West Lancashire MP Rosie Cooper is encouraging families with children aged between 8 and 17 to check whether their child has up to £1,000 of Government contributions in their name. The Child Trust Fund Scheme was launched in 2005 and awarded a cash endowment to all children born after 31 August 2002.
This endowment was £250, or £500 depending on household income. When the child reached seven another payment was to be added of the same amount. The Chancellor at the time, Gordon Brown, said that this scheme was created to ensure that ‘every child has assets and wealth, and that no child is left out’.
Whist the Government stopped the scheme in 2010, there are still a number of children and parents that are unaware that they have a Child Trust Fund with money that can be accessed in the coming years. Children can take control of the money at 16 and withdraw the money at 18.
The Share Foundation charity estimate that in West Lancashire there are 9,785 children aged 8 – 16 who have a Child Trust Fund account in their name.
West Lancashire MP Rosie Cooper said:
“This could be a good opportunity for many children across West Lancashire to start saving for a bright future.
“Families may have been unaware that their child was in receipt of these endowments at the time and so I encourage any family whose child was born between 1 September 2002 and 2 January 2011 to submit a request to HM Revenue & Customs.
“It is essential that we make the most of this Government scheme which intended to lay a strong foundational support for young people.”
If you believe that you may have a Child Trust Fund in you or your child’s name, you can put in a request for access with HM Revenue & Customs at: https://www.gov.uk/government/organisations/hm-revenue-customs/contact/child-trust-fund