Pension for kids

Ann_Dale · 4 February 2020 at 10:13AM

Hi
My kids are in their twenties, both artists and unlikely ever to earn much. They have zero hours jobs and have been enrolled in the gov pension scheme.
I could afford to put about £10-£20 each for them in pension savings. Should I/ can I add it to the Gov scheme or set up something separate?
Cheers

JoeCrystal · 4 February 2020 at 10:58AM

Ann_Dale wrote: »

Hi
My kids are in their twenties, both artists and unlikely ever to earn much. They have zero hours jobs and have been enrolled in the gov pension scheme.
I could afford to put about £10-£20 each for them in pension savings. Should I/ can I add it to the Gov scheme or set up something separate?
Cheers

Do you mean £100 to £200 each? I am afraid £10 to £20 per month is unlikely to make any difference. I am assuming that they are enrolled in NEST pension scheme. They are not kids anymore and need to make their own proper retirement provisions. They can always find a properly paid jobs you know, to be frank, and be artists as a side hustle.

crv1963 · 4 February 2020 at 12:22PM

Ann_Dale wrote: »

Hi
My kids are in their twenties, both artists and unlikely ever to earn much. They have zero hours jobs and have been enrolled in the gov pension scheme.
I could afford to put about £10-£20 each for them in pension savings. Should I/ can I add it to the Gov scheme or set up something separate?
Cheers

You could do so, but as JoeCrystal says the amount will not make a massive difference, the £10-£20 is likely to not be enough to open an alternative.

While I think most would like to help their children would it be better spent on them if you want to support them? Let them know about pensions etc, but they need to own their future retirement/ savings/ lifestyle.

Marcon · 4 February 2020 at 2:39PM

To answer the question you actually asked....yes, you can pay the money into NEST (which I presume is the scheme they are in). Not much point setting up a separate scheme for them - it would be just another thing for them to keep track of as they get older.