The Government will contact thousands of young people about
forgotten Child Trust Funds (CTFs) in a bid to reunite account
holders with their accounts, worth £2,200 on average.
CTFs were introduced by the Government in 2005 to ensure every
child had a concrete stake in our economy and access to an asset
on which to build a financial future once they reached 18.
The scheme ran for children born between 1 September 2002 and 2
January 2011.
The Government is undertaking an extensive awareness campaign
urging young people to locate their CTFs through the free “Find
My Child Trust Fund” service on GOV.UK. As it stands too many
young people are unaware they have a CTF and over 750,000
accounts are unclaimed. The Government is determined to act so
every young person that has a CTF is aware of how to access it.
In order to build on existing efforts, HMRC will be writing to
all 21-year-olds whose accounts remain unclaimed to make them
aware they have a CTF.
In addition, the Economic Secretary to the Treasury, , convened a roundtable earlier
this week with CTF providers from across the sector to identify
how the sector can go further in reconnecting savers with their
CTF accounts, and how Government and industry can coordinate
their efforts to greatest effect.
Economic Secretary to the Treasury, , said:
Hundreds of thousands of young people in this country don't know
they have a CTF, let alone how to access it. Some will have a
couple of thousand pounds sat there that would really help them
as they begin adult life.
I'm determined that those who have CTFs are made aware they have
this money.
Together, we will ensure funds from these Child Trust Funds can
be accessed by young people to help give them the best start to
adult life.
Notes to editors
- HMRC already provide a free “Find My Child Trust Fund”
service on GOV.UK to help connect savers to their CTF provider.
- Regular publicity campaigns to raise awareness of Child Trust
Funds are targeted to young people and their parents and include
press activity, broadcast, social media, stakeholder and paid-for
partnerships.
- Alongside this, HMRC is taking further targeted action to
help young people access their Child Trust Funds by writing to 21
years olds whose accounts remain unclaimed to make them aware
they have a CTF account and encourage them to claim it. 21 has
been chosen as HMRC believes that at that age, most young people
will have had some interaction with HMRC either through PAYE or
student finance, resulting in an up-to-date address information.
- Young people can access the CTF provider finder tool
here.
Roundtable attendees
- Simon Gallimore, CEO, Unity Mutual
- Nici Audhlam-Gardiner, CEO, Forester Life Ltd
- Jim Islam, CEO, Family Equity Plan Limited (Trading as One
Family) & Engage Mutual Funds Ltd
- Gail Thomson, Business Risk & Oversight Lead, Royal Bank
of Scotland Plc
- Tom Riley, Group Director of Retail Products, Nationwide
- Martin Oates, Head of Wealth & Private Bank Operations,
HSBC
- James Short, General Manager, Pilling & Co Stockbrokers
Ltd
- Peter Green, CEO, Rechabite Friendly Society Ltd (Trading as
Healthy Investment)
- Jamie Bellamy, CEO, Sheffield Mutual Friendly Society
