TISA publishes latest CTF figures
Today TISA has published the latest figures from its Quarterly Survey of Child Trust Fund providers*.
This quarter continues trends seen in previous quarters. Over half a million accounts in the survey are seeing additional contributions (549,128). Most of those are being topped up using direct debits (440,572), though a significant number are receiving lump sum contributions (108,556). In total 29% of accounts in the survey are having extra monies being paid into their CTF account.
The average amount of lump sum contribution has climbed significantly from last quarter, now averaging £435.
TISA Head of Member Services Carol Knight said,
‘It is encouraging to see that nearly a third of CTFs are receiving additional savings. However, we believe there is still work to be done in promoting the benefits of the CTF and will continue to work with the government and industry on opportunities to enhance the scheme and to better inform consumers.’
For more information:
Tony Vine-Lott, Director-General, TISA
07790 006108
Iain Anderson or Jacob Coy, Cicero Consulting
020 7665 9535
07886 197086
* The Survey includes Revenue Allocated Accounts
Notes to editors:
TISA is the leading trade body for CTFs and tax incentivised savings. It has worked with the Government to develop and implement the CTF. This is the third quarterly CTF survey it has conducted.
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.