“In the old days, you could put £200,000, £300,000 or £400,000 a year into a pension towards the end to make up for what you hadn’t done in the past,” he says.
“Today, you can go back three years but only to the tune of £40,000 a year, (and even then you only receive tax relief up to 100% of your earned income in the year you make the contribution), so people of a younger age need to pay into things earlier.”
Paying in earlier also gives more time for your money to grow.