Millions who delay pension saving miss out on 'free money'

Statistics from website Unbiased showed about 4 million basic rate taxpayers are losing out on billions of pounds in unused income tax relief on pension contributions. Latest HM Revenue & Customs figures showed the average individual pension contribution is just over £3,000 a year. Unbiased research added that employees could be boosting their pension pot by as much as £602 each, and £2.5bn collectively, through tax relief on contributions. It explained anyone paying towards a pension receives tax relief on their pension savings at 20% and up to 40% or 50% as appropriate. Higher rate ...