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Parents in the UK are opening retirement pensions for children
A growing number of parents are setting up private retirement pensions for their children in the UK, even though the funds are not accessible for decades, according to BBC Business.
BBC Business profiles Richard and Caitlin Brain in Swansea, Wales, who have been paying £50 a month into pension accounts for their two children, with access delayed until age 57 under current UK private pension rules.
The couple also contributes to Junior ISA savings for each child, paying £60 a month per child for money they can access at 18, the outlet reported.
BBC Business says Richard and Caitlin’s situation includes Richard working for an investment firm and Caitlin on maternity leave, with Caitlin having received statutory maternity pay of £194 a week before returning to work.