VIDEO: How and why to set up an ISA and/or pension for your child
Parents may be more familiar with Junior ISAs but pensions for children – Junior SIPPs – are also growing in popularity. If you’re looking to lock away money for your child until they reach adulthood or later as part of their retirement income, there are ways to help secure your child’s financial future.
But why and how can you open and pay into a junior SIPP and a junior ISA? In this six-minute video, Maike Currie from Fidelity International talks to YourMoney.com’s Paloma Kubiak, about the benefits and drawbacks of ISAs and pensions for children, who can open the products and how much you can contribute each year.