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Research by Scottish Widows claims three-quarters of the UK's potential savers are not taking advantage of the tax benefits of pensions, and 40% are unaware that HMRC give basic-rate taxpayers 22p for every pound they invest in a pension, with higher-rate payers receiving 40p per £1.
The study also reports that basic taxpayer putting £100 a month into a personal pension plan between the ages of 35 and 65 could enjoy a £27,000 fillip from HMRC — and a person subject to the higher rate would receive £54,000 under the same circumstances.
The head of pensions-market development at Scottish Widows, Ian Naismith, said: 'Many do not realise the tax advantages of pensions, or that you can pay into a personal pension as well as into your employer's scheme.
'The UK as a whole is seriously under-saving for retirement. Any boost to retirement savings should be welcomed with open arms and could help bring people closer to the levels they should be saving in order to enjoy a comfortable retirement.'
