To be annoyed with HMRC re. Child Trust Fund

[Emprexia]

I didn't bother setting up the Child Trust Fund for DS because i didnt want it, and don't agree with trust funds.. savings accounts are much more useful.

DS is 16mo old and this morning i got a letter from RBS saying that HMRC has instructed them to set up a fund in DS's name, and that they'd be sending me the details.

Only it was address to my Maiden Name.. i've been married 3.5 years.. i called them to let them know of the error, and they said the only way they can change it is for me to either send them my marriage certificate, or go into an RBS branch and have them take a copy.

so... let me get this straight, you want me to send you my marriage certificate so you can change my INCORRECT details on a Child Trust Fund account i do not want and did not ask you to set up.

Yeah.. right.

Kaishay, I have difficulties reconciling your position.

You disagree with the orinciple of CTF, you don't want it for your son, you think it is daft your son can only access it at 18. Fair enough, then leave well enough alone and DON'T DO ANYTHING. The govt will invest it for your son (sensibly into a stakeholder shares account for maximum potential growth over 18 years). It does not affect you. And if you don't care about it for 18 years, it does not matter what your name is.

So why are you whinging about having to change your name on the CTF account? You wrote: "Its the annoyance that if i want to change it from a stakeholder fund to savings.. which now we have it that i do want to do, that i have to go through the faff of taking my marriage cert to an RBS branch somewhere..

So do you want it or don't you want it?

Isn't this a bit like complaining that you are eligible for child benefit but you don't want it and feel hassled that they keep insisting you are eligible and asking what account should they pay it into?

I'll have it.

What a ridiculous moan, your position is one of total ignorance. Your son deserves the money, same as everyone else, save it for him and accept an admin error for what it is.

blueshoes

its there for DS, i might not have been bothered about it, but now its set up, i have a responsibility to look after it for him.

Part of that means that if we move, i need to keep them updated on his details, and to do that, my details need to be correct.

it was your responsibility to sort it out for him in the first place

Kaishay,
When I got mine for my Ds2, It was a voucher, with a number, and I could chose wich bank to approach to put it in, from a list. Nothing to do with the government really, in that respect, they just give you the money, you chose where to put it, and a few year later they may add more money into it. I have not added any money to it, but already it has during the last 2 1/2 years grown by 100 pounds! I am very happy to sit here and do nothing and watch the money grow.

It is a pain they have the incorrect name, dont bother about it. Just leave it, forget the account and the money is there, that is what I have done.

There is no reason why your child shouldnt also have an account where you and your family can actively contribute money to it.

I resent posts calling OP an ignorant git, that is in itself pretty ignorant and "git-ish"

Good Luck.

kaishay, what a hassle to have to look after something that will only benefit your son at 18, a time when he would be most in need of seed money. Now I understand why you want the money paid at 18.

Did you know that money even at modest rates of interest can double its value over 18 years - that is the beauty of compound interest. And the CTF is also a tax shelter.

Well, whether you like it or not, at 18, your son is going to compare with his peers how much he is getting from his CTF. Some of his friends may very well get £20-40K. So I reckon you should at least make the effort with the marriage certificate,

We worked out that if we paid all The Boy's child benefit into his trust fund he would, with a modest rate of return, have enough to pay his university fees.

Then we worried that he might not, at 18, be at a life stage where a great wad of cash is a good idea. So we decided to open a savings account for the child benefit.

Then we just decided to spend it.