Overview
- HMRC and the Treasury have begun an awareness drive focused on contacting 21-year-olds to help them find and claim their Child Trust Funds.
- Officials say about 750,000 accounts remain unclaimed, with average balances near £2,240 for people now aged 18 to 23.
- The funds were set up for those born between September 1, 2002, and January 2, 2011, and holders can use the GOV.UK “find my Child Trust Fund” tool to locate accounts that unlock at age 18.
- Labour peers David Blunkett and Richard Walker are calling for legislation that compels providers to reunite balances with their named owners, citing roughly 780,000 unclaimed accounts worth about £1.6 billion.
- They highlight barriers for tens of thousands of potential claimants with disabilities and propose using PAYE and student loans records to verify identities and return the money.