UK pensioners miss out on £2.4 billion of cash
Research from Unbiased.co.uk, the professional advice website, has revealed that as much as £2.4 billion* of pension credits will remain unclaimed this year. Even though pensioners are feeling the impact of the credit crunch on their pension pots, over one in four of them are failing to claim their full pension credits.
Pension credits are a government entitlement for people aged 60 or over, guaranteeing them an income of at least £130 a week (£198.45 for couples). But with between 19% to 28% of pensioners failing to realise their entitlements, this valuable source of income is being wasted by many retirees.
Karen Barrett, Chief Executive of Unbiased.co.uk comments: “The areas of pensions and taxation can be complex issues, but it is still important for people to claim vital sources of retirement income in the form of tax credits. Either through confusion or apathy millions of pensioners are missing out on what is rightfully theirs, and are paying more tax than they should be. We are urging people to get their financial planning in order and review their current situation today. A discussion with a local IFA is a great way to start this process.”
Check out how much you could be savings by being tax efficient with Unbiased.co.uk’s tax waste calculator.
ENDS
* TaxAction 2009 report produced for IFA Promotion by RAKM, based on a specially commissioned analysis of HMRC and a range of other official data sources.
For further information on Unbiased.co.uk, the professional advice website pleases contact:
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Karen Barrett, Chief Executive |
Anna Schirmer/Jennifer Comerford/ Anna Moulds |
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Unbiased.co.uk |
Lansons Communications |
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020 7833 3131 |
020 7294 3682 |
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Notes to Editors
Unbiased.co.uk, the professional advice website
Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs. In 2008, Unbiased.co.uk fulfilled over half a million searches for local, professional advice.
The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service. These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options.
IFA Promotion, the organisation behind Unbiased.co.uk, is now in its 20th year, and was set up to promote the benefits of independent financial advice to the consumer.
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