I have a client where we are planning for school fees, one of his children will start boarding in the new academic year and the other two won’t be far behind.
He had been using the Close Brothers school fees plan to help with funding over the last few years but we agreed to take a new tact from September. Thankfully this has meant the withdrawal of the plan recently has not caused my client too much stress as we were already looking at discontinuing it's use in our planning.
However I would imagine this is not the case for other parents who are now wondering how to approach future funding. Obviously the alternatives will depend on individual circumstances but talking to the school about flexible arrangements maybe a good starting point, along side reviewing how to use your current capital and income to meet the liability.
Date: 3rd April, 2014
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