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ScotFriendly joins CTF band

Scottish Friendly joins a handful of other firms which have opted to offer the Government’s child trust funds.

The Glasgow-based friendly society follows Liverpool Victoria and The Children’s Mutual into the market.

Contributions to the CTF will be invested in Scottish Friendly’s managed growth fund, a Standard & Poor’s four-star-rated Oeic launched May 1999.

Scottish Friendly is targeting the Scottish market but says it eventually intends to pursue a share of the CTF market across the UK.

The Government will send out information packs and vouchers from January. Parents will be able to open an account with their chosen provider as soon as they receive a voucher although no money will go in until April 6, 2005.

The Government is backdating the initiative so that every child born on or after September 1, 2002 is eligible. It will kickstart the accounts with an initial lump sum of either 250 or 500, depending on family income.

Scottish Friendly chief executive Bob Thomson says: “We have strong track record for providing balanced investment which we feel are an ideal vehicle for the CTF, given its long-term nature.”

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