CTF top-ups just keep going…..UP
The latest TISA Child Trust Fund Surveys reveals top-ups by parents and relatives continues to grow. The survey, taken from almost two-thirds of opened accounts, shows a continued growth in monthly direct debits and lump sum contributions.
TISA’s analysis [Click here] of 1.77m CTF accounts shows 23.3% of parents have opened an active direct debit subscription – a rise of 0.3% in the past quarter The average monthly subscription is £21.20.
Many still prefer to make lump sum subscriptions. Contributions using this method have also increased with a further 6.3% of accounts having received a lump sum.
Tony Vine-Lott, TISA Director General, said:
[i]The news about parental involvement in Child Trust Funds seems to be getting better and better. The number of parents and relatives paying additional direct debits or lump sums into the Child Trust Fund continues to grow with almost one third now making additional contributions.[/i]
From 1 July 2007, the Pep & ISA Managers Association was renamed as the Tax Incentivised Savings Association (TISA).
For more information:
Tony Vine-Lott, TISA Director General
07790 006108
Iain Anderson, Cicero Consulting
020 7665 9530
07785 507045
[i]
Notes to Editors:[/i]
TISA is the leading trade body for CTFs and tax incentivised savings. It has worked with the Government to develop and implement the CTF.
TISA wants to remind parents and their families that every eligible child could benefit from tax free saving of up to £1200 per year to build into a nest egg for them when they reach 18. If parents have questions or concerns, they should call or contact their CTF provider or contact the Government’s information helpline on 0845 302 1470 or by visiting www.childtrustfund.gov.uk.