Child Trust Fund

(asked on 25th April 2023) - View Source

Question to the HM Treasury:

To ask His Majesty's Government what steps they will take to ensure that the Child Trust Fund payments for children born between 1 September 2022 and 2 January 2011 are taken up in full.


Answered by
Baroness Penn Portrait
Baroness Penn
Minister on Leave (Parliamentary Under Secretary of State)
This question was answered on 5th May 2023

The government is committed to helping people access the savings and money they are entitled to and continues to explore new routes to reunite young people with their Child Trust Funds.

While primary responsibility for communicating with account holders and their registered contact lies with Child Trust Fund (CTF) providers, HMRC works closely with providers, the wider industry and the Money and Pensions Service to ensure that young people are aware of, and can access, their CTFs. This includes requiring CTF providers to write to their customers to inform them of their options in their 17th year and to provide statements annually after the account holder turns 18.

HMRC also issues a range of communications through regular press releases, social media posts and by providing resources for key intermediaries who have greater influence and visibility amongst the CTF audience.

The government’s current plans will reunite the vast majority of accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many accounts remain open and judge when it is appropriate to intervene in other ways.

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