Legal & General Child Trust Fund opened
www.moneynews.co.uk > Banking > Legal & General Child Trust Fund opened
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Money News |
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Legal & General Child Trust Fund opened
Fri 17th Feb 2006
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Trust money will be invested in the CTF until the child is 13, at which point it will begin to move into a lower risk Homeowners High Income Fund, with the entirety of the savings moving into this account by the time the child is 17 years old.
It has been claimed by the firm that it hopes to gain a £1.8 billion share in the CTF market by 2009-10.
Parents of children born since September 1st 2002 have been given a voucher worth at least £250 for investment by the government – the firm's forecast for the value of its fund in four years time is based on this.
Legal & General claims that its contribution rate of £5 will make the maintenance of a trust fund easier for families – particularly those with more than one child.
Research recently published by Mintel suggests that half of all parents in the UK with one child save with a trust fund, while only 35 per cent of parents with three or more children are saving.
Clare Stracey of Legal & General said: "We believe that parents, who may be considering how to invest a voucher for their child would be reassured by the Legal & General brand which has been built on offering investors value for money investment."
The Legal & General Child Trust Fund will be sold across the UK through a range of 440 advisers.
Related News : Banking |
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Related News : Legal and General |
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