Set up account for grandchildren

dunstonh

The only alternative would be to open a JSIPP but would they remember it was there by the time they reach 58

can't see why not.

Statements are issued quarterly. The parents are the ones in control until age 18. So, lots of regular communications.

It would also appear on the pension dashboard once their NI numbers are issued and updated with the pension provider.

Marcon

It would also appear on the pension dashboard once their NI numbers are issued and updated with the pension provider.

Issuing the NI number isn't what triggers the addition of information to the dashboard. Many pensions for under-16s will be included long before then. The problem is accessing the dashboard:

'Younger people, including those under 18, may have pensions already. This includes junior SIPPs opened for them or pensions via their workplace. Depending on their size, providers of these pensions may be connected to the pensions dashboards ecosystem. 

'However, younger people may find it more difficult to pass the identity verification required to access dashboards because they may not have sufficient credit history. The GOV.UK One Login verification process may include a credit check and people under 18 may not have enough information to have their identity successfully verified.'

Source: https://www.pensionsdashboardsprogramme.org.uk/publications/blogs/who-will-be-able-to-use-pensions-dashboards

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82152198#Comment_82152198

So in effect this is only really a £1000 each child until each individual age 18, regardless of where or how invested if you don't use a JSipp.

Has this changed your mind about whether to proceed or not?

Although £1000 over a much shorter time span for an alternative JISA approach is not going to be a significant sum, still better than nothing at all?

Marcon

Although £1000 over a much shorter time span for an alternative JISA approach is not going to be a significant sum, still better than nothing at all?

Plenty of people would consider £1,000 a significant sum in its own right. As for saying it is 'better than nothing at all'…it most certainly is: £1,000 better!

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82152741#Comment_82152741

Hopefully a £1000 better off, as long as there are no deep and sustained falls in equities over the much shorter periods until age 18 vesting age.

Knowing the current ages of the respective grandchildren might help gauge the risk of a negative outcome in this regard.

Scallypud

Although £1000 over a much shorter time span for an alternative JISA approach is not going to be a significant sum, still better than nothing at all?

The idea of the £1,000 investment was to make sure they had a wee nest egg in later life. I was also leaving them £20k each

I think the comment highlighted is a bit harsh not knowing the full extent of my intentions

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82154041#Comment_82154041

Can only respond to the information you actually share. Some of us try, but not mind readers😊