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Getting a decent retirement fund is getting harder, not least because the Government has reduced the amount you can put into a pension each year, but if you want to help your child get a headstart, you should consider a Junior SIPP.
It may seem a little premature to start putting money into a SIPP for your child or grandchild at birth, but the tax relief that is available on the contributions makes this a particularly attractive – if long term – way to save for your child’s future. The money is tied up until they reach retirement age, which is set to increase from the current age of 55, so this money will not be accessed any time soon.
There are many benefits of getting an AJ Bell Youinvest Junior SIPP, it can be opened online easily and allows you to choose from a wide range of investments. If you are looking to save monthly, our regular investment service allows you to invest from £25 a month at just £1.50 a deal.
Anyone can put money into a Junior SIPP as long as it is within the £3,600 annual contribution limit, which includes tax relief. In short, you can put up to £2,880 a year into the Junior SIPP, and the Government will add tax relief at 20% to make this up to £3,600.
Additionally, if you have a SIPP account with us you can link your child’s SIPP to your account, making each easier to manage.