Millions of pounds in Child Trust Funds (CTFs) remain unclaimed, potentially amounting to £2,212 for each eligible individual. The Share Foundation urges those born between September 1, 2022, and January 2, 2011, to check if they have an unclaimed CTF. The government-backed scheme provides a simple online tool to locate providers and claim the funds.
If your birth date falls between September 1, 2022, and January 2, 2011, you might unknowingly have a sizeable amount of money awaiting you. The Share Foundation has raised the alarm about approximately £1.4 billion in Child Trust Funds (CTFs) that remain unclaimed, spread across 728,000 accounts. For each account holder, an average sum of £2,212 could be claimed, which includes an initial deposit of £250 made by the government.
Individuals gain control over their CTFs at 16 but can only withdraw funds when they turn 18. It's crucial to realise that these savings are not held by the government but are with banks or other financial institutions, where they will remain until they are either withdrawn or transferred into another investment vehicle. Gavin Oldham from The Share Foundation advises: 'If you are 18-21 years old, the government would have put money aside for you shortly after birth. This investment would have grown quite a bit and it's in your name.' To lay claim to your CTF, the first step is to identify who the provider is. In case you're unsure, there's no need to worry – the government provides an online search tool to help, requiring just your National Insurance Number and date of birth for access. This service can be utilised by parents or guardians for children under 18, or by individuals aged 16 and above searching for information on their own trust fund, reports the Express. Once the provider is ascertained, they can be reached directly to find out the current balance and the ways to withdraw the money.The Share Foundation, in alliance with The Tracing Group, has rolled out a complimentary service dedicated to aiding individuals in finding their Child Trust Fund (CTF). Together, they have established a CTF Register that compiles data on all pertinent addresses related to 'gone away' or 'never registered' CTF accounts from cooperative providers. When adolescents register their details with the Share Foundation, this information is matched against the register to help pinpoint any potential accounts they might have
CHILD TRUST FUNDS UNCLAIMED SAVINGS FINANCE GOVERNMENT SCHEME INVESTMENTS
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