Your CTF Statement Explained

In case you need a quick reference and don’t have your CTF account details at hand, we’ve compiled a list of the key terms used within your statement.

 

Account type: There are two types of CTF: A Stakeholder and Non-Stakeholder version.

Amount: This is the value that has been paid in on that transaction.

Annual Management Charge (AMC): This is the charge for managing the account. For Non-Stakeholder CTFs the AMC is taken before your annual bonus is applied. For Stakeholder CTFs, the AMC is taken before the unit price is declared. The AMC amount depends on the type of CTF account that you have.

Balance as at…: This is the value of the CTF at that date.

Correspondent: This is the person we will write to if no registered contact has been set up to manage the account.

CTF: This stands for Child Trust Fund.

Current bonus rate: For Non-Stakeholder CTFs, this describes the current bonus rate which will be applied to the CTF. Bonuses are added to the account on the Member’s birthday each year and once added can not be removed. This rate is variable and can change.

Date of birth: This is the Date of Birth of the CTF account holder/Member.

Fund type: This describes the type of fund that your CTF invests in.

Member: This is the name of the Member/account holder who owns this CTF?

Money in…: How much money has been paid during this statement period.

 

Non-Stakeholder CTF: Our Non-Stakeholder CTF invests in our With Profits fund, which offers a low to medium risk investment by investing in shares, property, bonds and cash. This type of CTF guarantees the money paid into it, plus any bonuses added to the account, will be available to the child for withdrawal or re-investment on their 18th birthday.

Number of Units: For Stakeholder CTFs, this is the number of units purchased on that transaction date.

Registered Contact: This is the person who looks after the account on behalf of the Member. If the Member is aged 16 or over then they can apply to manage their own account. Take a look at our hub page – Becoming a Registered Contact for more information. 

Stakeholder CTF: A Stakeholder CTF has to meet certain Government criteria. Our Stakeholder CTF is invested in a unit-linked fund which invests in a spread of equities designed to track the performance of the FTSE All-Share index. The return on investments is dependant on the performance of the fund and its underlying assets. It is important to remember that what your child gets back may be less than the contributions made.

Statement period: This is the period from when you received your last statement to this statement.

Total units as at: For Stakeholder CTFs, this is the total amount of units you hold at this date.

Transaction type: This describes the type of transaction that has been made.

Unit price: For Stakeholder CTFs, this is the price for each unit purchased or held on that date.

URN: This is the Unique Reference Number for this CTF account.

 

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Please Note: You must confirm you have read the key facts, before downloading this document.

Key Facts about our services and costs

1. The Financial Conduct Authority (FCA)

The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

2. Whose products do we offer?

We offer products from the whole market

We only offer products from a limited number of companies

We only offer our own products

3. Which service will we provide you with?

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not:

  • conduct a full assessment of your needs;
  • offer advice on whether a non-stakeholder product may be more suitable.

We can only offer products from Kingston Unity Friendly Society. These products will enable you to:

  • protect yourself and your loved ones in the event of death
  • save and invest with the added benefit of protecting yourself and your loved ones in the event of death
  • provide benefit cover in the event of sickness

4. What will you have to pay us for our services?

Normally, if you buy a financial product direct from us, there will be no payments such as commission or fees payable. If there are any commission or fees payable, we will tell you how we get paid and the amount before we carry out any business for you.

5. Who regulates us?

Kingston Unity Friendly Society, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and .the Prudential Regulation Authority. Kingston Unity Friendly Society’s FCA Registered Number is 110056.

Kingston Unity Friendly Society permitted business is advising and arranging life assurance and pensions business.

You can check this on the FCA’s Register by visiting the FCA’s website www.fsa.gov.uk/register or by contacting the FCA on 0845 606 1234.

6. What to do if you have a complaint

If you wish to register a complaint, please contact us:
…in writing Write to Kingston Unity Friendly Society, Complaints Department, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ. …by phoneTelephone (01924) 240164

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

7. Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Most types of insurance business are covered for 90% of the claim with no upper limit.

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