However, knowledge of tax relief rose with age, and one-third of those over 55 were aware they could take advantage of benefits.
According to research from insurer Zurich, women were particularly unaware of pension benefits, with only 20 per cent knowing about tax relief compared to 30 per cent of men.
Tony Solomon, business development director, said: "It's important people review their finances regularly and seek independent financial advice.
"By taking control of their finances, people can plan effectively for the future as well as making the most of their money today."
Meanwhile, workers are missing out on extra pension funds by failing to join their company's pension schemes, according to research from Prudential.
The company has claimed that its study shows that one-third of employees do not know that their employer offers a pension.
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