How Can I Access My Child's Trust Fund?

Sheffield Mutual cannot confirm where your Child Trust Fund is held. If you need to locate a Child Trust Fund, start by contacting HMRC.

For UK children born between 2002 and 2011, the British Government established the ‘Child Trust Fund’ (CTF).

When Child Trust Funds were allocated, qualifying families received a voucher. Initially, the value of these vouchers was £250 or £500 for lower-income families, but this value was reduced to £50 in 2010, in line with changes to the Government’s savings policies.

Then, in 2011, the Child Trust Fund was abolished and replaced by the Junior ISA, allowing families to start saving for their children. However, a large number of Child Trust Funds remain invested, and some recipients may not even know that money is invested for them.

In this article, we will explain how you can find out where your Child Trust Fund was opened.

Do I Have A Child Trust Fund?

If you are a UK resident who was born between 1st September 2002 and 2nd January 2011, it is likely that you have a Child Trust Fund, even if you are unaware of it.

This account is held in the child’s name, not the parent's or guardian's, which means it cannot be accessed until the child reaches 18.

If you were born between September 2002 and January 2011 and your parents received a child benefit, you likely have a Child Trust Fund.

What Happened To My Child Trust Fund Voucher?

When the government distributed money for Child Trust Funds, it was delivered to families as vouchers valued at either £50, £250 or £500.

Parents were then able to choose their own Child Trust Fund provider. However, if the parents failed to redeem these vouchers, the voucher's value was designated to one of these providers. As a result, many people who own a Child Trust Fund do not know where that fund is held.

Where Is My Child Trust Fund Now?

If you believe you have a Child Trust Fund but do not know where this is held, the UK government has set up a useful webpage to help users locate their Child Trust Funds, as well as a specific enquiries page for people trying to locate their funds.

Sheffield Mutual do not know where your Child Trust Fund is held. The only way to find this information (if you or your family are not already aware of the provider) is by contacting HMRC.

Can I Have A Child Trust Fund And A Junior ISA?

The Junior ISA was designed to replace the Child Trust Fund. As a result of this change, savers cannot hold both a Child Trust Fund and a Junior ISA at the same time. If you are a recipient of a Child Trust Fund and want to hold a Junior ISA, you must contact the trust fund provider and ask for the value to be transferred to a Junior ISA.

What Can I Do With A Child Trust Fund?

Once a Child Trust Fund has been located, there are several ways it can be utilised.

If you are over the age of 18, you can leverage one or both of the following:

• Withdraw the value: One option when you have found a Child Trust Fund is to withdraw the value as cash. 

• Convert into an ISA: After the age of 18, a Child Trust Fund can also have the value added to an ISA.

If you are under the age of 18, there are also two options available:

• Keep the Child Trust Fund: Depending on your circumstances, there may be no reason to change your Child Trust Fund. Child Trust Funds have the same £9,000 annual limit (birthday to birthday) on contributions as a Junior ISA, therefore allowing those with less than £9,000 in their fund to continue making contributions.

• Convert into a Junior ISA: If you are interested in opening a Junior ISA, but already have a Child Trust Fund, you would need to have the value of the trust transferred into the Junior ISA. To begin this process, contact your Child Trust Fund provider and ask about their process for converting your trust into a Junior ISA.

Consider Opening A Junior ISA With Sheffield Mutual

Although we do look after thousands of CTF’s which people can pay into, Sheffield Mutual cannot open or trace Child Trust Funds; our Junior ISAs have been designed to help families plan for their children’s financial futures.

Our range of Junior ISA products includes the Sustainable Junior ISA for families who want to support children whilst investing in a fund with strong sustainability standards.

If you are interested in learning about Children’s Savings or other types of investments, but aren’t sure if a Junior ISA is right for you, consider using our product selector to help you discover a great option for saving and investing.

If you would like to know more about our products or have any questions, please contact us, and a member of our team will be happy to answer your questions.

This article provides generic information and the writer's opinions and should not be relied upon for investment decisions. Sheffield Mutual has provided no advice. If you doubt whether a savings or investment plan suits you, consider contacting a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting www.unbiased.co.uk or www.vouchedfor.co.uk. Advisers may charge for providing such advice and should confirm any costs beforehand.