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Starting up a self-invested personal pension (SIPP) for children today could result in them being millionaires when they reach retirement. This is according to Alliance Trust Savings, which worked out that the relatively small amount of £83 a month paid into an SIPP would generate a pension pot of £1,011,400. It suggested that an SIPP is a good alternative to traditional savings accounts which tend to set aside money for short-term goals, although the child would have to contribute to the fund as an adult in order to reach the million pound mark. However, the money may come in handy… continue reading