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1687680

registered interest
date	05/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Trust Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the letter from the Economic Secretary to the Treasury to The Share Foundation on 23 January where he stated that "the government currently has no plans to introduce a 'Default Withdrawal at 21' process" for unclaimed and unregistered HMRC-allocated child trust funds, what are their reasons for declining this proposal.
tabling member printed	Baroness Lister of Burtersett
uin	HL2202
answer	answer is ministerial correction date of answer 19/02/2024 answer text <p>The government carefully considered the proposal outlined in The Share Foundation’s letter of 24 November 2023 and decided it was not deliverable for several reasons.</p><p> </p><p>The Share Foundation have proposed a complex scheme which would require the co-operation of ISA and Child Trust Fund (CTF) managers, other Government Departments and banks and building societies to identify the relevant young people (and whether they are in receipt of benefits or government payments) and to facilitate the transfer of information and funds between those agencies. Such a scheme is likely to engage with data protection issues and interfere with an individual’s right to manage their own financial affairs.</p><p>The Government attaches great importance to ensuring young people can access their matured CTFs. HMRC assists these young people through its online tracing service and through targeted communications appropriate to the age group. It will continue its work with providers, industry representatives and other stakeholders exploring ways of increasing the profile of CTFs and enabling account owners to be aware of and trace their accounts.</p> answering member printed Baroness Vere of Norbiton question first answered 19/02/2024 15:51:07 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4234 label Biography information for Baroness Lister of Burtersett

1687291

registered interest
date	02/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Trust Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what is the total number of unique search requests for child trust funds which have been entered to date by young people aged 16 to 21 into the Government Gateway and which have resulted in successful linkage to their accounts.
tabling member printed	Baroness Lister of Burtersett
uin	HL2166
answer	answer is ministerial correction date of answer 13/02/2024 answer text <p>For the tax years 2020-2021 to 2022-2023 HMRC replied, in total, to over 157,000 requests to trace Child Trust Fund (CTF) accounts. HMRC does not hold data on how many of those who made the request successfully linked to their CTF accounts. Some may be below 18 and seeking to trace their account in anticipation of account maturity. Others may have traced the account but decided not to access it at that point, withdrawn their CTF savings or may have transferred the savings to an ISA or other type of current or savings account. (HL2166)</p><p> </p><p>Primary responsibility for communicating with account holders and their registered contact (usually a parent) lies with the CTF account providers. The government is committed to helping people identify and access the savings they are entitled to and continues to explore new routes to reunite young people with their matured CTFs.</p><p> </p><p>HMRC actively engages with the industry, other government departments, organisations such as the Money and Pensions Service, and youth focused charities to raise awareness of CTFs amongst young people. HMRC also issues a range of communications and provides resources for key intermediaries such as the University and Colleges Admissions Service, who have greater influence and visibility amongst the CTF audience.</p><p> </p><p>The government’s current plans will reunite most accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many matured accounts remain open and judge when it is appropriate to intervene in other ways.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL2167 question first answered 13/02/2024 17:03:41 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4234 label Biography information for Baroness Lister of Burtersett

1687292

registered interest
date	02/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Trust Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to inform young adults with unclaimed child trust funds, particularly those from low-income backgrounds, how to access their accounts.
tabling member printed	Baroness Lister of Burtersett
uin	HL2167
answer	answer is ministerial correction date of answer 13/02/2024 answer text <p>For the tax years 2020-2021 to 2022-2023 HMRC replied, in total, to over 157,000 requests to trace Child Trust Fund (CTF) accounts. HMRC does not hold data on how many of those who made the request successfully linked to their CTF accounts. Some may be below 18 and seeking to trace their account in anticipation of account maturity. Others may have traced the account but decided not to access it at that point, withdrawn their CTF savings or may have transferred the savings to an ISA or other type of current or savings account. (HL2166)</p><p> </p><p>Primary responsibility for communicating with account holders and their registered contact (usually a parent) lies with the CTF account providers. The government is committed to helping people identify and access the savings they are entitled to and continues to explore new routes to reunite young people with their matured CTFs.</p><p> </p><p>HMRC actively engages with the industry, other government departments, organisations such as the Money and Pensions Service, and youth focused charities to raise awareness of CTFs amongst young people. HMRC also issues a range of communications and provides resources for key intermediaries such as the University and Colleges Admissions Service, who have greater influence and visibility amongst the CTF audience.</p><p> </p><p>The government’s current plans will reunite most accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many matured accounts remain open and judge when it is appropriate to intervene in other ways.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL2166 question first answered 13/02/2024 17:03:41 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4234 label Biography information for Baroness Lister of Burtersett

