'Time on your side': Pension contributions could send your child to ‘millionaire’s row’

She said: “Saving that amount into a child’s pension every year from the age of two could see the pot grow to around £86,000 by the time the child turns 18, assuming an average return of five percent per annum.

“Starting at the age of seven, the child could expect to grow a pot of around £51,000 by the age of 18, given the same returns.

“Under the current rules, the money would remain locked away until the pension holder turned 57, by which time the magic of compounding may have landed them on millionaires’ row.

“So Albert Einstein really wasn’t exaggerating when he said compounding was the eighth wonder of the world!”