Any child under the age of 18, as long as their parent or guardian has earnings that count for UK income tax or is resident in the UK at some point during the tax year.
£50 (either as a one off or regular payment).
£3,600 in the 2018/19 tax year. Including tax relief. You can pay in up to £2,800 and we will claim £720 tax relief for you and put it in your Alliance Trust Savings account.
A parent or guardian aged 18 or over must open a Child SIPP, but after that anyone can pay in.
The child. They will gain control of the investments when they reach the age of 18 but, based on current tax and pension rules, won’t be able to access them until they are aged at least 57.
Like a Junior ISA, there is no tax to pay on income or investment growth inside a Child SIPP.
Payments in also benefit from tax relief. Meaning that, to get to the £3,600 maximum payment in each year, only £2,880 has to be paid in directly. The rest (£720) is paid in as tax relief which we claim on your behalf.
£6.65 a month (plus VAT) to hold a Child SIPP with us. You also pay charges on the investments you hold and for any transactions you ask us to carry out. When the child reaches 18 the charges change to £17.50 a month (plus VAT). Read our Charges Guide for the details.
In theory, more than one pension can be opened for a child, but no more than £3,600 can be paid in across all of them in any one tax year.