Britons unaware of pension tax relief

Date: 4th November 2008

The majority of people in the UK are unaware that they are eligible for taxation relief on pension contributions, research has revealed.

According to the life insurer Zurich, Britons are failing to safeguard their futures by not effectively planning their finances for the long-term.

Of particular concern are the younger generation, with Zurich revealing that nine out ten are unaware of the taxation advantages of funds such as pensions and ISAs.

Tony Solomon, business development director of the company, said: "The UK as a whole is under saving for retirement and this needs to be addressed. Providers, the government and advisers must work together to help people understand the importance of saving for a decent income in retirement.

"It's important that people review their finances regularly and seek independent financial advice."

One excellent source for financial advice is a certified accountant, which can provide invaluable help when it comes to taxation, VAT business matters.

Last week, a survey by the TaxPayers' Alliance showed that almost 60 per cent of the British public felt that taxation cuts were the answer to oncoming recession.