engage press releases
April 2005
Secretary of State to find out how superstore markets Child Trust Fund
Secretary of State for Work & Pensions Alan Johnson MP will visit supermarket chain ASDA to see how the public is reacting to its new child savings initiative.
The Child Trust Fund (CTF), supplied in partnership with financial organisation engage Mutual Assurance, has been flying off the shelves after its recent launch in the store and the added incentive of up to £25 in George vouchers when opening a fund has proved a hit with customers.
During his visit to the Hessle Road store, in Hull tomorrow (Friday), the minister will talk to ASDA colleagues responsible for introducing the CTF product as well as one who qualifies. He will also have a chance to discuss finance with shoppers.
Andrew Haigh, Chief Executive at engage Mutual Assurance, will meet the minister during the event.
He said: "We worked very closely with the Government on the development of its Child Trust Fund initiative, and I am looking forward to meeting the minister and hearing his views.
"Our relationship with ASDA is going extremely well and our Child Trust Fund is proving very popular with the public."
A Child Trust Fund is a special savings account available to all children born on or after September 1, 2002. The Government is in the process of issuing each of these children a voucher for £250 or more (lower income families will get £500) to invest in a CTF - which will only be available through Inland Revenue approved providers.
Parents will be able to top the fund up by up to £1,200 per year and the growth on the money will be tax-free. Vouchers began going out to families from January 2005, with CTFs becoming available to invest in from April.
Gev Lynott, ASDA's director of financial services, said: "The ASDA Child Trust Fund provides an easy and accessible way for parents to start saving on a regular basis for their child's future. Even though Child Trust Funds don't officially go live until next Wednesday (April 6), we're encouraging people to get cracking now with their saving so their child's fund benefits from the investment from the word go."
PHOTOCALL: The Minister will be available for photographs at 2.30pm at the ASDA store Hessle Road, Hull.
For more information contact:
Alexander Cowen Wright (office) 01423 855013
Corporate Affairs Manager engage Mutual Assurance (mob) 07976 876346
- engage Mutual Assurance is a trading style of Homeowners Friendly Society, launched earlier this year. The organisation is also the primary sponsor of the Rugby Super League - now renamed engage Super League, which is enjoying growing popularity with record attendance at matches over Easter.
- Established in 1980, Homeowners Friendly Society Limited is Registered and Incorporated under the Friendly Societies Act 1992, Reg.No.964F, and its wholly owned subsidiary Homeowners Investment Fund Managers Limited, Registered in England No 3224780 are authorised and regulated by the Financial Services Authority. Homeowners Friendly Society Limited's FSA Register number is 110072, and Homeowners Investment Fund Managers Limited's FSA Register number is 181487. You can check this on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234. For more information on Homeowners visit our web site on www.homeowners.co.uk or www.engagemutual.com
ASDA Child Trust Fund
Customers are able to pre-register for an ASDA Child Trust Fund by visiting www.asda.com and going to the financial service
link or by calling ASDA customer services on 0500 100 055.
As an added incentive, ASDA will be offering customers up to £25 in George vouchers when they take out a CTF.
When you apply online you get £15 worth of vouchers (you get £10 if you apply by post or phone), and a further £10 worth
after setting up a direct debit.
The ASDA Child Trust Fund is provided by engage Mutual Assurance - which is a trading name of Homeowners Friendly Society - and is the ninth
financial services product to be launched by ASDA in the past 18 months.
ASDA Insurance
ASDA offers a range of insurance products including motor, travel, home, pet, level and decreasing term life insurance as well as a credit and store card. For further details please call:
Motor: 0845 300 5771
Home: 0845 300 5772
Travel: 0845 300 5773
Pet: 0845 300 5774
Life: 0845 600 2732
Credit and store card: 0870 125 2552
Child Trust Fund: 0500 100 055
Details of ASDA's full financial services offering are also available in all of its 274 stores or by visiting www.asda.com
engage Mutual Assurance is a trading name of Homeowners Friendly Society Limited and its wholly owned subsidiary engage Mutual Funds Limited. Both are authorised and regulated by the Financial Services Authority.