Pension for my child

BBisch

I am trying to set up a pension for my 17 year old son. For the time being I would like to pay into it and once he has a job, he will.  Can you please give me advice which one to go for? I have tried Virgin Money but they are not interested. they are not taking new customers and are not interested for the time being (word from the customer service person at Virgin).  I would have to wait until some time next year when they have set up a new pension. Thank you for you advice!

xylophone

Examples
https://www.fidelity.co.uk/junior-sipp/
https://www.standardlife.co.uk/pensions/personal-pension/stakeholder

once he has a job, he will. 

His employer should offer a workplace scheme.

https://www.ftadviser.com/pensions/2018/05/09/danger-of-children-s-pensions-laid-bare/

Are you sure it wouldn't be better to wait until he is 18 when he could open a LISA which would give the option of saving for a home or retirement?

BBisch

Dear Xylophone, 
thank you so much! We are paying into his child care trust fund and have another savings account for him. This will set him up for a deposit for a home. I would like to start his pension so that he might be able to retire at 60/65 instead of 70 years old or so. Once he earns his own money he will have to continue and up the payment per month. Thank you so much.

xylophone

Once he earns his own money he will have to continue and up the payment per month. 

it might be possible to transfer the pension into his employer's scheme.

macman

BBisch said:

Dear Xylophone, 
thank you so much! We are paying into his child care trust fund and have another savings account for him. This will set him up for a deposit for a home. I would like to start his pension so that he might be able to retire at 60/65 instead of 70 years old or so. Once he earns his own money he will have to continue and up the payment per month. Thank you so much.

None of these will match the return that he would get from a LISA, which gives you a 25% uplift from HMRC, up to the set annual limit of £4,000. So, £1K a year.