The Children's Mutual
| Industry | Family savings and insurance |
|---|---|
| Founded | 1881 |
| Headquarters |
 Bromley, Kent, England, UK |
Key people |
Euan Allison, Managing Director George Mohacsi, Chairman |
| Website | www.thechildrensmutual.co.uk |
The Children's Mutual is a trading name of the Forester Fund Management Limited, which is part of Forester Life, a Foresters Family of Companies in the United Kingdom, which is a fraternal benefit society.
Previously, The Children's Mutual was a trading name of the Tunbridge Wells Equitable Friendly Society Limited, a mutual organisation, until the Society's business was transferred to Forester Life in April 2013.[1]
History
The organisation behind The Children’s Mutual brand has a long and distinguished history. Established in 1881, what later became the Tunbridge Wells Equitable Friendly Society (TWEFS), was formed to provide a scheme for working people to help protect them against loss of income during illness and build up a lump sum for their old age.[2]
When the National Insurance Bill was launched in 1911, The Company were one of the friendly societies chosen to help the Government administer the new state scheme. Over time, The Company expanded into other areas of financial services, especially long-term savings for children, which increasingly became their specialism. In 2003 TWEFS re-launched as The Children’s Mutual to recognise this specialist positioning and to prepare for the launch of the Government’s new Child Trust Fund (CTF) scheme.[3]
In April 2013, The Children's Mutual and The Tunbridge Wells Equitable Friendly Society transferred their engagements to Foresters Life, following a member vote at the Special General Meeting in February.[4] To this day The Children's Mutual brand continues to be used as part of the Foresters family of Companies.
Operations
The Company's provides a range of products focussed on providing share-based stakeholder and non-stakeholder Child Trust Fund accounts. In addition the Company offer a Shariah stakeholder Child Trust Fund which recognises that a significant number of Muslim parents want to be able to access the advantages of the scheme in a way that complies with their faith.[5] The Children’s Mutual also provides the Growing Up Bond, a share-based investment plan. In 2008, the company was the recipient of Best Child Trust Fund provider for 2006, 2007 and 2008 from Investment Life & Pensions Moneyfacts Awards. In the 2006 Financial Adviser Service Awards, The Children’s Mutual won a 4 Star Award in the Life and Pension Provider Category.
The company acts as partner for a range of well known financial services and child-orientated brands in providing Child Trust Funds, such as Boots, Asda, Mothercare and Lloyds TSB.[6] The total number of members and other customers that The Company serves more than doubled from 330,000 to well over 700,000 between 2006 and 2007, with funds under management increased from around £600 million to nearly £1 billion.[7]
It is estimated that one in five new CTF accounts actively opened by parents is placed with The Children's Mutual.[8]
Following the transfer of engagements to Forester Life, existing and new customers of The Children's Mutual will continue to be managed by Forester Life.
Headquarters
The company’s head office was based in Tunbridge Wells.[9] Since the transfer, its parent company, Forester Life, is based in Bromley.