The 'lifestyling' of stakeholder child trust funds (CTFs) by providers should begin when account holders reach age 15, two years later than currently, the government has proposed.
Financial secretary David Gauke announced on 22 July the government will formally consult in 2015 on the application of the lifestyling requirement to over four million stakeholder CTFs. He said a number of respondents to the government's recent consultation on the transfer of funds from CTFs to Junior ISAs (JISAs) questioned the value of lifestyling for many CTF holders. "The government wishes to explore this issue further through consultation with CTF providers, account holders, parents and other interested groups," Gauke said. The consultation will take place alongside the gover...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
