You, or someone important to you is:

0-1 years of age


We understand like so many parents and grandparents the last thing
on your mind after the arrival of a new family member is financial and insurance issues. However, there are a number of things that you might consider at this special time. Here are a few stories that illustrate out point.



On advice from Corrigans, and by telling the insurance company within three months of the birth, Brian and Gale were able to add new born baby Michelle to their private medical insurance policy without any medical evidence.

Most insurers charge nothing to add the child on until the next renewal date if you let them know promptly, but this is not the case if you wait for longer than 3 months to add your child to your policy.

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John and Lesley had reached a stage in their lives where they finally began to appreciate just how important pensions are. They decided to give each of their grandchildren a gift that could not be touched for decades, but which will make a massive difference to their lives.

It may sound crazy, but someone should start a pension for your child! Take the example of young Damien here - no wonder he is smiling!

Investing £240.00 per month for the first 3 years of the child's life should produce more than £820,000 by the time they are 65. If the savings are continued until their 5th birthday that figure grows to almost £1.3 million.

A new compulsory pension called Auto Enrolment was introduced in 2012 and so care is needed to make sure that Damien does not end up with a pension fund that is too big! Our government reduced the allowable size of a pension fund from £1.8 million to £1 million for reasons best known to them. If a pension goes over that limit there is a penal tax rate to pay of 55%. This is a good reason to pay in for just the first 3 years, but you could pay the same amount towards childcare or education costs instead which your children will be very grateful for.

The distinct advantage that grandparents may see in a pension scheme is that their grandchild will not be able to spend their gift on wine, women and song as soon as they reach 18 but their gift will live on long after the donor passes away.

It is also true that few people appreciate the benefit of pensions until they become pensioners themselves!

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Both parents and grandparents will need to check that their Wills continue to be suitable.

Has a suitable guardian been agreed and appointed for your child? Are buildings that you own registered with the Land Registry on a tenants in common basis rather than a joint tenancy to give both parents control over the disposal of part of the family wealth upon their death?

Parents should check that their Wills include a discretionary split Will trust to minimise the Inheritance Tax that their child would be faced with and grandparents may wish to make specific provision for each grandchild or their grandchildren collectively.

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