Three things we learned this week

Retirement Planner’s round up of the top pensions stories this week.

Workers miss out on £15k pension tax relief

Workers who fail to save into a private pension are missing out on £15,000 in tax relief over their lifetime, Prudential research found.

The provider says 35% of workers in the UK do not have any pension other than state provision, which means they are missing out on an average of £334 in basic rate tax relief on savings every year.

Of those who do save into a company or personal pension, workers put away on average 6.2% over their annual incomes.

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MPs call for older people's minister

MPs have signed an early day motion (EDM) calling on the government to create a minister especially for older people.

The EDM already has 61 signatures and was discussed in Parliament during a debate on care and services for the elderly last week.

The campaign for an older people's minister, known as Grey Pride, was created by retirement village firm Anchor.

Anchor says 60,000 people have already signed its petition for the new ministerial position

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Govt could accelerate state pension age rise to 67

The government may bring forward an increase in the state pension age to 67 as part of radical plans designed to prolong the working life of millions, according to reports over the weekend.

Legislation is already being pushed through parliament to raise the age at which men and women can claim a pension to 66 by 2020.

However, it is believed pressure is now building on ministers to raise the retirement age to 67 as early as 2026, the Observer reports.

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