Research from Prudential has suggested that approximately £229m a year is being unnecessarily kept by the tax man because more than 182,500 people have not claimed the correct tax relief on pension contributions.
Their findings reveal that 26% of UK employees who pay higher rate tax (on income over £41,450) did not claim higher rate relief on pension contributions.
Given that tax relief is one of the main reasons why you would invest in a pension it is staggering that so many people may be missing out.
