Financial expert Martin Lewis advises state pensioners on Twitter to consider opening pensions for their grandchildren, highlighting the benefits of early savings and tax relief.
Martin Lewis has issued a advice to state pensioners who have grandchildren. The financial guru shared his advice on Twitter, where the Money Saving Expert founder stated: "Did you know you can open a pension for your child ..." This advice was part of his latest newsletter for MSE, which landed on Tuesday night .
"And indeed I know grandparents who open them for their grandchildren, liking the idea it'll trigger a memory of them in 50 years' time. The advantage of this is as the earlier you start, the more time it has to grow, so starting super young should be very valuable once your ickle ones are old 'uns like me. It's no surprise that more than a couple of kids of the parents in MSE Towers have pensions.
One fan queried: "Can I open a savings accounts or pension plan for my Australian grandchildren, if so how do I go about it? " Meanwhile, another questioned the rationale behind such savings, typing: "Why would you? The time to save for a pension is when you're in the high tax bands. If saving money for kids it should be for their education or to get on the housing ladder.", reports Birmingham Live.
MARTIN LEWIS PENSIONS GRANDCHILDREN TAX RELIEF SAVINGS
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