Following on from the successful launch of its pensions offering, Praemium Retirement Account, which has now reached 1,066 schemes and GBP266 million in assets under management, the firm has now added a Stocks & Shares Junior ISA (JISA) to the Praemium UK platform.The JISA allows paremts to start preparing early for their child’s education, a house deposit, or just to give them a head start in investing. Additionally, parents who have maximised their own ISA allowance are able to put additional savings tax-free into an account for their child, up to the maximum annual contribution of GBP4,260.
Though parents or guardians will open the JISA and other family members can contribute to it, the money strictly belongs to the child. The child is able to take control of the account from the age of 16 and to withdraw money from the age of 18.
Mark Sanderson, General Manager of Praemium UK, says: “The Praemium Junior ISA can be a great tool to help advisers engage with clients and their families more meaningfully, and to help parents introduce their children to financial literacy. Further, knowing that they will have access to an amount of funds when they turn 18, children can experience the benefits of investing for the future and have some security that they are entering adulthood with resources to help them get started.”