Abbey Child Trust Fund customers reassured

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Abbey Child Trust Fund customers reassured

Thu 2nd Mar 2006

Parents who are allocated the Abbey Child Trust Fund (CTF) by the government have been issued with a statement from the bank informing them of its features.

All parents who have had children after September 1st 2002 will have been issued with a £250 voucher with which to start a trust for their child.

If parents do not invest their voucher in 12 months it will be invested for them by the government in any one of a number of accounts, one of these being an Abbey Child Trust Fund.

Abbey claims the fund is the only one to invest in international accounts and recorded a 13 per cent rise in the £250 investment by the end of 2005.

Reza Attar Zadeh, head of banking at Abbey, said: "Ideally, parents should invest their CTF voucher with a provider of their choice but given that 450,000 people still haven't taken action, it's great to see the government step in to make sure every child's money is invested."

Parents are entitled to switch accounts, if they are unhappy with the one they have been allocated.

The bank also pointed out that it provides an Abbey Child Trust Fund non-stakeholder account and top-up contributions can be made to both of the schemes up to a level of £1,200 per year.

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