Zurich: Britons missing out on pensions tax relief
www.moneynews.co.uk > Zurich: Britons missing out on pensions tax relief
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Zurich: Britons missing out on pensions tax relief
Tue 4th Nov 2008
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According to its study, three-quarters of Britons (75 per cent) do not realise they are eligible to tax relief on pension contributions.
The ignorance of tax savings is spread across the age spectrum.
Most younger adults aged 25 to 34 (82 per cent) do not realise there is tax relief available on pensions and 77 per cent of those aged 35 to 44 do not know it either.
And of those aged 55 and over, 69 per cent do not know about pension tax advantages.
Tony Solomon, business development director, warned that the UK is generally not saving enough for retirement and awareness must be raised by providers, advisers and the government.
Last month, Zurich warned that parents are unwittingly committing car insurance fraud through "fronting".
This means insuring a car in their own names and adding their children to the policy as named drivers, even though their children are the main users.
Most respondents did not realise this is an illegal practise.
