Workers miss out on £15k pension tax relief

The provider says 35% of workers in the UK do not have any pension other than state provision, which means they are missing out on an average of £334 in basic rate tax relief on savings every year. Of those who do save into a company or personal pension, workers put away on average 6.2% over their annual incomes. With average workers earning around £1m over their lifetime, individuals saving 6.2% of their annual income would receive around £15,000 in tax relief. While the average tax relief on pension contributions is £334 per year for a person paying the basic rate of tax, higher ...