High earners 'can't afford' pension contributions - Pru

An independent study, commissioned by the insurer, said this equates to about 216,000 employees collectively missing out on about £438m a year. The nationwide study of those earning between £42,275 and £149,999 found 21% who do not contribute said they could not afford it. One in eight (13%) said they do not see the point of saving for retirement, despite the tax benefits of pensions, while 17% simply don't know why they fail to save into a pension scheme. Prudential said an average higher rate taxpayer contributing £425 a month into a pension fund receives basic rate tax relief of...