Article by Phil
A story from the Sunday Times personal finance section last week. A grandfather had been saving £240/month into a pension for his grandson since he was born. He gave him the pension on his 18t birthday, which was worth £118,000.
This means that the grandson will probably never have to make any further pension contributions, because by the time he reaches retirement his pension is likely to have surpassed the current lifetime allowance for tax.
Now that really does show the value of a pension!
