Yes, probably. I just showed rough compound interest on a lump sum. An advisor might suggest a better way to invest it. I believe it’s a max contributions of £40k pa including tax relief and then it can’t be more than what you earn either.If the 100k was invested gradually into a fund at say 2k per month, then surely it attracts the 25% tax relief top up, so 2k immediately becomes 2,500
As you say 100k at 4% over 20 years is 220k ish, but it becomes a very much more complicated calculation if invested gradually when adding the tax relief, plus all the advice is to spread out the investment as it is far more beneficial
This is correct as far as the limits are concerned. As long as the funds you choose are well diversified and the charges are minimised, then you will be doing yourself a big favour. If I were you, I'd look for a well reviewed local IFA and ask for a free hour of their time to get the basics clear.Yes, probably. I just showed rough compound interest on a lump sum. An advisor might suggest a better way to invest it. I believe it’s a max contributions of £40k pa including tax relief and then it can’t be more than what you earn either.