Pensions for children

Why open a pension for a child?

Published: 19 Aug 2019 Updated: 13 Jun 2022

Pensions are available to almost all UK residents from birth and by making pension contributions for a child at a young age, they could receive a hefty sum when they can access the funds after the age of 55 (scheduled to rise to 57 in 2028).

The child’s parent or guardian will need to set up the pension but once opened, grandparents, friends and relatives can make contributions into it. The maximum that can be paid into a child’s pension is £2,880 per year. You could pay in a lump sum all at once, or spread your contributions out across the year by investing a smaller amount each month.

If the maximum annual contribution is made, the state will top it up by £720, making a total contribution of £3,600. Over a period of 18 years, this would add up to £64,800 (£51,840 in personal contributions and £12,960 in Government tax relief). Paying £2,880 into a child’s pension every year until they turn 18, and achieving 5% annual growth, would give them a pension of more than £700,000 by the time they reach 55*.

The Best SIPP

SIPPs (Self-invested Personal Pensions) are a type of pension that give you more control over your retirement investments. They give you access to a wider range of investments than many pensions and the option to choose and manage these for yourself or have an expert do it for you.

Through our Bestinvest brand we offer SIPPs to children under the age of 18. We can offer you:

  • A multi-award winning SIPP – the Best SIPP - which was voted Best SIPP for Beginners by Moneywise in 2018 and Best Low-cost SIPP Provider by readers of the FT in 2018
  • A choice of more than 2,500 funds, hundreds of investment trusts and ETFs and almost all UK shares
  • An online account that’s easy to manage
  • Lots of helpful investment tips and ideas to help you make the most of investing

Open a SIPP for child

If you’d like to open a SIPP please call us on 020 7189 2400 and we can help you.

For more information on investing for children, please download our guide, call us on 020 7189 2400 or email


This article was previously published on Tilney prior to the launch of Evelyn Partners.