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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Giving just £240 a month to your grandchild could make them a millionaire

With the £9,000 tuition fees due to be enforced this month and the soaring cost of living, the younger generation are likely to find they cannot afford to save for their retirement.

One way to guarantee a secure financial future for your grandchild is to open a pension for them – and according to investment platform operator Skandia, the earlier you start the better.

Their research reveals that by putting just £240 a month into a pension for their grandchildren for 18 years, grandparents can make them a millionaire by the time they’re 60.

A total sum of £2,880 a year would be invested into the pension, which would attract £720 a year in tax relief, pushing the total to £3,600. If this were to continue for 18 years, grandparents will have invested £51,840 into their grandchild’s pension.

Based on a 6.5% investment growth per annum, by the time the grandchild has reached the age of 60, the value of the pension will have reached a whopping £989,994.

This figure would rise even higher should the child make their own contributions to their pension fund once they start work.

Although the money is locked away until the grandchild is 55, this could actually prove more of a help than a hindrance as state support is set to diminish.

Skandia’s pension expert, Adrian Walker, said: “Although the money is essentially locked away until the grandchild reaches age 55, once they do have access to the money it can significantly boost their lifestyle, such as paying off their mortgage and providing a substantial income in retirement.”

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