Can anyone recommend a pension for children?

[mumbot]

Thinking of starting up a pension for each of my children. Has anyone else done this, is there a particular one that you'd recommend? Thanks x

[cjlb]

Without more information, that's really an impossible question to answer.

However, as a generic guide, I would think you need to choose a 'stakeholder' pension. They were established to keep charges lower and for simplicity. You can stop and start payments without penalty which will allow for flexibility with the saving. In that respect most stakeholder pensions are very similar.

What makes the difference is where you can invest the money and there you have a vast difference between the best and worse pension providers. Therefore, I would suggest you speak to an IFA for some advice on this matter. Please don't ask your bank for financial advice.

You might also want to consider what you are saving the money for. If you put the money in to a pension, it can only be used to provide benefits at retirement so not before they are 55 years old. Have you thought about what might be more useful to them, say at a time when they are going on to higher education or trying to raise a deposit for the first house. Just a thought.

[mumbot]

Thanks, that's great advice. We have already set up an education fund and savings account so this was just a little extra on top. We have opened stakeholder pensions with Aviva and plan to put 20 quid per month towards each pension for them. Just a little nest egg for the future x