PIMA ensures providers and public are clear on CTF voucher expiry deadline
PIMA has received notification that contrary to a recent report in the press, there will be no extension of the expiry date for CTF vouchers. HMRC sent a clarification to PIMA and CTF providers in order make clear that the expiry date is as shown on the voucher and will not be extended.
Failure to open a CTF account before the voucher expires will NOT result in forfeiture of a CTF account for the child. Within a few weeks, the Government will notify the Child Benefit claimant that a ‘Revenue-allocated’ stakeholder CTF account has been opened for the child with a named provider.
It is then open to a parent to contact that provider and apply to become the ‘Registered Contact’ for the account. Only then will they be able to give that provider instructions on how the account should be invested or, if they wish, to transfer it to another provider of their choice.
PIMA Director-General Tony Vine-Lott said,
‘It is important that parents and guardians choose a child trust fund before the voucher expires if they would like to specify the provider. Parents should not rely upon reports or speculation in the media. Instead, they should visit http://www.childtrustfund.gov.uk or phone the Child Trust Fund public information line on 0845 302 1470. ’
For more information:
Tony Vine-Lott, Director-General, PIMA
07790 006108
Iain Anderson or Jacob Coy, Cicero Consulting
020 7665 9535
078 8619 7086