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16-Jul-08 11:15 [Pensions]
£2bn left unclaimed by British pensioners Over £2 billion worth of pension credits will go unclaimed this year, new research has found.
Unbiased.co.uk has found that, even through sharp rises in inflation and the impact of the current economic situation on general living costs, around one in four pensioners is unaware of the true extent of their government entitlements.
The website revealed that pension credits guarantee an income of at least £109.45 a week.
Chief executive of Unbiased.co.uk David Elms commented that this "valuable source of income" is being wasted by those who can rightfully claim it.
He said: "Either through confusion or apathy millions are missing out on what is rightfully theirs and are paying more tax than they should be."
Mr Elms also recommended that people adding to their company pension should pay additional voluntary contributions to make their savings more tax-efficient.
At the beginning of the month, Life Trust revealed that the average cost of retirement for a household in the UK was £413,000, with an individual needing £326,700 to cover costs.
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