Brits 'missing out on £720m in pension savings'

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Brits 'missing out on £720m in pension savings'

People who are adding money to their pensions via a company savings scheme are missing out on £720 million annually, it has been claimed.

According to research conducted by professional advice website Unbiased.co.uk, workers using company pension accounts are missing out on additional funds as they neglect to save in ways that are more effective tax-wise.

The firm found that those in higher tax brackets are missing out by failing to make additional voluntary contributions, which run alongside pension schemes and allow for greater savings when it comes to retirement.

Chief executive of Unbiased.co.uk David Elms said a lack of retirement saving is becoming "an increasing problem" in the UK.

He added: "The onset of the credit crunch has further compounded this problem as the value of people's pension funds is decreasing and they are also finding their money doesn't go as far as it used to."

A study conducted by Lincoln this week found that 12 million adults in the UK cannot afford to contribute to their pensions.

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