Pensions could be boosted by filing Self-Assessment before February.

PensionBee warns that many higher earners and the self-employed risk missing pension tax relief if they do not file a Self-Assessment tax return by the 31 January deadline; the group says £1.3 billion went unclaimed by higher and additional-rate taxpayers between 2016 and 2021.

Millions of savers face the Self-Assessment filing deadline and may miss pension tax relief if returns are not submitted. PensionBee reports that higher and additional-rate taxpayers have left significant relief unclaimed in recent years. Basic-rate relief is usually added automatically, while higher earners often need a tax return to claim the remainder. Key facts: - The Self-Assessment filing deadline for the tax year is 31 January. - PensionBee estimates £1.3 billion in pension tax relief went unclaimed by higher and additional-rate taxpayers between 2016 and 2021. - Higher-rate taxpayers can claim greater relief (total relief up to about 40% and additional-rate up to about 45%), and PensionBee estimates the average higher-rate taxpayer could reclaim roughly £425. - Rules mentioned include the 2024/25 annual allowance (up to £60,000) and the carry forward option for unused allowances from the past three tax years; tapering may reduce allowances for those with very high earnings. Summary: Missing the Self-Assessment deadline can lead to penalties and to pension tax relief not being claimed. The filing deadline is 31 January, and PensionBee notes many taxpayers have not yet submitted returns; further developments are undetermined at this time.