06/05
11 January 2005
Chancellor and Minister for Children launch Child Trust Fund
The Chancellor of the Exchequer Gordon Brown and Minister for Children Margaret Hodge today officially launched the Child Trust Fund (CTF), announcing the list of 75 official providers and distributors for the CTF.
With the first information packs and vouchers being sent out in the coming days and a major advertising campaign beginning on the 17 January, the Chancellor and Minister for Children addressed representatives of the participating firms this afternoon.
The Chancellor, Gordon Brown, said:
“Our aim is a Britain of ambition and aspiration where not just some but all children have the best possible start in life. The Child Trust Fund is designed to ensure that every child in our country has assets and wealth and that no child is left out and all children in Britain have a stake in the wealth of the nation.
2 million vouchers will start to be issued in the next few days to parents on behalf of all children born after September 1st 2002. So at age 18 every child, no matter what their background, will have some wealth from which to plan their future.
Today’s list of 75 providers and distributors provides a powerful symbol that a wide range of firms, from small friendly societies to some of the largest institutions in the country, share this Government’s vision for a strengthened savings culture.”
Minister for Children, Margaret Hodge, said:
“The Child Trust Fund is not only about giving all children an asset to use when they are 18 and encouraging saving - it is also about improving financial awareness. The Child Trust Fund offers the real advantage of bringing financial education to life and any discussion of the value of saving will be real rather than theoretical.”
The Financial Secretary to the Treasury, Stephen Timms, said:
“I am delighted with the response from financial providers and distributors to the Child Trust Fund. The list published today shows that there are institutions from across the financial services industry who collectively serve millions of customers every day, ready to accept Child Trust Fund vouchers from next week.”
The involvement of such a wide range of providers and distributors makes it easy for parents to get information about CTF accounts available and to open one for their child.”
Notes for Editors
1. The Child Trust Fund, announced in Budget 2003, is a new long-term savings and investment account for children.
2. All children born since September 2002 will receive an initial voucher worth at least £250, with those from low-income families receiving an additional £250 paid directly into their accounts, making £500 in total. Family and friends can contribute up to £1,200 a year to each account. There will be no tax to pay on the income or gains arising on the monies in the account.
3. Advance warning letters have already gone out to parents of children who may be eligible for the Child Trust Fund letting them know that they will be receiving an information pack and voucher early this year.
4. Child Trust Fund vouchers begin to be sent to parents on Monday 17 January 2005. The information packs will be sent out slightly ahead of the vouchers to make sure that parents recognise the voucher when it arrives and know what to do next. Information packs will include a list of providers and distributors. The Child Trust Fund website givesthe most up-to-date information as providers are added as soon as they are approved and distributors as soon as they make themselves known to the Inland Revenue.
5. A major Child Trust Fund advertising campaign will also launch on Monday 17 January 2005. The campaign will include TV, radio, press and poster advertising.
6. Child Trust Fund accounts become fully operational on 6 April 2005. Government payments into CTF accounts start after this date.
7. In the Pre-Budget report ‘Child Trust Fund consultation on age 7 top-up payments’ (Press Notice 5) the Government announced a consultation on a further universal payment of £250 age seven, with children from low-income families receiving £500.
8. Media enquiries should be addressed to Paul Kissack at the Treasury press office on 020 7270 5245.
9. Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk.
10.This press release and other Treasury publications and information are available on the Treasury website . If you would like Treasury press releases to be sent to you automatically by e-mail you can subscribe to this service from the press release site on the website.
