Pensions for children

Luvmylife

Hello - I'm thinking of opening pensions for my two teenage boys and wondered if anyone had done this recently and could point me in the direction of a good provider(s) or where to start looking?  I don't want a DIY SIPP as I don't have the time or knowledge to manage the funds myself so looking for a provider with low charges.  They already have other savings (ISAs/Fixed term accounts) but I want to start them off with something for the long term that they can't get their hands on until they are much older and, hopefully, wiser.  Also, they are unlikely to be high earners so I'd like to do what I can now to help them in later life. 

caprikid1

Can't give guidance on how but my grandparents did this for my children about 7 years ago.

Have to admit though I don't feel the performance has been great though.

Marcon

Luvmylife said:

Hello - I'm thinking of opening pensions for my two teenage boys and wondered if anyone had done this recently and could point me in the direction of a good provider(s) or where to start looking?  I don't want a DIY SIPP as I don't have the time or knowledge to manage the funds myself so looking for a provider with low charges.  They already have other savings (ISAs/Fixed term accounts) but I want to start them off with something for the long term that they can't get their hands on until they are much older and, hopefully, wiser.  Also, they are unlikely to be high earners so I'd like to do what I can now to help them in later life. 

Based on your comments, a non-SIPP personal pension or stakeholder pension would seem to be your best option.  This might make helpful reading: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/personal-pensions

I'm sure others will have some thoughts on which might offer the lowest charges etc.

caprikid1 said:

Can't give guidance on how but my grandparents did this for my children about 7 years ago.

Have to admit though I don't feel the performance has been great though.

It's not the pension which performs; it's the underlying investments. 

dunstonh

 and wondered if anyone had done this recently and could point me in the direction of a good provider(s) or where to start looking? 

Most individual pensions are available for minors.   So, no issues there.

  I don't want a DIY SIPP as I don't have the time or knowledge to manage the funds myself so looking for a provider with low charges.  

A SIPP would likely be the cheapest option combined with a multi-asset fund.  It would also be quite simple.  

xylophone

You might consider Junior SIPP with Fidelity.

https://moneytothemasses.com/saving-for-your-future/investing/fidelity-review-best-broker-uk-investors

Ideas for investment

https://monevator.com/low-cost-index-trackers/

https://monevator.com/best-global-tracker-funds/comment-page-1/