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Sep 15, 2006
Virgin Money has
pointed out the growing popularity of pension schemes for children, noting that
in the last twelve months, one in ten pension schemes the company started have
been for children, with half of those being for children under 5 years of age.
Virgin Money says
parents shall increasingly want to help plan for their kids’ old age as early
as possible. By setting up a pension scheme and then putting a child benefit in
each week – equivalent to around £75pm – the child could end up with a pension
pot of £618,000 at 65. By investing up to £2808 in a year and the tax relief topping
it up to £3600, children’s savings can instantly increase by nearly 30%, Virgin
Money added.
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