Many UK tax payers are not taking advantage of the savings they could make when they invest in their future, new research has found.

According to Scottish Widows, three-quarters of (18.75 million) investors are not taking advantage of the tax relief from personal pensions .

In fact, two-fifths of those who are considering an investment do not know that they could be in receipt of a tax relief from a personal pension.

Head of pensions market development at Scottish Widows Ian Naismith comments that many UK tax payers are unaware of the savings they could make.

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, he remarks.

Saving in a pension makes sense because the taxman gives you money, he adds.

High rate tax payers save £145 per month into a personal pension whereas a basic rate tax payer saves £74 every month.

Yesterday, it was revealed by Abbey that women open more savings accounts than men, although men have more money in their savings accounts .