# Pension for Child?



## Knuttell (22 Dec 2009)

Hi,this seems a strange question in that in that you would imagine an individual would have to be in employment and over the age of 18..but I was wondering if it is possible to set up a pension for my child (4)?I am sure this must seem like a stupid question but I kind of take the view that starting a pension as early as possible is no bad thing....

Thanks in advance for your help.


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## jhegarty (22 Dec 2009)

Are you planning some type of tax dodge ?


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## Knuttell (22 Dec 2009)

jhegarty said:


> Are you planning some type of tax dodge ?



Not planning a tax dodge jhegarty,though if there is a way of getting tax relief on contributions,great...but was just wondering if it is possible for her parents too start a pension or similar in her name,that attracts tax relief(obviously that tax relief would remain in Daughters name/fund) I am not looking to personally benefit,only want to give her a good head start on pension provision for her future


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## sam h (22 Dec 2009)

Surely you first start by planning for her education or a house - seems mad to be thinking of something she won't be able to access until she's 65.

Plus (I'm no expert) if she doesn't pay tax, how would she get the tax releif?

I'm sure if you have so much money that the interim expenses (school, clothing, food, car, the trip around the world!!) are well covered, you probably have enough money the get a good tax advisor who could help you


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## Knuttell (22 Dec 2009)

sam h said:


> I'm sure if you have so much money that the interim expenses (school, clothing, food, car, the trip around the world!!) are well covered, you probably have enough money the get a good tax advisor who could help you



I am new to this site and merely posed a simple question,there is no need to be sarcastic,if you have nothing constructive to add then adios.


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## roro123 (22 Dec 2009)

You could put an investment trust fund together with the child as beneficiary, once your child reaches working age and starts a pension they could add the lump sum into it, but it would be their choice at that stage whether they want to or not.


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## GarBow (22 Dec 2009)

sam h said:


> Surely you first start by planning for her education or a house - seems mad to be thinking of something she won't be able to access until she's 65.
> 
> Plus (I'm no expert) if she doesn't pay tax, how would she get the tax releif?
> 
> I'm sure if you have so much money that the interim expenses (school, clothing, food, car, the trip around the world!!) are well covered, you probably have enough money the get a good tax advisor who could help you


 
Can you answer the OPs question?


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## GSheehy (23 Dec 2009)

It's possible in the UK to do it with a 'Stakeholder' Pension. The equivalent product here would be a PRSA. See here

I'm open to correction on this but, at the moment, it is not possible to do it here as all pension providers impose an 'eligibility' age of 18. I am not sure how Revenue would view it in terms of tax treatment.

There is no age restriction determined in the PRSA legislation. 

Perhaps, if the tax relief system was changed to something like that in the UK ie 25p for every £1 invested up to a certain limit, things might change.

GS


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## Buddyg (23 Dec 2009)

Your child is 4, let her look after her own pension and life past the age of 60. 

Give her a good start in life and then the end should look after itself.


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## sam h (23 Dec 2009)

GarBow said:


> Can you answer the OPs question?


 
I made more of an effort than you did

 - I suggested considering more immediate considerations rather than focusing on something tah will not occur for anoth 61 years
 - I suggested that he may not be able to get tax relief on a pension for her (even if he able to set one up) 
 - I indicated that if he has all other based covered - fair play, but that would mean he has a significant amount of money & asking for on-line advise may not be the most prudent way of doing it, and to pay for such advise would be better.


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## Knuttell (23 Dec 2009)

GSheehy said:


> It's possible in the UK to do it with a 'Stakeholder' Pension. The equivalent product here would be a PRSA. See here
> 
> I'm open to correction on this but, at the moment, it is not possible to do it here as all pension providers impose an 'eligibility' age of 18. I am not sure how Revenue would view it in terms of tax treatment.
> 
> ...



Thank you for that reply GSheey and to other posters who constructively contributed.


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