To ask His Majesty's Government what steps they are taking to ensure families yet to claim their Child Trust Fund can receive the funds to which they are entitled as soon as possible.
12 July 2023
The government is committed to helping people access the savings and money they are entitled to and continues to explore new routes to reunite young people with their Child Trust Funds.
While primary responsibility for communicating with account holders and their registered contact lies with Child Trust Fund (CTF) providers, HMRC works closely with providers, the wider industry and the Money and Pensions Service to ensure that young people are aware of, and can access, their CTFs. This includes requiring CTF providers to write to their customers to inform them of their options in their 17th year and to provide statements annually after the account holder turns 18.
HMRC also issues a range of communications through regular press releases, social media posts and by providing resources for key intermediaries who have greater influence and visibility amongst the CTF audience.
The government’s current plans will reunite most accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many accounts remain open and judge when it is appropriate to intervene in other ways.