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Scheme to reunite teenagers with forgotten cash

Written by: Emma Lunn
A Child Trust Fund (CTF) register has been set up to help young people locate their CTF more easily.

The register is a collaboration between CTF providers, data management specialists The Tracing Group, and registered charity The Share Foundation.

So far Natwest, OneFamily, Royal Bank of Scotland, Forester’s Financial and Shepherd’s Friendly have committed to joining the register.

CTFs are long-term children’s saving accounts set up by the government. They were designed to ensure children arrived at adulthood with a savings account and understood the importance of saving.

CTFs were issued to almost all children born in the UK between 1 September 2002 and 2 January 2011. All money earned in the CTF is tax-free, and when the account holder turns 18, the mature CTF can either be cashed in or transferred to an adult ISA.

The first CTFs started maturing in September 2020.

The new register will bring together the expertise of The Tracing Group in tracing ‘gone away’ individuals and the insight of ShareFound, who have been supporting account administration and the financial education of children in care for the past 15 years.

Young people aged 16 or over attempting to trace their CTF should check first with their parents or guardian and, if they cannot help, visit to register for the search.

There is no cost to the young person for this service. In simple cases and where the provider has joined the CTF Register, the website will be able to return to them the details of the provider who is holding their fund.

ShareFound has been working with the government to support young people in care to access and make the most of their CTFs and Junior ISAs since 2005.

It has extended its work to help disadvantaged young people, particularly those with one of the 1.7 million ‘revenue allocated’ CTFs compulsorily allocated to a provider when parents or carers did not engage in the account set up process, to help them find their CTF account.

Gavin Oldham, chair of The Share Foundation, said: “Reuniting lost child trust funds with their rightful owner is a key part of our work, and I’m thrilled to have so many of the CTF providers engaged with the register so we can work together to bring more CTFs under the control of the young adults who need them.”

Euan Allison, chief executive officer at Foresters Financial, said: “As we manage the largest amount of funds for children’s investments in the UK, we are delighted to be a part of this important initiative. As an organisation driven to share not shareholder driven, it is important to us that every teenager is able to access their savings and make choices when turning 18.”

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