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Should I buy my son a shareholder pension?
KMK
Posts: 271 Forumite
My son, aged 23, is a low wage earner but has joined his firm's pension scheme. How can I boost his future pension? Can I pay for a shareholder for him and is this the best way to help him? Can I set it up or will he need to give permission by signing documents etc.? Will the fact that he is in his firm's pension scheme make it complicated or will this change on A Day? Any advice gratefully received!
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Comments
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Can I pay for a shareholder for him and is this the best way to help him?
You mean stakeholder... yes you can. Is it best? maybe. Something is better than nothing and many people would love to hav a parent help them.Can I set it up or will he need to give permission by signing documents etc.?
It will be one application but it will require sections which both of you need to fill in.Will the fact that he is in his firm's pension scheme make it complicated or will this change on A Day?
No problem if contributions are less than £3600 a year and he earns less than 30k a year.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Just to say full credit to you for being so thoughtful about your son's future at his current age!0
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Sorry,of course I meant stakeholder. Been reading too many posts re shares etc. and it was late at night! Thank you for your advice. Any suggestions for a decent provider?0
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Any suggestions for a decent provider?
Can't do I'm afraid. As an industry professional, that would be classed as advice.
Suggestions to look out for though as those with at least 20 funds/sectors and still on 1% or cheaper annual managment charge.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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