Do you have a pension for your child?

[SayWhatNowNow]

If you have a pension for your child please can you share details of the provider you chose? Would you advise for or against? Thinking of opening one for my children. Even more put if £5 a month or whatever. They are under 18. I’m thinking this would motivate them to start saving for their own pensions as soon as have their first jobs.

We set up pensions with them when they were born. Co-Op, I think.

I offered to start a pension fund for my 2 dgs's but dd said she prefered the money now to pay for days out and nursery/kids clubs. So that is what I do. I might suggest pension contributions again when they get to 7 and 9 and see what she thinks then.

I inherited some money so I opened pension for my daughter with a couple of thousand using virgin money (simply because they were easy to do online). I just want to give her a head start, we are saving on a monthly basis separately should she want to go to uni or buy a car etc.

Yes with Hargreaves Lansdown - only because we already hold ISAs and JISA's with them. Please note that they aren't the cheapest providers but I admit that I do like the all singing and dancing features/am too lazy to chop & change platforms in reality!

DCs have had JSIPPs for a few years - just checked, overall respective gains of 42% & 50%.

This year's investment is 4% down currently such is the volatility of the stockmarket at present. (Sticking with it since it's a LT investment).

Are pensions for children protected ? I’m wary of private pensions so we have bought property instead .

Do you have to pay in every month to a child’s pension or could you set one up with a £500 lump sum and not make monthly payments?

Yes with AJ Bell, invested in cheap trackers for now.

@ASchuylerSister

Yes, you can do a lump sum and never add any money again or add it when you can etc. Totally up to you.

@MaudHatter I think people on here are talking about SIPP so there’s no protection of any sort required. The money is a pot that you manage yourself and can change between different investments whenever just as easily as you can transfer money from a current to a savings account. You just can’t pay the money out.
It’s nothing like the pension scandal from years ago (from what I hear as I’m a younger generation).

@JoJoSM2 That’s great, thank you.

Yes, DS has a pension with Aviva. We set it up when he was 5. Once he gets a job he can start paying in too. I see it as tax free long term savings as I doubt the state pension will be there when he gets to 70!

I forgot about this thread. Thank you so much for your input and suggestions. I will read some more and start the pensions for my DCs.

I've never thought of doing this but think I will start from January . Need to get Christmas out the way .
So do I just start one up in both their names and then they take over the payments once they are both adults and in work ???
We have isa for them and separate savings accounts we pay into monthly but I've never even thought of setting up a pension for them .