Moving a CTF from F&C

anandp

I have a CTF with F&C for my son and looking to move it as their new ridiculous charges will wipe it out.

Is this possible at the moment, to move it out completely?

xylophone

It can be transferred to another provider.
https://www.gov.uk/child-trust-funds/managing-the-account

anandp

Thanks - are there any left that are accepting 'transfers-in'?

xylophone

No doubt you have seen the list https://www.gov.uk/child-trust-funds/account-providers but it does not give the detail you want - you might just need to research the position on any that take your fancy. For example
https://www.share.com/a/investing-for-your-children.html
"All children born on or after 1 September 2002 and before 3 January 2011 qualified for a Child Trust Fund. The Share Centre offers two account options: Stakeholder and Child Investment Account. Whilst new accounts cannot be opened (unless you have a valid voucher), existing accounts can still be used, and if you have an account with another provider it can be transferred to us."

anandp

Thanks for that. I'll need to go through the list to see which of these have now introduced admin charges and then opt for a transfer!

Reaper

I have seen the Child Investment Account from the Share Centre mentioned a few times as an alternative in the press, e.g. this guardian article
http://www.guardian.co.uk/money/2013/feb/16/child-trust-fund-charges

Alternatively you can investigate the option I mentioned on the other F&C discussions and which F&C is keeping very quiet about. That is to switch to their Stakeholder version, which does not (and cannot) suffer the same fee. But note your fund choice shrinks to just 1, a FTSE tracker. Also note all Stakeholder type CTFs involve "life styling" (reducing risk as the maturity date approaches) which may or may not be what you want.

wazza24

anandp, if you dont mind me asking what sort off value in the CTF, and in which funds?

i have two CTF with F&C both are shares CTF, split between global smaller companies and Foreign and colonial. from what i have worked out even with the charges they are both better off (for the time being anyway) staying in these funds and with F&C. i think most compaines already do or will soon follow suit with these charges. what we need is the government to change the rules on these and allow them to be moved into isas.....:)

anandp

wazza24 wrote: »

anandp, if you dont mind me asking what sort off value in the CTF, and in which funds?

i have two CTF with F&C both are shares CTF, split between global smaller companies and Foreign and colonial. from what i have worked out even with the charges they are both better off (for the time being anyway) staying in these funds and with F&C. i think most compaines already do or will soon follow suit with these charges. what we need is the government to change the rules on these and allow them to be moved into isas.....:)

I've never added anything to the CTF so the value is simply £250 + 35% ish, close to £375 at the moment (since just 3 yrs ago). I just put it in the riskiest one I could think of and am pretty sure that was the global small companies one.

At £15 per time, it could wipe the principal out pretty quickly, unless the growth continues as it has done so far!

atush

and which F&C is keeping very quiet about. That is to switch to their Stakeholder version, which does not (and cannot) suffer the same fee. But note your fund choice shrinks to just 1, a FTSE tracker. Also note all Stakeholder type CTFs involve "life styling" (reducing risk as the maturity date approaches) which may or may not be what you want.

I would think this is your perhaps best option, to keep it in equities (even a ftse tracker) over transferring it to a Cash one.

ses6jwg

My daughters is with family investments it had performed quite well and they offer online management and incentives for changing your direct debit periodically.

http://www.familyinvestments.co.uk/child-trust-fund/overview/