Child Trust Fund
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the Share Foundation's proposal for an automatic release process for HMRC-allocated Child Trust Fund accounts; and whether the Government will introduce such a process using existing National Insurance number distribution channels.
Answered by Rachel Blake
The Government is aware of proposals for the automatic release of funds in unclaimed matured Child Trust Fund (CTF) accounts, where the account was opened by HMRC. These savings belong to the account holders and are held by private sector providers. The Government does not have the authority to access or transfer these funds.
The Government is committed to reuniting young people with their CTFs. HMRC works with providers, industry representatives and others to raise awareness and help individuals trace their accounts, including through targeted communications and a free GOV.UK tracing service.
The Government has also established a dedicated Taskforce to address unclaimed matured CTF accounts and improve outcomes for account holders. This brings together Government and industry to strengthen tracing activity, increase engagement, and support access to funds.
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