View more on these topics

AMP offering 13 funds on child savings plan

AMP is broadening its product range with its first child savings product.

The plan will be sold primarily through the tied salesforce. It was developed after feedback from its advisers showed a demand for a savings product tailored for children.

The product has 13 fund options within an Oeic structure, including socially responsible investment. Minimum monthly contribution is £25, which can be made on a child&#39s behalf by any adult over 18. Premiums can be increased in £10 steps and money can be partially withdrawn as long as £1,000 minimum is maintained.

AMP says it costs on average £87,000 to bring up a child up to 16, taking only general only into account. It points out that the costs of supporting children after 16 – such as university education or a wedding – are considerable. It says the average cost of a university education is £18,954 and likely to rise to £27,000 in 15 years&#39 time if inflation is taken into account.

Director of advisory services Andy Halstead says: “Our financial planners deal with people ever day who require advice to get their finances back on track. They then realise how important it is to plan their finances and many see the benefits of investing for their children to give them a financial headstart.

“We have designed a product that is simple and affordable. People have the choice of 13 funds, three of these are socially responsible funds. Only one other provider offers this option on a child savings product. It gives people the chance to invest in their children&#39s financial and environmental future.”

Recommended

Raising standards consults on mergers

If a merger were to take place between two life offices both having the Raising Standards Quality mark, they could retain their kitemark according to proposals published by the scheme this week.But if a life office were to take over or be bought by a rival without the quality mark, the other life office would […]

Deutsche Asset Management – DWS UK Opportunuities Fund

Tuesday, 20 August 2002 Type: Oeic Aim: Growth by investing in UK equities Minimum investment: Lump sum £1,000, monthly £25 Investment split: 100% in UK equities Isa link: Yes Pep transfers: Yes Charges: Initial 4.25%, annual 1.5% Commission: Initial up to 3% Tel: 0800 917 0005

Alliance & Leicester International – Offshore 180 Plus Account

Thursday, 22 August, 2002 Type: Offshore high interest account Minimum-maximum investment: £50,000-£1m Place of registration: Isle of Man Interest rates: 4.4% gross a year Term: Until further notice Offer period: Until further notice Withdrawal penalties: 180 days&#39 loss of interest on amount withdrawn Contact: www.allianceandleicester.co.uk

Healthsure plans for the future

Healthsure has introduced a healthcare cashplan, futures, aimed at the corporate market as part of employee benefits packages.Futures offers cash towards one health screen within every 24 month period, plus cash for GP or specialist consultations, X-rays, scans, eye tests and a helpline for stress counselling, legal queries and domestic problems.The plan has two levels […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com