List of Approved CTF providers
The list below shows providers approved as of 11 January 2004. For the most current list please visit the Child Trust Fund website :
Name of Provider Abbey National PEP & ISA Managers Ltd
Trading As Abbey National PEP & ISA Managers Ltd
Telephone Number 0800 302030
Name of Provider Ancient Order of Foresters Friendly Society Ltd
Trading As Ancient Order of Foresters Friendly Society
Foresters Friendly Society
Teddy Trust
Telephone Number 023 8022 9655
Name of Provider Britannia Building Society
Trading As Britannia Building Society
Telephone Number 01538 392741
Name of Provider Comdirect Limited
Trading As Comdirect
Telephone Number 0870 600 6044
Name of Provider F & C Management Ltd
Trading As F & C Management Ltd
Telephone Number 0800 136420
Name of Provider Family Equity Plan Limited
Trading As Family Investments
Telephone Number 0800 616 695
Name of Provider Forester Life Limited
Trading As Foresters
Telephone Number 0800 990022
Name of Provider Furness Building Society
Trading As Furness Building Society
Telephone Number 0800 220568
Name of Provider Halifax Investment Fund Managers Ltd
Trading As Halifax Financial Services
Telephone Number 0845 609 0064
Name of Provider Hanley Economic Building Society
Trading As Hanley Economic Building Society
The Hanley
Telephone Number 01782 255000
Name of Provider Homeowners Investment Fund Managers Ltd
Trading As Child Trust Fund.Com
Homeowners
Homeowners Friendly Society
Telephone Number 0800 028 0040
Name of Provider HSBC Trust Company (UK) Ltd
Trading As HSBC
Telephone Number 0800 520420
Name of Provider Independent Order of Oddfellows Kingston Unity Friendly Society
Trading As Kingston Unity Friendly Society
Telephone Number 0113 245 7131
Name of Provider Ipswich Building Society
Trading As Ipswich Building Society
Telephone Number 0845 230 8686
Name of Provider Liverpool Victoria Portfolio Managers Ltd
Trading As Liverpool Victoria
Telephone Number 0800 085 8811
Name of Provider National Westminster Bank Plc
Trading As Nat West
Telephone Number 0845 603 0313
Name of Provider Nationwide Building Society
Trading As Nationwide Building Society
Telephone Number 0800 302010
Name of Provider Pilling & Co
Trading As Pilling & Co Stockbrokers
Telephone Number 0161 819 4850
Name of Provider Police Mutual Assurance Society Ltd
Trading As Police Mutual Assurance Society
PMAS
Police Mutual
Telephone Number 0800 652 9327
Name of Provider Redmayne-Bentley Stockbrokers
Trading As Redmayne-Bentley Stockbrokers
Telephone Number 0113 200 6560
Name of Provider Reyker Securities plc
Trading As 4thekids
Telephone Number 020 7499 9097
Name of Provider Royal Bank of Scotland Plc
Trading As Royal Bank of Scotland
Telephone Number 0845 604 4500
Name of Provider Scottish Friendly Asset Managers Ltd
Trading As Scottish Friendly Asset Managers
Scottish Friendly
Telephone Number 0800 585 625
Name of Provider The Share Centre Ltd
Trading As The Share Centre
Telephone Number 0800 800 008
Name of Provider Skipton Building Society
Trading As Skipton Building Society
Telephone Number 08457 171 777
Name of Provider Tunbridge Wells Equitable Investments Company Ltd
Trading As The Children's Mutual
Telephone Number 0845 077 1899
Name of Provider Ulster Bank Limited
Trading As Ulster Bank
Telephone Number 0845 601 0120
Name of Provider Walker Crips Stockbrokers Limited
Trading As Walker Crips Stockbrokers Limited
Telephone Number 020 7253 7502
Name of Provider Yorkshire Building Society
Trading As Yorkshire Building Society
Telephone Number 0845 1200 100
List of CTF distributors
Allied Irish Bank (GB)
0845 601 0194
AXA Sun Life
0845 6075615
Baby Welcome
0845 608 0362
Barclays Bank Plc
0800 526 707
Blue Stripe Financial Services Ltd
01752 213850
Boots The Chemist
0845 600 1956
Bounty
0800 590084
C W Friendly Society
0800 064 0654
Chelsea Building Society
0845 850 0634
Cheshire Building Society
0845 602 0056
Civil Service Insurance Society
0845 60 77 444
Co-operative Insurance Society Ltd
0845 600 1953
Coventry Building Society
0800 085 86 26
Cumberland Building Society
Further details are available from outlets
David Newton & Co
01904 692949
Derbyshire Building Society
08456 004 005
Dunfermline Building Society
0845 607 8295
First Trust Bank
0845 601 0184
Grindeys Solicitors
01782 840519
Hargreaves Lansdown
0845 3655123
Kenneth Bush Solicitors (IFA)
01553 817926
Leeds & Holbeck Building Society
Further details are available from outlets
Leek United Building Society
0845 606 6357
Lloyds TSB
0845 601 0021
Loughborough Building Society
0845 602 0103
Lupton Fawcett
Further details are available from outlets
Melton Mowbray Building Society
0845 603 1037
Mothercare
0845 606 3127
NAAFI Financial
00800 85 85 84 84
NAAFI Financial (Cyprus)
00800 85 85 84 84
NAAFI Financial (Germany)
00800 85 85 84 84
National Childbirth Trust Charity
0870 444 8707
National Deposit Friendly Society Ltd
0117 973 9003
Newcastle Building Society
0191 244 2000
Norwich and Peterborough Building Society
0845 604 0242
Nottingham Building Society
0845 601 0126
POIS (Post Office Insurance Society)
0800 622 417
Post Office®
0800 169 7500
Principality Building Society
0845 045 0452
Progressive Building Society
Further details are available from outlets
Robinsons Solicitors
0845 226 0202
Sainsbury’s Bank
0800 7315 896
Stroud & Swindon Building Society
0500 800890
Teachers
0800 435 435
Universal Building Society
0845 604 4615
West Bromwich Building Society
0845 605 4128