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Tuesday 18th December 2007
It has been suggested that parents should consider opening a pension scheme for their child as a tax-efficient way to pass on valuable assets.
According to Family Investments marketing director, Miles Bingham, a pension will not help a child with more immediate concerns going into adulthood, such as university fees, but it will provide them with some security in the long-term.
"If you're really at the sophisticated end of investing, and perhaps as a grandparent have got sizable assets to pass on, then putting them in a pension for a child is a tax-efficient way of doing that," Mr Bingham explained.
However, he warned that the "key" thing to remember is that the pension cannot be accessed by a child until they are at least 50-years-old.
As a result, Mr Bingham suggested that parents should also consider the importance of Child Trust Funds as a way of ensuring that their child has the financial support to carry them through to a prosperous retirement.
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