Child pensions

[lovetoomuchfood]

We want to put aside a very small amount every month into a pension for our 3 year old.

We'd like a managed pension not a SIPP.

Struggling to find providers at the moment, any advice from anyone?

I know Aviva stakeholder pension allow under 18s but we have to pay £££ for a full financial adviser assessment of all our finances which we really don't want to do.

Sorry no clue, but I'm genuinely interested on the reasons for doing this?

You can do this through A J Bell, self invested.

I set one up for dd with Virgin money ...no idea what type it is though!

You’d be better off saving up a house deposit for them!

Why not a SIPP? Curious

Agree why something managed?

It's on my to do list to try and open some for my DC but it's probably going to be with Hargreaves at least to start and I'll invest in vanguard funds

Unfortunately I can't open sipps directly with vanguard for them.
We Also have cash ISAs and s and s iSa.

@Scottishgirl85

Investing in a pension now would benefit an incredible amount from time to grow with nominal effort and investment.

Who knows what life will throw at our children, what will happen to them. How amazing to give them this little cash injection and security as they get older. Also it's starting to look like the state pension maybe on its way out

Thanks for explaining. I just find it curious. A house deposit would seem more useful. Seems strange to me to lock it away for so long. You could focus money and effort on giving them a great start in life, house deposit, great education etc, so they get a well-paid job and can support themselves. What if you need very expensive long term care in your old age, that your DC end up having to contribute to? It just seems younger adults would benefit more from parental support vs when they're retired. But each to their own. Perhaps the OP is doing both.

We do have a savings account for him that will mature when he is 18, won't be anywhere near enough for a house deposit but might help in some way! Our DC wouldn't have to contribute to our care because the sale of our own house would pay for that.

We don't want a sipp because we don't really want the hassle of self managing it. Does anyone have any experience of this? Is it a pain? Maybe we've dismissed them too easily?

We also think a pension is much more beneficial for him because it's locked away until he's 55 so he can focus his own income (as an adult) on saving extra towards his house deposit/wedding etc and not have to worry about his pension so much because it'll be going up by compounding by itself.

I think you’re over complicating what a SIPP is

It’s just a name for a pension wrapper (here is me oversimplifying) pick a couple of basic Vangard’y type cheap trackers and off you go

Only think I would be concerned about over the long term is if you risk chucking them out of pension investments due to the max limit

JISA may be a good option if you haven’t already maxed that