Research by Hargreaves Lansdown has found that 3 out of 4 consumers do not know that they can contribute to their partner’s pension or even their children’s pensions. 40% taxpayers appear to have a greater knowledge of the same but still consumer awareness overall is low.
Reason’ to pay into Partner Pensions
Comment
Pension tax relief and 20% lifetime ISA bonuses are fantastic tax planning tools. By paying into your partner’s pension when they are not working will help them build up funds as well as plugging any gaps if there not working.
Paying into children’s and grandchildren’s pensions or lifetime ISAs gives then a head start for retirement saving or deposit raising as well as getting them into the habit of thinking about their money and saving regularly.