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Twefs reborn as Children&#39s Mutual

Tunbridge Wells Equitable Friendly Society is changing its 122-year-old name as it relaunches itself as Children&#39s Mutual.

Under the new brand, the society aims to provide support services and investment veh-icles for parents and IFAs to create portfolios for children.

The move comes after consumer research showed more people claimed to recognise the then non-existent Children&#39s Mutual than had heard of Twefs.

According to the research, more than three-quarters of parents who use financial advisers believe the industry needs to do more to encourage them to save for their children&#39s future. Children&#39s Mutual wants to help parents and IFAs use a range of savings vehicles such as Isas and friendly society tax-exempt savings plans to save for a child&#39s first car, higher education, trip around the world or anything else requiring long-term planning.

The portfolio allows contributions by grandparents and other family members to be made tax-efficiently. It can include any number of the company&#39s Isas and with-profits savings plans. Equity Isa investment will be managed by UBS Global Asset Management.

The society will continue to offer its existing baby bonds and university bonds.

Sales director Ian Grimsell says: “We are redefining a 122-year-old organisation to give mums and dads what they need for their children&#39s futures. We know the 18-year-old of the future will need a lump sum of money, whether it is for higher education, starting a business, travelling around the world or for buying their first car. We will help parents understand the cost of these now and in the future. We recognise that mums and dads cannot prepare their children for everything in life but they can prepare them financially with the right specialist help.”


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