The impending increases in further education fees have highlighted once again the escalating costs of bringing up children, so it is more important than ever for parents to start planning as early as possible by setting up child savings plans such as those offered by Shepherds Friendly.
Shepherds Friendly Young Saver Plan for example has much to offer including TAX-EXEMPTION on both the monthly savings and on the final lump sum payout and the Society has just announced that the sum that can be saved in the plan has now increased to £100 a month over 10 years or until the child reaches the age of 18, whichever is the later.
A plan can be started for each child by not only parents or guardians but also by grandparents, aunts and uncles too and savings can start from as little as £7.50 a month right up to the new maximum of £100 a month. The plan offers flexibility in terms of being able to vary the monthly premiums to suit changing family circumstances and also the option to withdraw up to 25% of the fund when the child reaches the age of 11.
With no tax to pay on the growth of the fund or on the final payout, the Young Saver Plan provides a tax-efficient way to save, but the benefits to parents don’t end there. The plan includes built-in sickness benefits too, meaning that parents can claim up to £400 a week in sickness benefits if the child is ill for four weeks or more, as an aide to help meet any extra costs incurred.
With the potential to now save up to £100 a month, it makes increasing sense for parents and family members to take a close look at the Shepherds Friendly Young Saver Plan to see just how much of a final cash lump sum they could look forward to!