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PIMA: 1 in 3 making additional CTF contributions

22 September 2006
According to the PEP and ISA Managers' Association (PIMA), nearly 30 per cent of parents, relatives and friends are providing for the future of a child through voluntary additional contributions to a child trust fund (CTF).

Since the investment scheme's launch just over a year ago, CTFs now account for over £100 million-worth of investment through the voluntary additions, on top of the free voucher.

"These results are extremely encouraging," said Tony Vine-Lott, PIMA's director general.

"Parents are taking the right steps to save for their children's future," Mr Vine-Lott continued, saying that despite it being a difficult time for families' living cost affordability the investment levels are "tremendous".

Parents are automatically given a £250 voucher to invest in a savings account for their new-born child, which enables that child to benefit from up to £1,200 of tax-free savings each year. The investment then matures when the child reaches the age of 18.

To view children's investment options, click here.

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