Millions of Child Trust Funds (CTFs) were issued in the UK between 2002 and 2011, but many account holders remain unaware of their existence. This government-backed savings scheme provided families with a head start on saving for their children's future, with an average value of around £2,000 per account. An estimated £1.4 billion remains unclaimed, with low-income recipients potentially owed an average of £2,900 each. This article explains how to determine if you have a CTF, how to claim your funds, and resources available to assist in the process.
Thousands of British citizens may be entitled to a significant financial windfall through a government-backed scheme known as Child Trust Funds ( CTF s). Introduced by former Prime Minister Gordon Brown, CTF s were designed to encourage savings habits from a young age by providing families with a head start on building a nest egg for their children. More than six million CTF s were issued between September 1, 2002, and January 2, 2011, with an average value of approximately £2,000 each.
Each child born during this period whose parents received Child Benefit had a CTF automatically opened for them. The government contributed £250-£500 to these accounts at birth and an additional £250-£500 when the child turned seven. However, a substantial amount of money remains unclaimed, with an estimated £1.4 billion sitting idle. A significant portion of this unclaimed amount comes from low-income recipients, who are owed an average of £2,900 each. Approximately 728,000 account holders are unaware of their CTFs. If you were born in the UK between September 1, 2002, and January 2, 2011, and your parents received Child Benefit, you may have a CTF. The first step in claiming your potential payout is to inquire with your parent or guardian about the account provider. If they are unable to recall the information, you can utilize a free tool provided by HMRC. Simply input your National Insurance number and any relevant adoption details. Within three weeks, you will receive a letter containing account details, allowing you to contact the provider for further information and instructions on claiming your funds. Alternatively, you can reach out to the Share Foundation, a free service that can assist in tracing lost CTFs, particularly if the account was transferred to a different provider. Their platform also tracks the application process and offers valuable financial awareness tips. It's important to note that numerous companies may attempt to charge fees for locating your CTF. Financial experts strongly advise against engaging with these services, as the process can be easily completed independently
Child Trust Funds CTF Savings Unclaimed Funds Government Scheme HMRC Share Foundation Finance Tips
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