Martin Lewis alert to state pensioners with grandchildren and says 'the earlier you start'

manchestereveningnews.co.uk:

Martin Lewis has issued an alert to all grandparents - and it’s about pensions. The personal finance expert took to X to speak about how parents can also set up pensions for their children.

And grandma and grandpa can get in on the act too. Mr Lewis said: “Did you know you can open a pension for your child (or grandchild)...?” He linked to the Money Saving Expert which has instructions as to how to get the youngsters off to a flying start saving for retirement.

And there are benefits for tax too as money paid into pension schemes can get relief. Martin said: “Children can have pensions too!

Almost anyone can save into a pension and get tax relief, even if they’ve little or no income. The minimum allowance is £3,600/yr (meaning it only costs you £2,880).