Pensions for children
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.
Share this..
Related stories
UK call centres attract scammers
It is common knowledge that a number of criminal gangs have targeted various UK call centres with an indication that the security of financial and private information of customers has not always been top of the agenda. Despite the fact that this area of the UK business arena has grown substantially over the last few years, there have been routine lapses in security which have led to significant am...
Read MoreWorking from home is not as easy as you think!
As the Internet continues to play a major part in the lives of the vast majority of the UK public we are seeing a gradual increase in the number of people working for themselves from home. The ability to create websites which will have access to markets around the world is proving a major attraction for many and even more so in this current climate of economic distress. However, there are various...
Read MoreUK consumers rushing to the high Street
Despite the fact that the UK retail market has been very subdued over the last few months there are signs of a much sought after recovery. The CBI has today confirmed that UK retailers are starting to see signs of increased activity on the high street with 40% of those surveyed by the CBI reporting an increase in sales volume in the year to November. When you consider that 27% of those question...
Read MoreUK government refuse to guarantee savings
There was a very poignant moment in today's press conference when Gordon Brown was pushed on whether or not he would follow the lead of other countries across Europe and guarantee the total savings of the UK public. In true political fashion he avoided the question instead deciding to confirm that the UK government has always looked after savers where their banks have hit trouble.
...
Is Lloyds bank looking to phase out interest only mortgages?
Lloyds bank recently announced plans to cap interest only mortgages at £500,000 amid signs that a number of mortgage institutions in the UK are looking to phase out interest only mortgages. When you also consider that Nationwide is reviewing its interest only mortgage range and Santander recently cut the loan to value percentage from 85% to 75% it would seem that the days may well be numbered for...
Read More