Savers are almost three times more likely to put extra cash into a bank or building society account than into a pension, research finds. Men are more likely to opt to boost their pension (26 per cent) compared with women (17 per cent). This is between 20 per cent and 45 per cent, depending on your earning bracket, and is a significant boost to your contribution. For example, for a basic-rate taxpayer to make a £100 contribution, a personal contribution of £80 is required with £20 from tax relief. Pension savers need to lock up their cash until they are 55 (or 57 from 2028) in return for the benefit, however.

Source: Daily Mail September 06, 2023 10:08 UTC