PIMA applauds Government support for credit unions to deliver CTF
PIMA joins the Government in supporting credit unions in playing an active role as providers of Child Trust Fund (CTF). While PIMA does not have credit unions as members, it believes that all efforts to make CTF a success, including expanding the provider base, are to be commended. PIMA continues to offer support all providers and distributors of CTF, including credit unions. Together, we can make the CTF a success in their communities.
PIMA is the leading voice on Child Trust Fund (CTF) and has worked closely with the Government to design and promote the CTF with industry and the public at large. PIMA’s most recent survey showed that nearly 30% of parents and relatives are making additional top-up contributions to the CTF totaling over £175 mn in additional monies for children’s savings.
PIMA Director General Tony Vine-Lott said,
‘We applaud the Government’s recent statement encouraging participation by credit unions as CTF providers. We have long held that the CTF is an immense opportunity to develop the savings habit from a young age, build an asset, and increase financial capability. The extension into areas that may not be served by traditional deposit-taking institutions is an important aspect of that. We hope more credit unions will come forward to deliver CTF.’
For more information:
Tony Vine-Lott, Director-General, PIMA
07790 006108
Iain Anderson or Jacob Coy, Cicero Consulting
020 7665 9535