CTF (Child Trust Fund) - what happens to it when you emmigrate?
Jun 14th 2008, 10:31 pm
#1
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Location: Under the glow of my new visa
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CTF (Child Trust Fund) - what happens to it when you emmigrate?
We have maxed out our UK CTFs for both our kids for the past couple of years. Has anyone had any experience with what happens to this money when emmigrating to Oz?
- CDM
- CDM
Jun 14th 2008, 11:26 pm
#2
broken but got a visa! :
Joined: Apr 2006
Location: seaford,adelaide
Posts: 1,515
Re: CTF (Child Trust Fund) - what happens to it when you emmigrate?
It stays as it is, transfer the address to family/friend etc as it has to have a uk addy, they hold it open etc and send yearly reports on to that address.
Jun 15th 2008, 8:37 am
#3
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Joined: Jan 2008
Location: still in the UK!!!
Posts: 1,104
Re: CTF (Child Trust Fund) - what happens to it when you emmigrate?
we dont have much in there, but good to know...
Jul 15th 2008, 4:39 pm
#4
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Joined: Nov 2001
Location: Under the glow of my new visa
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Re: CTF (Child Trust Fund) - what happens to it when you emmigrate?
CTFs haven't been around that long so nobody problaly knows the answer to this but what do you suppose happens when the child eventually turns 18 and is legally entitled to the money? How does the money get from where it is to the young (and hopefully responsible) adult - particularly if they are, presumably, in Australia?
I called the CTF help-line today but they were useless. Initially, they told me that the child would have to 'show up in person' with appropriate ID to withdraw the money. When I pressed them on this, they agent went to speak to a supervisor and then came back and quoted from a document he had. Clearly, they had no idea what to tell me.
Eventaully, I was told that I would need to contact the 'bank' where the money is held and ask them for their sya on the matter.
- CDM
I called the CTF help-line today but they were useless. Initially, they told me that the child would have to 'show up in person' with appropriate ID to withdraw the money. When I pressed them on this, they agent went to speak to a supervisor and then came back and quoted from a document he had. Clearly, they had no idea what to tell me.
Eventaully, I was told that I would need to contact the 'bank' where the money is held and ask them for their sya on the matter.
- CDM
Jul 15th 2008, 8:50 pm
#5
Joined: Mar 2007
Posts: 20
Re: CTF (Child Trust Fund) - what happens to it when you emmigrate?
HI, I just had the same conversation with CTF. They told me that I could change the name of the person who is responsible for the CTF ie. me and change it to someone like my mum who would then be able to draw it out on behalf of my son when he reached 18. How true this is I wont know till then but I will persue this because we have added money in to this fund, hope this helps.
