Junior SIPP for Expat

mickeyblue14572004

Dear All.

I was thinking about starting a Junior SIPP for my children. 

The complicating factor is that I am an EXPAT living in Europe at the moment.  I understand I can probably start a SIPP for my children (is this true as a non-resident?) - I have worked in the UK before so have paid tax and have an NI number. 

Does anyone have any experience with this?  I also wonder if it is worth it.  As a currently non-uk tax payer I would assume I don't get the tax advantage of the Junior SIPP and therefore just end up locking the money away for a long time without the tax gain.

Any comments welcome

thanks

dunstonh

I was thinking about starting a Junior SIPP for my children. 

There is no such thing as a junior SIPP.    That is just marketing by a provider.   Virtually all retail pensions are available for minors. 

The complicating factor is that I am an EXPAT living in Europe at the moment.  I understand I can probably start a SIPP for my children (is this true as a non-resident?) - I have worked in the UK before so have paid tax and have an NI number. 

The residency of the child is what matters.  i.e. need to be UK resident.    The secondary issue is that the EU never granted financial services permissions to the UK with Brexit.   So, UK financial services companies are not allowed to retail financial products to EU residents unless they have a physical branch and staff and permissions in the country you are resident.

  I also wonder if it is worth it.  As a currently non-uk tax payer I would assume I don't get the tax advantage of the Junior SIPP and therefore just end up locking the money away for a long time without the tax gain.

Its not your pension.  The child benefits from the tax relief.  Not you.

artyboy

Are your children in the U.K.? Because any SIPP in their name will leverage their tax status not yours, and allow them to put in £2880 per year, grossed up to £3600. Assuming of course they are not at an age where they have jobs earning more than that...

By the way, 'Junior SIPP' is just a marketing gimmick, it's still just a SIPP.