As previously reported, PensionBee is a leading online pension provider, helping consumers with transferring their old pensions into one new plan, that they can “easily manage online.”

The company says it’s on a mission to “make you pension confident by helping you take control of your pension savings and plan for a happy retirement.”

With PensionBee, clients are able to manage their pension from the palm of their hand. Users can check their real-time balance, see their projected retirement income, and set up contributions and withdrawals online.

Analysis by PensionBee has revealed that more than 1.5 million of the UK’s highest earners “failed to claim an estimated £810m in tax relief in the 2018/19 financial year, totalling around £2.5bn between 2016/17 and 2018/19.”

The company also mentioned in a recent update that during the three year period, PensionBee found that “an average of 80% of higher rate taxpayers eligible to claim relief through their Self-Assessment tax returns failed to do so, while an estimated 53% of additional rate taxpayers inadvertently left tens of millions of pounds to the Chancellor.”

Romi Savova, CEO of PensionBee, stated:

“Tax relief is a vital incentive that encourages people to save efficiently towards their retirement and too many people continue to miss out on this crucial benefit. Research shows that consumers on lower incomes, and particularly women, do not receive any of the tax benefits that come with pension saving, because they are currently under the basic rate threshold. While at the other end of the spectrum, today’s analysis shows that millions of high earners are also missing out by not completing their Self-Assessment.”

Savova added that the dual system is quite complex and radical reform is “long overdue.” Savova also noted that they are “calling on the Chancellor to scrap differential rates of tax relief, which are incredibly costly and complicated to understand, in favor of a system that truly rewards everyone for putting money away for their retirement.”

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