One in four higher rate taxpayers do not contribute to a pension, according to Prudential, despite the attraction of tax relief.
Prudential, a sponsor of the Institute of Financial Planning, questioned over 2,000 people who earnt between £42,275 and £149,999.
This failure to contribute to a pension equated to around 216,000 employees missing out on up to £438m each year in pension tax relief.
Prudential found the average higher rate taxpayer contributed £425 per month into a pension fund that received basic rate tax relief of £1,020 per year. However, a further £1,020 in higher rate tax relief is available which could also be used for pension savings.

Some 21 per cent said they could not afford to contribute to a pension scheme and 13 per cent said they did not see the point of a pension scheme. Around 43 per cent of those who did not save into a pension said they had made alternative arrangements for their retirement.
Matthew Stephens, Prudential's tax expert, said: "Pension savings offer valuable tax relief to all workers and particularly to higher rate taxpayers.
"Turning down what is effectively free money simply does not make sense.
"It is worrying that so many higher rate taxpayers say they cannot afford to save into a pension despite earning healthy salaries."