Are you approaching, or have recently turned, 18 and want to know more about your Child Trust Fund (CTF), where it is held and the options available? Or are you a parent or guardian wanting to locate a Child Trust Fund to add to their savings pot for when they reach age 18?
CTFs were introduced by the Government for children born between 1st September 2002 and 2nd January 2011. They are long-term savings accounts launched to to encourage saving on behalf of a child. All CTFs started with a Government contribution and family members and friends had the opportunity to gift money.
With over 6.3 million Child Trust Fund vouchers given to parents, a quarter of these were allocated by HMRC, as they were not placed with a provider before the voucher expired.
HMRC believe that there are 700,000 Child Trust Funds that are lost – by this they mean that the person who is responsible for managing the Plan does not know who the provider is, or they have moved home and not informed the provider.