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If you were born between 1 September 2002 and 2 January 2011, there is a possibility that you are entitled to a share of £1.5bn. Many children born in the UK during this period have a Child Trust Fund, with over 780,000 young people unaware that they may eventually claim an average of £2,000. Between 2002 and 2011, parents and caregivers were encouraged to establish CTFs with a bank or building society and were able to make additional deposits into the account after an initial sum was added by HMRC.
In cases where the setup was not completed by a child’s first birthday, HMRC automatically established a CTF without families being aware. Approximately 500,000 default CTFs were created, with around half of them for children from lower-income families. Initially, HMRC contributed £250 to every CTF, or £500 for babies from lower-income households, with additional payments made when the child turned seven.
Upon reaching their sixteenth birthday, young individuals can take control of the fund and access the funds at age 18, with the choice of withdrawing the funds or transferring them to an adult ISA. The first individuals with CTFs are now turning 18, with money remaining in the CTF until claimed by the individual. It is estimated that more than 670,000 eligible young people have not yet accessed their funds.
To locate a CTF, individuals are advised against using claim management firms that take a cut of the fund upon discovery. Instead, they can easily find out where their funds are held by visiting gov.uk and providing their National Insurance number and date of birth. Responses from HMRC are typically received within three weeks. CTFs for children in care are managed by The Share Foundation, which can also help individuals locate their CTF.
Cllr Liz Parsons, Cabinet Member for Children’s Social Care, highlighted the importance of young people in Liverpool being aware of their entitlement to access their Child Trust Fund. Even if families have not made further contributions, the interest accrued on HMRC’s deposits means there is likely a significant sum waiting to be claimed. It is urged that individuals unsure of the provider holding their fund visit gov.uk and request a check using their National Insurance number and date of birth. This money belongs to the individuals, and the goal is for Liverpool’s youth to make the most of it by taking a few minutes to request a check
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