CTFs can be converted to Junior ISAs

Reaper · 23 December 2013 at 12:10PM

Long hoped for and now finally confirmed:
http://www.bbc.co.uk/news/business-25491629

but not until April 2015

Former_MSE_Darryl · 23 December 2013 at 12:25PM

"Child Trust Funds can be transferred into junior Isas from April 2015, the Government has announced..."

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Child Trust Funds can be moved into junior Isas from 2015

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westy22 · 23 December 2013 at 12:35PM

Considering the undue haste in which the Government imposes many of the unwelcome changes I wonder why it will take a further 15 months to implement this welcome change?

latecomer · 23 December 2013 at 2:06PM

Because they dont care about it - presumably its not seen as a vote winner?

Very welcome as far as I'm concerned though

puk999 · 23 December 2013 at 2:14PM

I'm glad they decided to do this. I stopped investing in CTFs for my children as I was unhappy about the funds having to be removed from investment at 18, and the idea that CTF providers didn't have to remain competitive because new accounts could not be opened.

Very annoying it's going to take so long to implement.

lanstrom · 23 December 2013 at 2:42PM

In 2005 I invested £1,818 (including Gov voucher).

Total value as of todays date = £1778.52

So after 8.5 years its made a loss of £39.48

So much for investing in your childs future !

Reaper · 23 December 2013 at 3:19PM

lanstrom wrote: »

In 2005 I invested £1,818So after 8.5 years its made a loss of £39.48

So much for investing in your childs future !

You must have been a bit unlucky with your investment choice and timing. Ours is up 35% in the 3 years it has been going and the growth figure would be much higher if it were not for us keeping on adding new money to it.

gadgetmind · 23 December 2013 at 4:08PM

westy22 wrote: »

Considering the undue haste in which the Government imposes many of the unwelcome changes I wonder why it will take a further 15 months to implement this welcome change?

Yes, spot on. Attacks on personal pensions seem to be implemented almost straight away while straightforward stuff like this festers for years.

Denthemen · 24 December 2013 at 8:54PM

This Government has failed to act sufficiently quickly in changing the CTF rules. I participated in the Consultation, which itself was a farce! Quite simply, the rules could have been changed almost instantly by declaring that investments in Junior ISA's and transfers out of CTF's could be made freely - we adults were allowed to move from TESSA'S to ISA's. My Grand-daughter will be 11 before this new legislation is established - 11 years of appalling returns. DOES SHE HAVE A CASE FOR COMPENSATION THROUGH THIS GOVERNMENT'S SLUGGISH BEHAVIOUR?

innovate · 24 December 2013 at 11:11PM

Did you also shout a lot during the consultation?

corbyboy · 24 December 2013 at 11:54PM

Denthemen wrote: »

This Government has failed to act sufficiently quickly in changing the CTF rules. I participated in the Consultation, which itself was a farce! Quite simply, the rules could have been changed almost instantly by declaring that investments in Junior ISA's and transfers out of CTF's could be made freely - we adults were allowed to move from TESSA'S to ISA's. My Grand-daughter will be 11 before this new legislation is established - 11 years of appalling returns. DOES SHE HAVE A CASE FOR COMPENSATION THROUGH THIS GOVERNMENT'S SLUGGISH BEHAVIOUR?

11 years of appalling returns compared to what? Junior ISAs didn't exist when your granddaughter was born. Presumably the CTF was quite competitive when it was first opened?

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CTFs can be converted to Junior ISAs

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