Pensions savers 'miss out on £742 million in 2010'
www.moneynews.co.uk > Pensions > Pensions savers 'miss out on £742 million in 2010'
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Pensions savers 'miss out on £742 million in 2010'
Wed 5th May 2010
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This is according to unbiased.co.uk, which found that savers in company pension schemes who do not make additional voluntary contributions (AVC) to their fund could end up losing unnecessary sums to tax.
The AVCs run alongside existing pensions payments and allow the holder to top up their pot with extra funds. They receive the same tax relief as the main payments into the pension, which the website states makes them an effective way of creating tax free savings for the future.
Karen Barrett, chief executive of unbiased.co.uk, commented that anyone who is unsure about starting saving for the future could get help by consulting with an independent financial advisor.
Another area of tax that the site recently found many consumers were missing out on was inheritance tax, as many fail to plan for the charges.
Click here for more pensions news
Related News : Pensions |
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