Savers to get extra £1bn in pension tax relief in 2016

TaxAction 2016 research shows the amount of lost tax relief will reduce to £1.9bn this year as more people are paying into pension funds. Last year 8.7 million people did not make any pension contributions, collectively wasting £2.9bn in 'lost' tax relief. This has now reduced to 7 million people paying nothing into pensions. Those still without pension contributions will miss out on an average tax relief of £568 annually, which is lower than the £698 recorded for last year. However, average annual contributions have decreased from £3,490 in 2015 to £2,840. The results follow re...