Setting up pensions and making contributions for adult children

Ginger24

I have a life policy that has ended which was to give my 3 children a lump sum on my death. Regretably I think I should have invested the monthly payments instead but I digress. I want to set up pensions for the children and make a small contribution with the money I no longer pay out. None of them have work pensions as they are self employed and one is on PIP and cant work. Where do I start, is this even possible to set up in someone elses name?

Marcon

Ginger24 said:

I have a life policy that has ended which was to give my 3 children a lump sum on my death. Regretably I think I should have invested the monthly payments instead but I digress. I want to set up pensions for the children and make a small contribution with the money I no longer pay out. None of them have work pensions as they are self employed and one is on PIP and cant work. Where do I start, is this even possible to set up in someone elses name?

They are adults, so they need to set up the pensions - although absolutely nothing to stop you putting the paperwork (online or hard copy!) under their noses...

Nothing to stop you contributing, if you choose a provider which accepts third party contributions. Tax relief will be added to their respective pension pots.

You need to make sure you stay within tax-relievable limits, especially for the 'child' on PIP.

Lots of useful basic info here: https://www.moneyhelper.org.uk/en/pensions-and-retirement