Child Trust Funds discussion area

Former_MSE_Andrea · 6 December 2004 at 6:45PM

This discussion relates to the Child Trust Funds article.

Click reply to ask a question or discuss.

isasmurf · 6 December 2004 at 11:27PM

Good article. A couple of points:
Shareholder account? - don't you mean Stakeholder account.

You also say that for children already born if an account hasn't been opened by April 2006 the Government will open a Stakeholder account. I thought I read somewhere that the vouchers will have an expiry date printed on them, which will be 12 months from the date of issue, so those who get their vouchers in January only have until January 2006 to open an account.

I'll finish with a question, will you be able to open an account as soon as you have your voucher. Obviously no money would go into the account until April 5th, but I thought it would be better that accounts were open ready for the money, rather than a couple of million parents queing up on April 5th?

isasmurf · 7 December 2004 at 8:21AM

Ah, found the answer to my last question on the CTF website.

Although Government money will not go into accounts until April 2005 - and it will not be possible to save your own money in CTF accounts until then - it is a good idea to open the account early. That way, everything will be ready for money to go into the account quickly in April 2005.

So it appears you can set up the account before April (as long as you have your voucher).

I found where I read the second bit. In the Inland Revenue commentary on the regulations (yeah, I know too much time on my hands obviously!) it states

For children in the transitional group (those born on or after 1 September 2002 and before the launch date in April 2005) vouchers will be issued earlier - from January 2005 onwards. So, for example, if their voucher is issued in February 2005 it will expire in February 2006.

For a miunte there I was thinking I was dreaming it!

Murphy_The_Cat · 7 December 2004 at 3:21PM

i feel as if i am swimming through a sea of treacle trying to find out any definitive information for accounts that will be available.

for example Fidelity Investments are one of the few major players ( i don't count banks because i don't trust em !) who have said that they will be offering a CTF product - but i have been unable so far to get any details from Fidelity as so what their product will be. (the same goes for Norwich Onion).

Is anyone else struggling the same way ?

MTC

MSE_Martin · 8 December 2004 at 9:49PM

Sorry about my typo on shareholder - will change the article. As for different accounts, i'd simply hold off until april - there is no point until you can see who is going to offer what

martin

NewDaddy_2 · 9 December 2004 at 10:27AM

Saving for my children in tax free account and with a initial start up gift from the Government is great - but many things can happen between now and 18 years time - how transferable is the money in the account? We are planning on emigrating to Canada in a few years - will the account still be accessible, or will we lose the lot? Anybody know?

quirkes · 9 December 2004 at 12:43PM

My brother and his wife have just discovered they are expecting triplets. It came as a great shock, but at least (I quipped) they'll get three lots of Child Trust Funds. Not so, evidently. They've been told that you only get one fund per birth, not per child. Can anyone confirm whether is is true and, if so, how they decide which triplet gets it! This seem very unfair as they will need more help than most.

Murphy_The_Cat · 9 December 2004 at 1:23PM

triplets - ouch

congratulations

i wish you lots and lots of luck and of course best wishes.

can i suggest that you keep checking the family forum , there is a lot of good help and advice being posted on a regular basis.

MTC

HB · 9 December 2004 at 2:14PM

Great article. Thanks. A couple of possibly dumb questions:

How many of these CTFs can you open per child?

If you open up a CTF in a shares account category, then can you when you feel it appropriate, change it to a savings account (without incurring charges? And if you are going to incur charges, do you know what these charges would be?)

Thanks....
HB

small · 9 December 2004 at 2:19PM

I have a quick question.

I have 2 kids - one born in October this year and one born in July 2002. The eldest misses out the CTF.

My question is - How much would I put into an account now to match what he would have had now if CTF were running?

I think I need to do something now to ensure that both of them have something behind them.

I (and hopefully the grandparents) will be making regular once the his and the CTF accounts are up and running.

small · 10 December 2004 at 12:35AM

Thanks for the reply MLC.

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