Watching your grandchildren grow is one of life’s greatest pleasures – with all the joy of having children, but less of the hard work. Whether you see your grandchildren regularly, or once in a while, they certainly mark the passing of the time – it can seem to fly by.
You want to ensure that in years to come, you’ll still be able to lend a helping hand. It’s normal to worry about the future of your family – you want the best for them. After all, you’ve been handing on your wisdom and experience for years.
Putting away a little each month to save for your grandchildren’s future is a great way of supporting them when they need it most. And in a rocky economic climate, you can help ensure they have a useful sum set aside for the future.
Scottish Friendly’s Grandchild Flexible Plan is a tax-free investment that can help ensure your grandchild gets off to a great start in life. Whether you want to help towards further education costs, give your grandchild a once-in-a-lifetime travel experience or help them get on the property ladder, your contributions mean you can give them a financial boost they won’t forget. Bear in mind that tax treatment depends on their individual circumstances and tax law may change in future. Tax-free means the fund your plan invests in grows free of income and capital gains tax (other than tax on dividends from UK shares).
By investing £25 a month and using their tax free allowance for a maximum of 18 years, you give your money the long term growth potential of the UK stock market, although, bear in mind, the value of your Grandchild’s investment can go up as well as down and they could get back less than you have paid in.
You can take out a plan for a grandchild under the age of 16 who is a UK resident. It’s your gift to your grandchild. The policy can be cashed in early if there’s something they have their heart set on, and you want to enjoy the experience of giving at a time that’s right for you all. However, if the plan is accessed before ten years, your grandchild may have a tax charge to pay and there will be a £50 deduction from the cash-in value.
But knowing you are investing for the future of your family is something that should hopefully give you pleasure for years to come.
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