New baby: Is a SIPP the correct option?

TARDIS

buel10 wrote: »

Thank you for that. That tax relief sure is a bonus.
So is there a minimum contribution one can make / is there a set period, ie - monthly?

You can do lump sums or regular contributions, usually monthly.
Minimum contributions will depend on the scheme, often £50-100pm for SIPPs. Stakeholder pensions min are £20pm.

Costs will vary wildly. Probably best with % fees as you're talking small sums. Depends on what you want to invest in - SIPPs have a huge choice of funds etc. Stakeholder pensions are more simple, less temptation for tinkering in the future and free to exit.

The Aviva stakeholder pension via cavendish online is the cheapest one I could find when I last looked and probably what I will use for my kids unless vanguard offers something better next year.