Tens of thousands of 18-year-olds could unwittingly be entitled to a disbursement of children’s trust funds established on their behalf
Tens of thousands of 18-year-olds could unwittingly be entitled to a payment from a children’s trust fund set up on their behalf.
The funds were launched 15 years ago, with every child born between September 1, 2002 and January 31, 2011 receiving a helping hand from the government in the form of a £ 250 voucher.
In some cases an additional payment of £ 250 was made if the child was born between 1 September 2009 and 31 July 2010. Poorer families received at least £ 500.
Helping Hand: Many funds will now expire without the account holder knowing they are eligible for the proceeds
Although many parents debited the new style savings account, others did not use the coupon. The government responded by creating a stakeholder account on behalf of the child.
Many of these funds now expire without the account holder knowing they are eligible for the proceeds.
This is especially true for those who have moved home in the past 15 years and thus have not received any paperwork. In some cases, the payouts may be four-digit amounts.
Eighteen-year-olds can find details of their fund at https://gov.uk/child-trust-funds/ find-a-child-trust-fund. Also, the Share Foundation charity can help people 16 and older find their fund.
From the age of 16, a person can take control of their account, but they cannot withdraw money until they are 18. Visit findctf.sharefound.org to fill out the form.
Those whose child’s trust fund is maturing can take the money – or invest it in a tax-friendly Isa.
On average, approximately 55,000 18-year-olds per month will be eligible for benefits between now and 2029.
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