Stephanie Peacock, Member of Parliament for Barnsley South, is encouraging people aged 18 to 24 to check whether they have a Child Trust Fund they can claim.
Child Trust Funds were set up by the last Labour Government as long-term, tax-free savings accounts for young people born between 1 September 2002 and 2 January 2011. The Government paid an initial £250 into every eligible child’s account, rising to £500 for children from lower-income families, with a further top-up paid when the child turned seven. More than 750,000 young adults across the country still have unclaimed matured accounts. Anyone eligible can contact their provider directly or ask a parent or guardian if they are unsure who this is. To check whether they have one, young people can visit https://www.gov.uk/child-trust-funds/find-a-child-trust-fund.
Stephanie Peacock MP said:
“Many young people in Barnsley may not realise they have a Child Trust Fund waiting for them, set up by the last Labour Government to give children a helping hand.
“If your parent or guardian did not open one for you, HMRC may have opened one on your behalf.
“It only takes a couple of minutes to check. I would encourage every eligible young person in Barnsley to find out more and claim what is theirs.”
ENDS
Notes to Editors:
More information on Child Trust Funds is available on GOV.UK: https://www.gov.uk/child-trust-funds