Bishop David has asked us to be in touch regarding the Child Trust Funds that were set up for children born from 1St September 2002.
Almost all of these young people will have an individual Child Trust Fund account, typically worth over £1,000. They are allowed to take control of their account from age 16, and to access their funds from age 18 (the oldest will reach this age on 1 September). However, one third of these accounts, although being safely administered with account providers, are lost to their young owners and their families, as ‘Addressee Gone Away’ an estimated 15,180 in the Manchester Diocese alone.
The Share Foundation, the registered charity, established in 2005 which runs the Department for Education’s Child Trust Fund and Junior ISA schemes for looked-after young people throughout the UK, has worked closely with HM Revenue & Customs to set up a recovery process by which these young people can find their account:. There are no fees or charges applied at any stage to the young people or their accounts - the service is entirely voluntary, and one of the major account providers, RBS, is helping to cover costs.
With secondary schools unable to operate normal studies during the continuing lockdown, this online course of action could materially benefit these young people: particularly those from disadvantaged backgrounds, where the rate of lost connection is greatest.
The money in their Child Trust Fund accounts, plus free life skills courses which we provide alongside the search process, will make a real difference for their start to adult life.
For more information please go to http://www.sharefound.org/missingmoney