Children’s Savings Plans
Most government payments to Child Trust Fund accounts have now ended.
If you child already has an account it won’t be affected by these changes. Anyone can still make payments into it until the child is 18.
Many Grandparents wish to make some provision for their grandchildren and Nicholls Stevens can p0rovide advice in this area
The Government are proposing to introduce a child’s ISA – more details to follow
Investment Managers such as Invesco Perpetual offer regular savings plans. The attraction of these schemes is that there is no fixed term for saving and the child should benefit form the long term advantage of investing in equities via a collective fund.
Friendly Societies offer 10 year savings plans – you can only invest a small amount of premium and the charges are quite often high.
Personal Pensions – you can start funding a personal pension for a child from age zero. A contribution of up to £2,880 can be paid to which the Government add a further £720 tax relief. There is no commitment to pay regular contributions.
NS&I – Children’s bonus bond or National Savings Certificates when available give a tax free return.
