Did you know that Children's Tax-Exempt Savings Plans (TESPs)also provide a long-term, tax-free way to save for your children's future? Click hereto find out more about a tax-efficient way to build up a nest-egg for your child in addition to a Junior ISA, and compare providers.
Free Prize Draw
Enter our FREE Prize Draw and one lucky winner, chosen at random, will receive £250 added to their Children Savings Account.
You can now save towards your children's retirement with a Children's Stakeholder Pension in your children's name. This is a government backed scheme where you can invest up to £2,808 each year, net of tax, and the Inland Revenue will add 22% basic rate tax relief to this, bringing the total amount invested up to a maximum of £3,600 a year.
By starting a Children's Stakeholder Pension young, your children's pension pot will have a huge boost in comparison to those who waited until their working lives to begin paying towards a pension.
A contributions of £3,600 per annum between ages of 0 - 16 yrs (and then stopped) could leave your child with a potential pension fund value of £1,230,000 at age 60 (these projections are based on a medium growth rate of 7% with an Annual Management Charge of 1%, courtesy of Axa Sun Life).
Contact Steve Weisner - Senior Independent Financial Adviser - at Radcliffe Newlands on 0207 382 0437 or Email Steve where he'll be happy to answer all your Children's Pension questions- Please mention MyEggNest
Tax Exempt Saving Plans (TESPs)
One of the best ways to save for your children's future is the Tax-Exempt Savings Plans (TESPs) from friendly societies. TESPs offer parents a simple way to save up to £25 for each family member per month in addition to, or instead of, a CTF.
TESPs can help you build up a lump sum for any child through small regular payments. You choose when the money is available for them, but the policy must run until they’re at least 16 and run for a minimum of 10 years.
TESPs are available for every member of the household so a family of four could save up to £100 a month tax-free and, provided the TESPs have been set up in the parent's names, the money remains firmly under their control. In addition, the flexibility of TESPs mean that they can be set up to mature at different points in a child's life.
Providers with TESPs Engage Mutual Assurance
