Britons miss millions in tax relief

Posted in General

5th May 2010

Britons saving for their retirement with a company pension may need to turn to equity release to fund their post-work lifestyle after missing out in millions in tax relief.

New research from Unbiased.co.uk reveals that this year alone, people are losing out on nearly £750m (£742m) by not making additional payments to their pension pot.

They can remedy this by making additional voluntary contributions to their retirement fund. These extra payments benefit from the same tax breaks as regular ones.

For those who have missed out by not saving wisely, they could make up the difference by extracting some of the value of their house through equity release.

This would help fund their retirement whilst letting them stay in their own home.

The views expressed in these videos are those of ReelContent alone. They may not represent the views or opinions of Age Partnership or its staff. RealContent acts in a journalistic capacity and is not authorised to give advice under the Financial Services and Markets Act 2000. The information contained in this video is intended for information and interest only, and not to either provide advice to, or to address the particular requirements of any individual.