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Pre-budget report- Chancellor to pay CTF top-ups to children at age seven

The Government has pledged to make additional payments into kids’ Child Trust Funds accounts when they reach age seven.
In his pre-budget speech, the chancellor vowed to make an additional payment of 250 to children and 500 to the poorest kids. Eligibility will be measured in the same way as for the initial payment and the payment will be made automatically with no need to claim.
The Chancellor estimates around 40 per cent of children will receive the higher payment.
Providers F&C and Nationwide welcomed the move saying the additional payment will help drive interest in the product.
AITC communications director Annabel Brodie-Smith says: “To achieve the maximum benefit the Child Trust Fund must be linked to financial education. Top ups at age seven would provide an ideal opportunity for children and their parents to learn about investing through hands on experience and would have wider long-term benefits than the monetary value.”


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