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Scottish Friendly, the Glasgow-based mutual life organisation that has taken a radical position on the Government’s proposals to allow CTF transfers to Junior ISAs, has announced the launch of its own new Junior ISA.
The Scottish Friendly My Choice (Junior ISA) is an investment (or stocks and shares) Junior ISA (JISA) and is part of the mutual’s highly successful suite of “My ISA” investments. Uniquely, My Choice (Junior ISA) allows investors in the JISA to set up individual ‘pots’ for their payments to the child’s JISA that can be earmarked for particular goals.
It means that for the first time, parents, grandparents, aunts, uncles and all who contribute to the child’s JISA can direct their payments – and can sub-divide their payments. A parent’s payments into their child’s JISA, for instance, can be directed into a specially named ‘pot’ for, say, “university fees” while payments set up by Aunt Anne could simply be set up by her as “Aunt Anne” or “Gap Year”. The total of all payments in any one tax year must not exceed the annual JISA limit.
Neil Lovatt, Scottish Friendly’s sales and marketing director said: "Scottish Friendly has applied the wrap technology we used to launch our My ISA range to great success at the start of 2013 to develop this exciting new JISA. It means that wrap technology which until now has really only been available at the ‘top end’ of the market is now available to all in a contract that has until now not been considered from a wrap technology perspective. We believe this is a first for the industry and it means that rather than lumping all Junior ISA money in one pot, it can now be split into different pots leaving parents more in control of the investment. As well as having the ability to keep track of the value of each person’s payments. It also means that payers, too, can see exactly the value of their own contributions over the years, rather than the contributions being bundled together with those of other payers."
"Parents, and the child as he or she grows up, will be able to see how each of the ‘pots’ that have been set up within the child’s JISA are proceeding to the goal of university fees or a first car, whatever. It helps those making payments and the child to get a hands-on sense of financial planning – something that’s increasingly important."
Parents and children will be able to see the progress of the Junior ISA online at any time at Scottish Friendly’s customer interface, My Plans.
Other details of the Scottish Friendly My Choice (Junior ISA):
The value of investments can rise as well as fall and the original investment amount is not guaranteed.
Tax treatment depends on individual circumstances and tax law may change in the future.
Scottish Friendly has taken a radical position on HM Treasury’s consultation paper on allowing the transfer of savings from a Child Trust Fund to a Junior ISA. Scottish Friendly feels the Government should transfer, or merge, all CTFs to Junior ISAs whereas the Treasury’s proposals would only allow individual transfers from a CTF to a JISA.
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.