal pension plan. Of those that are saving in a personal pension, the average basic rate taxpayer saves just £74...