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What to do with a CTF for a child approaching 18?

4 replies

maggiethecat · 23/03/2021 13:02

We added money to the amount that the government gave dd. I know it's her money but I'd like to guide her on how to deal with this lump sum before she turns 18 this summer.

I was looking at it and in summer 2019 it was valued at £11.5K and now is only about £9.5K 😱

I see that she can spend it, transfer into an adult ISA including a lifetime ISA. Has anyone dealt with their dc's fund and what did you do?

Also, I'm thinking of putting some money into the fund before the end of this tax year and maybe some at the start of the new tax year to max out how much she can have in the account as I think if she leaves the money in the matured product she cannot add to it. Does this make sense?

OP posts:
nannynick · 23/03/2021 19:06

If she is willing, take £4k out as cash and pay that in to a Cash Lifetime ISA - use it to build up a first property deposit. Cash Lifetime ISA because buying a property is likely within the next 5 years. If the time period will be longer then could consider using a Stocks & Shares Lifetime ISA.
I don't know if a transfer counts for getting the Lifetime ISA bonus, which is why taking it out as cash may be necessary. I would check with the provider of the Lifetime ISA as they may have a way £4k of the CTF can be transferred to a Lifetime ISA and get the bonus with the remainder transferred to a ISA.
Withdrawing from the CTF at age 18 I think is Tax Free, so there should be no issue with taking some out as cash if that is necessary, rather than doing a transfer.

The other £5.5k could be put in to a S&S ISA. This is then accessible whenever they want but with the intention of it being there long term.

They could also split with putting some in to a Pension or SIPP. This option would depend on if they have earned income. Without any earned income the max they can put in to Pension/SIPP is £2280 per tax year. If they have earned income, then they can put in to pension up to their earned income or £40,000 in the tax year, whichever is the smaller.

I'm thinking of putting some money into the fund before the end of this tax year and maybe some at the start of the new tax year to max out how much she can have in the account as I think if she leaves the money in the matured product she cannot add to it. Does this make sense?
Not sure what you mean. She does not get access until she is 18 in the Summer, so I can't see how you can do anything with it before 6th April 2021. Certainly once age 18 it should be moved as quickly as possible to another wrapper... be that Lifetime ISA, ISA or Pension/SIPP.

Something else to consider:
£4k to Lifetime ISA in Summer 2021 - remainder as cash, could put it in Premium Bonds.
£4k to Lifetime ISA on 6th April 2022
At this point Premium Bonds would have £1500, which is a good starter emergency fund, for urgent car repairs, visiting a sick relative costs etc.
Lifetime ISA would have had £8k paid in and got £2k of bonus, so come about June 2022 there would be £10k in that.

What they do with the money when they are 18 may depend on what they are doing when they are 18. If they are going to further education they may have some costs for things to pay towards for that. They may have driving lessons to pay for, a car to buy, car to maintain. So I would encourage them to invest most of it and spend some of it on things that are Needed to help them through the next few years.

maggiethecat · 23/03/2021 22:28

Thanks @nannynick
I quite like the idea of a lifetime ISA for her because it gets the bonus, hopefully will get her into the habit of contributing and should give her a lump sum for a house deposit or retirement.

In this case it seems sensible to put a substantial amount in a s&s lifetime ISA as it's for the longer term/has potential higher returns.

One thing that occurs to me is that the CTF stakeholder fund is FTSE 100 tracker base which seems to have performed well.

Am I wrong in thinking that she cannot move to another ISA (eg lifetime one) and access the FTSE tracker?

Re: the second part of my query - I was thinking about paying in the maximum allowed and thought I could pay the maximum allowed before 5/4/21 and then after that before her birthday in summer pay another maximum amount but I since realise the maximum is limited to once per birthday year.

OP posts:
nannynick · 24/03/2021 06:37

The FTSE tracker you refer to is probably a fund. Depending on the platform being used, that exact same fund may be able to be brought within the Lifetime ISA wrapper.
In the CTF account, see if you can find the full name of the fund and the KID (Key Investor Document). Keep that detail and then before Lifetime ISA is opened, see if you can find that same fund on the Lifetime ISA providers funds list. You might not but you might find one very similar.
There are many funds to choose from, some will be more globally diverse than the FTSE 100.

maggiethecat · 24/03/2021 23:45

Thanks @nannynick
I will have a look. There is a lot to consider!

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