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'Over £2bn pension credits unclaimed'
15.07.2008
Pension credits with a total value in excess of £2 billion will go unclaimed this year, new research suggests.
Around one in four pensioners are failing to claim their full pension credits, according to unbiased.co.uk.
In addition, it finds many employees are "missing out on huge sums" by failing to make tax-efficient savings while they contribute to company pension schemes.
David Elms, chief executive of unbiased.co.uk, says a lack of savings for retirement has been an increasing problem for the UK population.
He adds: "The onset of the credit crunch has further compounded this problem, with people finding their money doesn't go as far as it used to and so tightening their purse strings."
Earlier this month, a survey from the Post Office suggested more than half of people aged over 50 are using credit cards to pay for everyday purchases.
It also found three-quarters of over-50s own one or more credit cards.
Around one in four pensioners are failing to claim their full pension credits, according to unbiased.co.uk.
In addition, it finds many employees are "missing out on huge sums" by failing to make tax-efficient savings while they contribute to company pension schemes.
David Elms, chief executive of unbiased.co.uk, says a lack of savings for retirement has been an increasing problem for the UK population.
He adds: "The onset of the credit crunch has further compounded this problem, with people finding their money doesn't go as far as it used to and so tightening their purse strings."
Earlier this month, a survey from the Post Office suggested more than half of people aged over 50 are using credit cards to pay for everyday purchases.
It also found three-quarters of over-50s own one or more credit cards.