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Child Trust Fund to Junior ISA transfers to be considered

Child Trust Fund to Junior ISA transfers to be considered
Following on from repeated pressure to act, the Government has announced that they will consider allowing the transfer of Child Trust Fund (CTF) accounts to Junior ISA’s.

The Chancellor devoted part of the 2013 Budget to personal savings, and made reference to the fact that there is a chance that approval may be given to switch from a CTF to a Junior ISA in the future. The final decision is expected to be made at the start of June, and although there is a wait to find out the result, it is encouraging that the Chancellor has brought the issue under consideration.

The Junior ISA was introduced in November 2011 after the CTF was made redundant, and although it is not officially the replacement for the CTF, many saw it this way. The CTF account was assigned automatically to all children born between the dates of September 1st 2002, and January 3rd 2011, and included an opening bonus of £250 contributed by the Government.

However upon their demise, and the introduction of the ‘new’ Junior ISA, savers noticed that the latter offered better rates, and had much more investment flexibility than the Child Trust Fund.

This led to many calling for a transfer from one fund to another to be introduced, which is now being considered.

It is not yet clear yet how a decision will be reached, but this is certainly the closest to a decision we have been since the Junior ISA was introduced.

For more information on the change, please contact one of our advisors who will be happy to help

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