Pension pot of £850,000 could be gifted to your child – here’s how | Personal Finance | Finance
“There is no better way of seeing the power of pensions than looking at what a JSIPP can deliver over time.”
Mr Morrissey added that if a child hits age 18 with over £100,000 in their pot, they would be well ahead of their peers who won’t be auto-enrolled for at least another four years.
She continued: “This sum then has almost 50 years to keep growing and even if they didn’t make a contribution themselves they could still end up with a sizeable pension.
“Even if you can’t afford to contribute the whole £3,600 per year for the whole 18 years you can still give them a real head start in life.
“Contributing £100 per month to their JSIPP would see them accumulate over £33,000 by age 18 and this could be £280,000 by the time they come to retire – it’s a real leg up the retirement planning ladder.
