Quarter Miss Pension Credits

Quarter Miss Pension Credits

According to IFA Promotion’s Unbiased website, more than £2bn worth of pension credits will go unclaimed this year.  The research has revealed that one in four pensioners are failing to claim their full entitlement in spite of rising inflation.  The research also showed that working people in company pension schemes are losing massive amounts of money by neglecting to save in tax-efficient ways.  For instance, higher-rate taxpayers who are members of their employers’ occupational pension scheme will give an unnecessary extra £26m to the taxman this year by failing to make additional voluntary contributions.

Other money wasted includes £330m from non-taxpayers failing to reclaim tax on bank and building society savings accounts, £264m from not transferring assets between spouses to use both CGT allowances and £263m from not sheltering investments in ISAs.

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