Children's savings and pension

Gengis

Hi 
I am after some views - I am thinking about setting up 2x Junior ISA's and 3 childrens SiPP with Fidelity.  i want be saving much into the accounts at the moment probably £25 - £30 each account and increase as and when I can.  I just want to get my 3 kids of to a decent start i.e. with a pension.

i have chosen Fidelity as they appear to be the more reasonable one and i would prefer to have all savings in 1 place.

Does this sound ok and anyone have experience with Fidelity?  

thanks 

Albermarle

Fidelity are a mainstream investment platform and they do not charge for JISA's etc , so probably your best bet .
You will be aware that money in a Sipp for them will not be available probably until they are 60. On the other hand once they are 18 they will have full control of the JISA's.
Due to the long time scales the investments in all these accounts should be high in equity/growth orientated.

Gengis

Thanks - yes I know about the Sipps - just want to encourage them to save (they will probably ignore me) as the sooner they start in a pension the better even if it is small amounts going in. 

thanks for the response

Nurse2047

I set up JISA s an SIPPs with fidelity a year ago for my two children, £25 in each each month. Not a lot but gives them a start which I never had. Really good service from fidelity so far. 

Gengis

thanks MFW - that is what i want to do.  will go ahead this weekend.

cloud_dog

Not relevant for tou now, but recently went through the transfer of responsibility, from us to the adult (child) with Fidelity and it was very smooth.  They make early contact, allow you to use the Post Office certification service, and the re-registering was very smooth.  So thumbs up from that perspective.

Nurse2047

cloud_dog said:

Not relevant for tou now, but recently went through the transfer of responsibility, from us to the adult (child) with Fidelity and it was very smooth.  They make early contact, allow you to use the Post Office certification service, and the re-registering was very smooth.  So thumbs up from that perspective.

That’s good to know Thankyou. 

Tailender_Investor

I decided against a JISA for my child as the money legally becomes theirs at 18. So I put the money into my own Vanguard ISA. Yes it costs me the 0.15% fee but I get the reassurance it isn’t going to be spent on a crazy holiday in Vegas.

Fidelity is good for the Junior SIPP as they don’t charge any platform fee.  

cloud_dog

Usually people do a bit of both.

cloud_dog

Re transaction costs, these are only on exchange traded investments, so if tou stick with standard OEIC / funds there are no transaction charges (and no platform fees).

The general consensus on here is that a pension for a minor is probably the last/lowest priority to be considered.

Yes the rules can and have changed, but most of them have been well forecast, so have not come as a surprise.  There are no guarantees in life and equally you could argue that the valuable benefits of using an ISA could be similarly gutted, so what do you do?