Looking for a pension that can be funded by family

rebekahR_2

hi

I am trying to find the right product and failing

Our adult stepson is going to open a pension but it will be funded by family so he had something . Currently he is self employed

is there a product we can use ?
Aviva said would need a financial advisor to set it up

is there anything simple where we can then set up a standing order ?

Thanks in advance

Brie

I believe that if your stepson set something up himself then he would just need to tell you/others where to pay the ££ so it hits the right account. Alternatively money could be transferred to him and he could pay it in (assuming he's disciplined enough to do so, some of us aren't). I can't see why any pension provider would care who is doing the paying. That said there's max amount that can be paid in annually, I believe, based on his income. Others will know more about this.

When I was talking to Aviva there was nothing about needing an adviser. But if he does decide to use on make sure it's an IFA - independent - so that he's not talking to a tied adviser that will only discuss one company's options.

Exodi

From previous discussions on this, I think it's hard to find one that simply allows you to pay a standing order to a set of account details.

The ones I'm aware of allow contributions from other members accounts, or you make the third party contribution by having them login to their account, or by submitting a form.

You don't need an advisor to set these sorts of accounts up.

Fidelity might be the closest to what you're asking.

I suspect AML stops providers just allowing any random person from depositing money.

Isthisforreal99

How much profit does he have? That factor may limit what can be put into the pension.

Not sure for AML purposes that family members can fund directly?

rebekahR_2

https://forums.moneysavingexpert.com/discussion/comment/81989073#Comment_81989073

be fab to know which of any products your aware of

all the others has just been a no

totally fine a form or whatever we just want to set something up so he has a tiny pension rather than none

rebekahR_2

This is what I’m trying to figure out it would only be tiny peppercorn amount

ringing around providers but it’s like getting blood from a stone

Marcon

Much the easiest route is to give him the money and let him pay it in.

Exodi

https://forums.moneysavingexpert.com/discussion/comment/81989079#Comment_81989079

Vanguard, Fidelity, AJ Bell, etc all allow third party contributions, though unfortunately the process isn't as hands off as the third party just paying at whim to a static set of account details. I'm not aware such a thing exists (likely due to AML).

dunstonh

is there anything simple where we can then set up a standing order ?

A standing order is an unusual way to pay into a pension. Whilst you say you want anything simple, paying by standing order is anything but simple.

Technically, stakeholder pensions would allow it however, there won't be many SIPP or personal pensions that will. And there are not many stakeholder pensions left nowadays.

Aviva said would need a financial advisor to set it up

Aviva do offer a direct-to-client version, but the majority of their business comes through financial advisors. If you spoke to their advisor, distribution side, then they would say that you need an advisor. However, if you spoke to their direct-to-client distribution side, then they wouldn't. However, I'm not sure the direct-to-client version allows third-party payments. Although their advisor version does as the advisor carries out the admin and anti-money laundering checks

I can't see why any pension provider would care who is doing the paying.

Anti-money laundering checks will need to be done on each payer.

This is what I’m trying to figure out it would only be tiny peppercorn amount

Many providers also have a minimum regular contribution. So that could be a limiting factor as well, depending on what you class as peppercorn.

As discussed previously on your other thread (my memory serves me right), paying your son and having the direct debit taken from his account is the cleanest and simplest solution. If that is done, virtually every provider will offer their product, provided you meet their minimum monthly payment.

rebekahR_2

thanks guys

all a bit confusing but my partner wants to set this up and not have us giving him the money to then put in

We can live with complex forms etc just want to make sure he has a pension sorted even it’s a tiny amount

cheers I’ll check out those products.

rebekahR_2

https://forums.moneysavingexpert.com/discussion/comment/81989086#Comment_81989086

thank you that’s exactly what I’m looking for