Children pension

[Sunshineseabeach]

We want to start a pension for the children; how do we do this?

www.unbiased.co.uk/discover/pensions-retirement/starting-a-pension/junior-pensions

Following

In the child's lifetime is it possible they will need this money before they are 60 odd?

If you have a SIPP then your children can inherit what's in the SIPP when you die outside of inheritance tax.

You can pay £9k per year into a S&S junior ISA and let that grow.

But the child gets Tax Relief with a pension of course.
A junior sipp is really just a sipp.

Children can have a pension and can have up to £2880 paid in per tax year, which gets tax relief at basic rate, so becomes £3600.
Junior SIPP you may hear it called.
There are various providers. Some have percentage of assets based fees, which is good when starting out as the amount invested is small. Check what minimum investment requirement is, so should you need to reduce or stop paying in then would you need to move provider?

We have set up a junior SIPP with Hargreaves Lansdown for our DD. You can call/go online to request an application form.

Best thing we ever did, set up a pension when DS was born, he's 21 now with a decent pension pot already accumulated...he can start adding to it when he starts earning.

Thank you.

Can people please recommend providers?

we will look at Hargreaves.

I've got a JSIPP with fidelity which doesn't charge any platform fees. Still pay fund management charges.

Can only contribute £2880 pa though net of tax relief.