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Age 7 government child trust fund payments not being released!!!

Former_MSE_Guy
Posts: 1,650 Forumite



This is the discussion thread for the following MSE News Story:
"The Government will stop offering cash to children in a CTF as part of the £6.2 billion of savings announced today
..."
"The Government will stop offering cash to children in a CTF as part of the £6.2 billion of savings announced today
..."
Read the full story:
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Comments
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So am I right in saying that my child (who will be 7 on the 9th June) will still get the £250 voucher ?0
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Good old Tories.
Smacks of Thatcherism. She was the milk snatcher and this lot are now removing CTF's. We're in for a great 5 years...........0 -
So this would be an example of David Cameron "Protecting the people who do the right thing"? Typical cycle of Governments, each administration dismantling the previous Governments initiatives with no regard to the electorate who foolishly try to do the "right thing".
I struggle to ensure that I put away the maximum amount each month into both my children's funds. These contributions, I hope, will go some way to get them through the high cost of University or possibly a deposit for their first flat/house. The CTF was a good scheme which encouraged parents to consider their newborns financial security at this early stage with a view to their future but with the swipe of a pen it's abolished. The abolition of this scheme sends out the wrong message, but hey it's a short term fix with no regard to the future.
I guess it's tax status remains protected, but this being a Tory dominated coalition I wouldn't put anything past them.0 -
That's how I read it. So my baby due end of July will get it but her and my 3 year old won't get the extra payment when they are 7. (hope so anyway or we will have to fork out the extra money to give baby a 'trust fund' or something similar else that would be totally unfair if one had money and the other didn't!)
Always thought it was a waste of tax payers money to be honest .....0 -
my daughter is 7 at beginning of feb so will just miss out on the 2nd payment, as were classed as low income it will be a disappointment we wont receive it. I understand the reasoning behind it though. Will just have to contribute more myself to it!0
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Just think yourselves lucky that you got it at all. I never got it for my four children as they were to old!I must not fear. Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over and through me. When it has gone past I will turn the inner eye to see its path.
When the fear has gone there will be nothing. Only I will remain.0 -
About time!!!!
Complete waste of money and it's not the States job to save and provide financially for our childrens futures.It's our job and CTF don't encourage people to save.
Hope there are more cuts of certain rediculous 'benefits/grants'If women are birds and freedom is flight are trapped women Dodos?0 -
Just think yourselves lucky that you got it at all. I never got it for my four children as they were to old!
Exactly! Why should tax payers pay for this type of thing? And it's not even means-tested.Sealed pot challenge #232. Gold stars from Sue-UU - :staradmin :staradmin £75.29 banked
50p saver #40 £20 banked
Virtual sealed pot #178 £80.250 -
The big question for me is will we be able to move the money out of the CTF? Performance of CTF accounts is poor because the providers know you are locked in to a particular type of investment vehicle which has limited competition. With no new cash coming in, the incentive to be competitive will all but disappear, and we can look forward to years of below standard accounts unless the whole scheme is wound up and we can invest the money as we see fit.0
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And it's not even means-tested.
Well, means-testing, originally proposed by the Conservatives, would have been silly. Why should a teenager receive or not receive a welfare payment based on what their parents earned 18 years previously?
For fairness, I think parents of any child (especially those that missed out because they are too old or too young) should be able to open a CTF, no government funding, but a tax-free ISA-like account for the child.0
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