Pensions for my kids

Cautiousiscool

I beg your pardon, atush. I had already thanked you earlier in the thread and thought this had kind of covered it, in terms of gratefulness expressed but, by all means, please accept another thank you from me .

I am genuinely grateful to all and any who have taken the time to reply to me but, in terms of the actual advice given, telling me to go do some research isn't the most helpful. I haven't the first clue how to research investment funds. I teach English to speakers of other languages for a living. It's kind of equivalent to me saying to my students "quit bothering me and go read a dictionary"!

I realise that the difference is that I get paid to teach and you are getting no payment from me, which is why I am more than happy to pay you in kind with as many expressions of gratitude as you would like .

JimmyTheWig

At the bottom of each reply is a "Thanks" button. I'm guessing that atush means you haven't used that.
But given that you're new here, I'm guessing you didn't know about that button.

BLB53

Cautious,
Another alternative to think about is the junior isa (JISA) which are being introduced in November. Maybe less hassle than a pension?
Just a thought.

BLB

Cautiousiscool

Yes, thanks BLB, I had considered an ISA. The only trouble with that is that you only get so much ISA allowance per person and it restricts how you divide the money up. Presumably the ISA would need to be in my name? I think, on balance, I'd rather keep my ISA allowance for my own savings and keep the kids' money separately. Out of interest, though, what is different about a kids' ISA as opposed to an ordinary one?

jem16

Cautiousiscool wrote: »

Out of interest, though, what is different about a kids' ISA as opposed to an ordinary one?

Presumably the difference is that it is in their name and using their allowance and not yours.

Cautiousiscool

jem16 wrote: »

Presumably the difference is that it is in their name and using their allowance and not yours.

That would be brilliant if it were true, it's just that I've never heard of such a thing before...

jem16

Cautiousiscool wrote: »

That would be brilliant if it were true, it's just that I've never heard of such a thing before...

http://www.direct.gov.uk/en/Nl1/Newsroom/DG_192028

http://www.taxfreejuniorisa.co.uk/index.html

atush

Junior ISAs start in november I think.

Well, what about my other suggestions? What are your ideas of the world and where you want to invest? That is how you go about things, and then you google or look up on financial websites like Motley Fool, trustnet, whatever. If you teach, you must know how to learn right?


But really, why not go to an IFA and have them do ti for you if you don't have the time or inclination to learn? They are the professionals after all and like you deserve to be paid for their advice. Try unbiased.co.uk.


Or my best suggestion, and one I have used for my own kids. Investment trust savings plans. you are the acoount holder, but the accounts are 'designated' in the name of the child. My eldest is 20 and I still control his. You can choose one of the large general trusts, that invests in different countries all over the world and in different asset classes so is well diversified. That way you only need to choose which one (I invest in F&C, Witan, and others but my Aberdeen Asian Smaller compaines is doing really well but isn't a general). Not so much reserach to do, and you can invest monthly rather than a lump sum so as to spread out risk thru Pound Cost Averaging.

Cautiousiscool

Thanks Jem & Atush - you've given me much food for thought and further internet research!