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Balls says child funds beating expectations

Over £100m in voluntary contributions has been contributed to child trust funds in the first 16 months, according to data from the Pep and Isa Managers’ Association.

It says its survey of CTF providers shows that nearly 30 per cent of accounts are getting additional contributions. It says £20 is the average monthly direct debit contribution, equating to £240 per account a year and nearly £75m in total contributions a year in total.

Pima director general Tony Vine-Lott says: “These results are extremely encouraging. Parents are taking the right steps to save for their child- ren’s future.”

Treasury Economic Secretary Ed Balls recently unveiled the first annual CTF report, saying there had been significant extra contributions to the products. Balls said the Treasury will do more to promote the product in the run-up to Christmas with an advertising campaign as well as a CTF Week promotion in January.

Balls says: “The CTF’s success has exceeded our expectations but I want to do more, including for children in care.”

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