Are there any specific pensions you would recommend, with low charges, which I can set up for my 11 yr old son? I am already paying the maximum into a Junior ISA.
Investing money into a pension for a child has its pros and cons. There is tax relief to be had, the power of compounding over time is massive and it gives them a good financial foundation in the future. But, that future is likely to be at least 50 years away for your son. That may be a good thing but could he benefit from accessing that money earlier in life?
Putting that to one side, I’d suggest speaking with your Junior ISA provider as they may also have a pension option. This would allow you to keep things simple and there may be discounts available. Other than that, have a look at our Best Buys page and guide for our top picks.
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