The government's Child Trust Fund: Find your lost account
We spoke to RAF Benevolent Fund Welfare Benefits Advisor, Rebecca Relph, about how to find the lost Child Trust Fund accounts for children and young people in the RAF, aged 14-22.
What is the Child Trust Fund?
Child Trust Funds were set up by the government, designed to be a long-term tax-free savings account for all children born between 1 September 2002 and 2 January 2011 in the United Kingdom. The government gave each child an initial payment of £250 or £500, and families were encouraged to add to the savings pot. Accounts are controlled by parents until the child is 16.
From the age of 16, young people can manage their own accounts, although the funds cannot be withdrawn until the child is 18.
How much is the Child Trust Fund estimated to be worth?
The average amount in a Child Trust Fund is estimated to be around £2,000 as a result of growth over the years, including extra money put in by family and friends.
How can the Fund be accessed?
Many families did not set up their own account, so the government set one up for them. If you moved around frequently whilst serving in the RAF, you may have missed the paperwork for your child’s account and may not know that this account exists. These ‘lost’ funds are called ‘HMRC allocated accounts’ and there are around 449,000 of these accounts, holding £927 million.
If you weren’t aware that your child (or yourself) had a Child Trust Fund, and would like to track it down, you can do so using the links below:
- HMRC have a free tool: Child Trust Fund: Find a Child Trust Fund - GOV.UK.
- The Share Foundation have a free search facility: The Share Foundation.
What other support is available for members of the RAF Family?
If you would like more advice on income maximisation, please get in contact with our friendly benefits team by emailing advice@rafbf.org.uk or calling 0300 102 1919.