Questions and answers
Starting your pension
Virgin Children's Pensions - It is never too early to start saving for their future
Who can take out a Virgin Pension for a child?
To start a pension for your child you must be:
- The child's legal guardian (normally the parent they live with)
- Aged 18 or over
- A UK resident
Your child also needs to be a UK resident.
How do I apply?
Applying is simple and only takes a few minutes online. To get started, click here.
Can I open a stakeholder pension for each of my children?
Yes. If you want to save for more than one child you can open a stakeholder pension for each of them. In each child's pension you can get tax relief on up to £2,880 each year.
Can I start a pension for my grandchild?
Only if you are also their legal guardian. Otherwise, no. However, you can pay into your grandchild’s pension once it is set up. So ask the child’s parents or guardian to start a pension for them, then when it is set up you can pay into it.
When your child grows up
What happens when my child turns 18?
When your child reaches 18, ownership of the pension switches from the parent/legal guardian to them. They can also start paying into the pension, if they wish. All correspondence, such as statements, will be sent directly to your child instead of you.
When will my child be able to ‘cash in’ their pension fund?
Under current rules, the earliest your child will be able to take their pension will be their 55th birthday.
What happens when my child eventually reaches retirement?
They'll normally have the option to take up to a quarter of their savings as a tax-free cash sum.
The rest must be used to buy an annuity, which provides them with an income when they've stopped work.
Understanding the risks
Are there any risks I need to know about?
Investing in stock market shares is not without its risks. They can rise significantly in value over many years, go into periods of decline, or fall suddenly in value, with no guarantees you will get back the full amount you invest.
The key point to remember is that saving into a pension is a long term investment, and the longer you remain invested in the stock market the better you tend to do.
Please also note
Your child can't access their pension savings until they retire and the amount of pension income provided by their retirement fund will depend on a number of factors, including investment returns and annuity rates when they retire.
Like to talk to us?
Call us on
08456 10 20 40
Calls may be recorded.
We're here
8am to 9pm, Mon to Fri
9am to 6pm, Sat.
Sorry, we’re not open on
bank holidays.