child trust fund

[billb]

tell me again why exactely am i paying for your kid???

[wolves_wanderer]

Same reason I'm paying for hospitals, roads in wales, social security etc. I might need them one day.

[westy04]

I dont know, but thanks anyway :-)

[billb]

westy04 said:

I dont know, but thanks anyway :-)

git!! isnt child allowance enough for u lot?!! does everyone get child trust fund or is it dependant on income?

[Plotloss]

Its dependant on income a little.

So if you're chav scum you get £500 but if you pay your taxes like a good boy you get £250 odd depending on date.

Its also only for children born after 1st September 2002.

Oh and the reason is being given, its a pension replacement as my daughter has absolutely no chance in hell of getting a state pension regardless of how much she will contribute over her working life...

[Plotloss]

You dont need to do anything at all, you should have recieved a letter recently saying its coming.

Also, if you contribute £27 a month which is the max, by the time your daughter is either 18 or 21 (cant remember) its going to be worth almost £40K

Which in 2020 something should get you a bag of crisps...

[leosayer]

billb said:

tell me again why exactely am i paying for your kid???

So that he'll be able to have a massive piss-up on his 18th birthday. Oliver says thanks!

[cosmoschick]

Plotloss said:

Its also only for children born after 1st September 2002. Oh and the reason is being given, its a pension replacement as my daughter has absolutely no chance in hell of getting a state pension regardless of how much she will contribute over her working life...

She's not alone...

What about all those children born just a couple of years or so before this date? Are they guaranteed to receive a state pension? How has it been worked out?

[JULIANHJ]

Plotloss said:

You dont need to do anything at all, you should have recieved a letter recently saying its coming. Also, if you contribute £27 a month which is the max, by the time your daughter is either 18 or 21 (cant remember) its going to be worth almost £40K Which in 2020 something should get you a bag of crisps...

The max is £1200 a year (£100 per month). The fund is untouchable until the child is 18, when only they can access it.

anonymous said:

[redacted]

It's administered by the Inland Revenue, and they use the child benefits records to issue vouchers.

[simpo two]

Bollox.

What about car trust fund? I have two cars, but not children. Where's my slice of the benefit pie then?

[danhay]

CTF is a good thing, firstly it'll mean future 18 year olds PHers will have some money for a car.

Also, it's paying my mortgage at the moment.

www.family.co.uk

The Govt will also be making further contributions to the fund in the coming years.

[vixpy1]

Its a good idea, but a bad idea to allow the child access to the money when they are 18.

[JULIANHJ]

danhay said:

CTF is a good thing, firstly it'll mean future 18 year olds PHers will have some money for a car. Also, it's paying my mortgage at the moment. www.family.co.uk The Govt will also be making further contributions to the fund in the coming years.

Dan, you work for Family??? Me too! (I'm a CSR bod on the CTF team)

[JULIANHJ]

vixpy1 said:

Its a good idea, but a bad idea to allow the child access to the money when they are 18.

Lots of parents are saying this to me. The answer? You've got at least 16 years to educate them!

[docevi1]

vixpy1 said:

Its a good idea...

I'm of the opinion it's a terrible idea.

It raises too many questions in my brain and an awful lot of resentment in that there is now a generation who have royally been finicially shafted in life - Since I took the Labour route and chose to go to Uni I have to pay tution fees and don't get any grants or any real help from the goverment to do so. I have £9.9k of loans which are increasingly all the time as do many people of my generation.

Go back a few years and people aren't in such a bad finicial state as I. Go forward a few years and grants are looking like they'll come back in (both Lib Dem & Tory want them), maybe Top-Up Fees will be around however.

Add to that in 15 years time there will be a group of 18 years olds who will suddenly be quite wealthy and have a lot of spending power where people of 19/20/21 don't...

Can Labour/Goverment keep up the payments for ever now or will they stop in 5/10 years time creating a short gifted generation?

What about families with a child of 3 and a child of 2 - one gets £1k from the goverment minimum, the other gets bugger all...

In my, un-educated, viewpoint this is a bloody terrible idea.

>> Edited by docevi1 on Friday 28th January 22:10

[alfaman]

billb said:

tell me again why exactely am i paying for your kid???

abso-bloody-lutely : why should single people on low(er) incomes for example subsidise child allowance and ing trust funds for the children of wealthy families ??!

Wealthy friends of mine always use the child allowance for the second skiing holiday ! - it should be means tested at least.

[simpo two]

docevi1 said:

Since I took the Labour route and chose to go to Uni I have to pay tution fees and don't get any grants or any real help from the goverment to do so. I have £9.9k of loans which are increasingly all the time as do many people of my generation.

I was a student from 79-85: the so-called Thatcher years that all the trendies like to scoff at. Tuition was FREE for all. Students from poorer familes got a FULL grant for maintenance (about £500 a term); I got about half that. I emerged with a BSc and no debt.

What happened to Labour's idea of free education for all?

[Frik]

simpo two said:

I emerged with a BSc and no debt.

Interesting. My BEng has cost me about £20,000.