JUNIOR SIPP

artyboy

Well if you're just talking about a couple of hundred a year, it's probably not worth me going on about maxing out their JISAs, then paying Uni costs, funding LISAs, house deposits and the like - that's a different order of magnitude.

In any case, financial education is more important that all that - yes they could turn out feckless at 18 regardless (like I did) but in the case of my 2, they seem to be pretty sensible, and have plans for the money they already have control of - which from various sources is already around 6 figures. A bit used for fun yes, but most of what they earn they save.

I think my other key reservation about SIPPs at a very young age is that, if they go on to have successful careers like Mrs Arty and I, they really won't need a SIPP top up. And if they don't, they are really going to need that money sooner. Just consider the reduction on mortgage interest, student loan repayments and the like that up front money - spent well - can facilitate. Better a bird in the hand...

ader42

jay_ftw said:

ader42 said:

I concur with OP. I save the maximum into my son’s JSIPP with HL as I want him to have a pot in his 50s, and the Tax Relief is a no-brainer.
I will also be filling his LISA each year from the age of 18. 

Do you mind me asking why you chose HL?

Don’t mind at all. I chose HL for my own SIPP due to the flexibility and modern looking system (others looked clunky to me at the time). I’ve been happy with mine, so used HL for his. 

j_netprofit

artyboy said:

I think my other key reservation about SIPPs at a very young age is that, if they go on to have successful careers like Mrs Arty and I, they really won't need a SIPP top up.

Completely agree with this point. I'm going to stop referring to my children's JSIPPs as pension pots and now call them Lambo Pots

j_netprofit

ader42 said:

jay_ftw said:

ader42 said:

I concur with OP. I save the maximum into my son’s JSIPP with HL as I want him to have a pot in his 50s, and the Tax Relief is a no-brainer.
I will also be filling his LISA each year from the age of 18. 

Do you mind me asking why you chose HL?

Don’t mind at all. I chose HL for my own SIPP due to the flexibility and modern looking system (others looked clunky to me at the time). I’ve been happy with mine, so used HL for his. 

As good a reason as any! My own SIPP is with ii but they don't offer a JSIPP, my children's ISAs are in fact with HL but in the end I went with Fidelity for the JSIPP.

Albermarle

jay_ftw said:

artyboy said:

I think my other key reservation about SIPPs at a very young age is that, if they go on to have successful careers like Mrs Arty and I, they really won't need a SIPP top up.

Completely agree with this point. I'm going to stop referring to my children's JSIPPs as pension pots and now call them Lambo Pots

Although by then, their old bones may mean they have trouble getting in one !