Unclaimed Child Trust Funds: How to Track Down Yours
UKPulse Consumer Desk
Over 750,000 child trust funds remain unclaimed in the UK, with many parents unaware of their existence or how to access them. We explain how to track down your fund and claim it.
- More than 750,000 child trust funds are unclaimed in the UK
- Parents can check if they have a fund using HMRC's online tool
- Claiming a child trust fund is a relatively straightforward process
The UK government introduced Child Trust Funds (CTFs) in 2005 to encourage parents and carers to save for their children. The funds were provided with a £250 or £500 contribution, depending on the child's age at the time.
However, it has been estimated that over 750,000 CTFs remain unclaimed, with many parents unaware of their existence or how to access them.
HMRC has made it easier for parents to check if they have a fund by introducing an online tool on its website. To use the tool, parents will need their National Insurance number and the child's date of birth.
Once parents have found out if they have a CTF, they can claim it by contacting HMRC directly or using its online service. The process typically takes a few weeks to complete, although this may vary depending on individual circumstances.
Why this matters: Unclaimed CTFs represent a significant amount of unclaimed savings, with many children missing out on potential investments for their future.
What this means for you: This story may affect household budgets, bills, savings, benefits or financial planning depending on your circumstances. Check whether the change applies to you before making financial decisions.