One third of workers have no pension, claims Prudential

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One third of workers have no pension, claims Prudential

Some 15 million British workers say they have no pension policies in either private or company schemes, according to Prudential.

In total, 35 per cent of respondents would have to rely on the state pension and any private savings for their retirements, while they miss out on the nearly £15,000 of tax relief a company pension policy would provide.

Prudential based its claims on Office of National Statistics figures which stated that if a worker invested 6.2 per cent of the average income they would earn over their lives, pension tax relief would total more than £15,000.

Head of business development Vince Smith-Hughes claimed that the tax reliefs offered "free money boosts" to those that invest.

"When coupled with the benefits of any additional employer contributions or gains through fund performance, a pension is the best way of saving for retirement, for many people," he added.

Mr Smith-Hughes said people should seek independent financial advice to maximise their pension returns.

While equity release has been advertised as a viable alternative for those planning their retirements instead of a pension, Safe Home Income Plans' Andrea Rozario warned they might not be suitable for every household.

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