You can give your child or grandchild an enormous boost to their retirement planning with modest pension contributions today. Any UK resident under the age of 75 can add up to £3,600 into a pension plan each tax year, irrespective of their earnings.
For example, by making a pension contribution on someone else’s behalf, if you pay £2,880, the government adds £720 basic tax relief to the pension account. This is effectively a gift for non-taxpayers, such as children.
Pension savings for a child today could benefit from around 50 years of tax-free growth inside the pension. It is never too soon to start a pension and a provision such as this could be one of the most forward-thinking decisions you could make for your families future prosperity.
Here at The Financial Planning Group, we help individuals and families to place their financial affairs in context with future goals and aspirations. We will change the fundamental relationship people have with their money to give them confidence and clarity in their futures.
Speaking with an independent, Chartered Financial Advisor is key to knowing what options are available, and which investment strategy is the perfect fit for your circumstances, so not call us today on 0800 731 7614 and arrange a meeting at our office in central Teddington?