How Do 18-year-olds Access Their Child Trust Fund?
Thousands of children have had a pot of money building up for them as they grow thanks to a Government initiative launched near the start of the millennium. The Child Trust Fund (CTF) was launched way back in 2005 and has been available to all children born between September 1, 2002, and January 2, 2011, when they were replaced by the Junior ISA. Many of these children are now adults who have reached 18 and can now access their CTF for themselves, but how exactly do they go about it?
The CTF was originally funded with a minimum of a £250 voucher from the Government, but additional money could be added by friends and family, to create a larger fund for the child to access when they reached 18. The funds were set up for children would have been identified through child benefit claims, so children who were being looked after by the local authority as well as those with their own parent or parents might have a CTF. The only exception would be those children who were subject to immigration control, according to the Low Incomes Tax Reform Group (LITRG).
However, given the amount of time that has passed since the funds were set up, it is understandable that some people may have lost the information about their CTF. But those funds are still yours, so you should put a plan in action to find them. Some companies will offer to help you find the lost accounts in return for a fee, but there is no reason to pay someone to help you. It is easy enough to find them yourself with a bit of legwork.
How can I find my CTF?
Finding your CTF could be simple if your contact details have remained the same – or have been updated as you have moved around by you or your parents or guardian. If this is the case, then the provider your CTF is with will write to you directly when you reach 18.
If you or your parents or guardian haven’t kept your details up-to-date, then you will need to put in some effort to access the money. The LITRG suggests the best way to start this is by speaking to the person who would have dealt with the opening of your CTF, if you can, and find out if they remember any details about the provider.
If they can, then you would need to give them your unique reference number which is on the CTF voucher you would have got originally. You should also have your National Insurance number handy– you would have received this when you reached age 16. You would need to pass this information to your provider so they can locate your fund for you.
What if I don’t know who my CTF is with?
If you don’t know who your CTF provider is, then you need to do a bit more work to access that cash. Any child over 16 can get information about their fund, but it cannot be accessed until the child reaches 18. Finding out could be something a parent or guardian chooses to do for you before you reach 18. Either way, there are several ways you can do this.
One of the easiest is to use the free service offered by HMRC. There is an ‘Ask HMRC to find a Child Trust Fund’ section on Gov.uk, online where you can fill in the information requested, and either submit the information online or you can print the form off and send it by post.
Another free service is offered by ShareFound, but this is only available to the person aged over 16 who believes they may have a CTF of their own. Once you know who your provider is, you can then decide when you want to access your fund – but remember, if you start your search at 16 or 17, you can’t access the fund until you reach 18.
Even if you don’t find your provider or access your money right now, the CTF will stay safe until you do.
We can help you
If you think you or your child may have a CTF they can access but you feel unsure about what to do, or the fund has been accessed and you need advice on what to do with the money, then please get in touch with us and we would be happy to help you.
