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Pension for Children

  • 02-05-2017 7:27pm
    #1
    Lumina
    Closed Accounts Posts: 125 ✭✭


    Hey.

    In the UK my friends have set up SIPPs for their kids which are pensions (thinking way ahead!).

    Can anyone tell me is their such a thing in Ireland?

    With compounding interest this could be a fantastic long term benefit to my offspring if I can arrange something.


Comments

  • #2
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    Lumina wrote: »
    Hey.

    In the UK my friends have set up SIPPs for their kids which are pensions (thinking way ahead!).

    Can anyone tell me is their such a thing in Ireland?

    With compounding interest this could be a fantastic long term benefit to my offspring if I can arrange something.

    Pensions are really only for people paying tax as there is tax relief on contributions. What I would do is set up a savings scheme for them that grows like a pension and when the time comes and they are employed use it to fund maximum allowed pension contributions based on age etc....would work out very well as a wealth building device


  • #3
    Merowig
    Registered Users, Registered Users 2 Posts: 413 ✭✭Merowig


    Or funding their education first.


  • #4
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    Merowig wrote: »
    Or funding their education first.

    Agreed.


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