engage press releases
5th July 2005
engage Mutual Assurance presses government to extend Child Trust Fund initiative
Andrew Haigh, Chief Executive at engage Mutual Assurance, today urged the Government to make its Child Trust Fund (CTF) initiative available to millions more children.
Andrew Haigh, Chief Executive of engage Mutual assurance meets Rt Hon David Blunkett MP who attended the IPPR conference on the ‘The Asset State: the future of welfare’ at Interbrand in The Strand. The event was sponsored by engage Mutual Assurance.
Speaking after a London conference about the future of welfare in the UK – attended by the Rt Hon David Blunkett MP – Mr Haigh appealed to the Government for the date of eligibility for CTF (currently September 1, 2002), to be rolled back as far as national coffers would allow – thereby boosting the savings of potentially millions more youngsters.
In support of his appeal Andrew Haigh said: “We have seen a strong take up of Child Trust Funds at engage, and in particular through our retail partner ASDA. However, our CTF customers want to be able to save for their older children too.
“We have strong evidence to suggest that CTF’s are indeed encouraging additional saving – with more than 50% of our applicants setting up regular Direct Debits to pay into their child's account.
"We would very much welcome the opportunity to share with the Treasury our experience to date and work with them to identify ways which develop this thinking further, such as extending the qualifying date for the CTF initiative beyond September 1, 2002."
engage offers the CTF and an alternative child savings plan* which caters for children who are not eligible to receive the CTF as well as those who are.
Mr Haigh made his appeal at the IPPR conference on the ‘The Asset State: the future of welfare’ at Interbrand in The Strand. The event was sponsored by engage Mutual Assurance.
For more information contact:
Linda Lowe at Polhill communications on 020 7655 0500 or email l_lowe@polhill.com
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engage Mutual Assurance is a trading style of Homeowners Friendly Society.
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 engage Mutual Assurance visit our website at www.engagemutual.com
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* The engage Mutual Assurance Child Savings Plan is tax exempt unit linked whole of life assurance.
The product is a stock market based, unit linked investment, the value of which may fall as well as rise and the child may not get back all that has been invested for them.
The maximum investment level is £25 per month or £270 per year. Minimum contributions are £10 monthly or £110 per year. Premiums are also available at £15 and £20 monthly and £160 and £220 per year. There is no minimum age of entry for the child into the product, the maximum age of entry is 15.
The minimum payment term is 10 years. There is then an option to continue paying premiums for a further 10 years or proceeds can be rolled over.
An engage Mutual Assurance Child Savings Plan may be opened for a child which has a CTF as well as those who are not eligible.
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.