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Families Across The UK Missing Out On More Than £12.5 Million By Not Investing Child Trust Fund Vouc
Author : Brad Swarner
Tesco launches Child Trust Fund in drive to encourage eligible parents to cash their vouchers.
Tesco Personal Finance has launched a Child Trust Fund account so that people will find it easier to save for their children’s future. According to a report issued by the Government last month, 98% of parents who are eligible to take part in the Government scheme are aware of the benefits of opening a Child Trust Fund account. Yet, around a quarter of these families have still to open an account and invest their child’s voucher.
Jeremy Sutton, Head of Tesco Savings commented: “We know from this Government research that over 50,000 families have yet to claim their share of the £12.5 million plus in unclaimed vouchers. We want to make it easier for our customers to benefit from this scheme. By offering a Child Trust Fund and by promoting it in-store, we hope to raise awareness among our customers so that they can ensure they are getting the benefits owed to them.”
The Child Trust Fund initiative was launched by the Government in 2005 to kick-start the savings of all children regardless of their family background. Babies born from September 2002 onwards will receive a voucher of either £250 or £500 at birth and another of the same amount at age seven. Parents can top up the account with up to £1200 each year completely tax-free.
About the Tesco Child Trust Fund
• Parents / Legal Guardians of children born after September 2002 receive at least £250 at birth from the government – low income families can receive £500.
• This voucher can then be invested in a government approved trust fund that their child can access on their 18th birthday. There is an additional government payment on the child’s 7th birthday and relatives and friends can top it up at any time - up to £1200 a year.
The Tesco CTF is a stakeholder fund that invests the money in a mixture of companies to lower the risk to the consumer.
The service is provided by The Royal Bank of Scotland so customers can be reassured their investment is secure and they will receive an annual statement around the child’s birthday to keep track of how they are progressing.
Relatives and friends can also add up to £1200 a year to top up the tax-free fund
About Tesco Personal Finance
Tesco Personal Finance, the financial services arm of the UK's number one supermarket chain, was launched in July 1997 and offers a combination of Internet, supermarket and telephone banking. Tesco Personal Finance now has over 5 million customer accounts. It provides a range of 25 value for money financial services covering general insurance, lending, savings & investments. It is a joint venture between The Royal Bank of Scotland Group plc and Tesco PLC. Tesco Personal Finance Limited. Registered in Scotland No 173199. Registered Office 24 St Andrew Square.
Sources:
*HMRC Child Trust Fund Annual Statistical Report – Published 24th October 2007
**As above – In February 2007, 50,000 reminder letters sent out to parents who had not yet used their voucher after 8 months.
Author's Resource Box
Customers can find out more about how to open a Tesco Child Trust Fund account in-store, on our website at http://www.tescofinance.com or over the phone by calling 0800 051 1873.
For further information please contact:
Matthew Dransfield
Head of PR
Tesco Personal Finance
0791 707 0614
Nicola McGowan
Media Relations Manager
Tesco Personal Finance
07786 274 577
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Submitted : 2008-01-29 Word Count : 495 Popularity: 101 Times Viewed: 12
