best way of saving for grandaughters future?

Olinda99

have you thought of setting up a pension ?

Albermarle

Olinda99 said:

have you thought of setting up a pension ?

Although it would be around 65 years before she could access it.

Alexland

Albermarle said:

Although it would be around 65 years before she could access it.

NMPA going up to 69? Ouch, my little kids will be very pleased with me if their age 55 protected access age persists and allows them to retire 14 years before their friends.

sadexpunk

i did see the SIPP option whilst browsing the JISA's.  think that may be too far ahead for me tho :-)  id probably prefer to help her starting out as an adult, and hopefully she'll sort her own pension out when she starts whatever path she decides to go down.

my lad is going to open a fidelity JISA i think (lifestrategy 80 acc), and once opened, ill set up regular payments into it.

thank you all very much for your advice and suggestions.

sadexpunk

just been looking to print off the application form from the fidelity website. 

https://www.fidelity.co.uk/media/PI UK/pdf/forms/isa/junior-isa-application-form.pdf

however, if you look at section 4, it states the minimum regular investment is £50!  have i read that right?  thats too much for us, we were thinking £20pm, £25 at a push.

Alexland

sadexpunk said:

just been looking to print off the application form from the fidelity website. 

https://www.fidelity.co.uk/media/PI UK/pdf/forms/isa/junior-isa-application-form.pdf

however, if you look at section 4, it states the minimum regular investment is £50!  have i read that right?  thats too much for us, we were thinking £20pm, £25 at a push.

Yup it seems to be a £50pm on the Fidelity JISAs. It's also mentioned in small print on the form I referenced earlier. Must be a quirk on the JISA account as they allow £25 pm minimum on their Investment Accounts, S&S ISAs and SIPPs described on the below link.

https://www.fidelity.co.uk/planning-guidance/investment-principles/invest-regularly/

You may need to look at HL who will take £25 pm and research if they will take your regular contributions directly or if you need to send the money via a parent's bank account.

sadexpunk

You may need to look at HL who will take £25 pm and research if they will take your regular contributions directly or if you need to send the money via a parent's bank account.

yep, i think we'll probably go with HL then, and as you say, ill research whether i can set up my own DD.

thanks

EDIT:  just rang them, looking like we're good to go.  grandparents can set up a DD and they say there are no fees.

Baldytyke88

Olinda99 said:

have you thought of setting up a pension ?

That is what I did for my 24 years old, even better for someone younger. Let them earn their own money and work out how life works, some people havnt grown up until after their twenties.

Albermarle

Alexland said:

Albermarle said:

Although it would be around 65 years before she could access it.

NMPA going up to 69? Ouch, my little kids will be very pleased with me if their age 55 protected access age persists and allows them to retire 14 years before their friends.

Of course I meant 55 years . Still long enough !

Alexland

Albermarle said:

Of course I meant 55 years . Still long enough !

To be fair I don't have childhood memories of being annoyed how long it would be until I could retire.

Those feeling started when I commenced employment.