1676803

registered interest
date	11/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Trust Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government how many unclaimed Child Trust Funds are (1) currently outstanding and (2) outstanding where there is a continuing requirement for court approval to parents being able to access the Fund on behalf of their adult children.
tabling member printed	Lord Blunkett
uin	HL1045
answer	answer is ministerial correction date of answer 21/12/2023 answer text <p>Information on Child Trust Funds (CTFs) are available in HMRC’s Annual Savings Statistics<sup><sup>[1]</sup></sup>.</p><p> </p><p>(1) As of April 2022, there were 428,000 matured accounts continuing as CTFs that had not been claimed or automatically transferred to an ISA.</p><p> </p><p>(2) The Government does not hold information relating to the number of unclaimed Child Trust Funds where there is a need for a Power of Attorney or other court order to control their financial resources.</p><p> </p><p>[1] <a href="https://www.gov.uk/government/statistics/annual-savings-statistics-2023" target="_blank">https://www.gov.uk/government/statistics/annual-savings-statistics-2023</a></p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 21/12/2023 10:03:15 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	395 label Biography information for Lord Blunkett

1664682

registered interest
date	13/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Trust Fund
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to identify the number of unclaimed mature Child Trust Funds that have been claimed by account holders in the last 12 months.
tabling member constituency	Erith and Thamesmead
tabling member printed	Abena Oppong-Asare
uin	202531
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>HMRC publishes annual statistics on the number of matured CTFs that remain unclaimed together with the number of CTFs that have been claimed. The latest statistics were published in June 2023 and can be found here: www.gov.uk/government/statistics/annual-savings-statistics-2023. An update will be published in Summer 2024.</p><p><br> The government is committed to helping people identify and access the savings they are entitled to and continues to explore new routes to reunite young people with their matured CTFs.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 18/10/2023 11:29:05 answering member 4874 label Biography information for Andrew Griffith
tabling member	4820 label Biography information for Abena Oppong-Asare

1661964

registered interest
date	19/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Trust Fund
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what guidance his Department provides to the families of children with health conditions that are trying to access their Child Trust Funds.
tabling member constituency	Erith and Thamesmead
tabling member printed	Abena Oppong-Asare
uin	200475
answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>Although primary responsibility for communicating with account holders and their parents lies with Child Trust Fund (CTF) providers, the government is committed to helping people access the savings they are entitled to and continues to explore new routes to reunite young people with their mature CTFs.</p><p> </p><p>HMRC actively engages with the industry, other government departments, organisations such as the Money and Pensions Service, and youth focused charities to ensure that young people are aware of, and can access, their CTFs. HMRC also issues a range of communications and provides resources for key intermediaries such as the University and Colleges Admissions Service, who have greater influence and visibility amongst the CTF audience.</p><p> </p><p>The government’s current plans will reunite most accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many matured accounts remain open and judge when it is appropriate to intervene in other ways.</p><p> </p><p>If a child lacks the mental capacity to manage their account when they turn 18, a person with responsibility must apply to the Court of Protection (or equivalents in Scotland and Northern Ireland) for a financial deputyship order. While responsibility for the process and legislation relating to mental capacity rests with the Ministry of Justice and devolved administrations, the CTF guidance on gov.uk provides specific references to mental capacity and links to the relevant bodies in England and Wales, Scotland, and Northern Ireland.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 200477 200478 question first answered 19/10/2023 09:15:29 answering member 4874 label Biography information for Andrew Griffith
tabling member	4820 label Biography information for Abena Oppong-Asare

1661966

registered interest
date	19/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Trust Fund
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 24 April to Question 181792 on Child Trust Funds: what assessment his Department has made of the effectiveness of its policies on simplifying the process for families to access Child Trust Funds.
tabling member constituency	Erith and Thamesmead
tabling member printed	Abena Oppong-Asare
uin	200477
answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>Although primary responsibility for communicating with account holders and their parents lies with Child Trust Fund (CTF) providers, the government is committed to helping people access the savings they are entitled to and continues to explore new routes to reunite young people with their mature CTFs.</p><p> </p><p>HMRC actively engages with the industry, other government departments, organisations such as the Money and Pensions Service, and youth focused charities to ensure that young people are aware of, and can access, their CTFs. HMRC also issues a range of communications and provides resources for key intermediaries such as the University and Colleges Admissions Service, who have greater influence and visibility amongst the CTF audience.</p><p> </p><p>The government’s current plans will reunite most accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many matured accounts remain open and judge when it is appropriate to intervene in other ways.</p><p> </p><p>If a child lacks the mental capacity to manage their account when they turn 18, a person with responsibility must apply to the Court of Protection (or equivalents in Scotland and Northern Ireland) for a financial deputyship order. While responsibility for the process and legislation relating to mental capacity rests with the Ministry of Justice and devolved administrations, the CTF guidance on gov.uk provides specific references to mental capacity and links to the relevant bodies in England and Wales, Scotland, and Northern Ireland.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 200475 200478 question first answered 19/10/2023 09:15:29 answering member 4874 label Biography information for Andrew Griffith
tabling member	4820 label Biography information for Abena Oppong-Asare

1661967

registered interest
date	19/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Trust Fund
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 24 April 2023 to Question 181783 on Child Trust Funds, what assessment his Department has made of the effectiveness of its work in making contact with account holders of unclaimed mature Child Trust Funds.
tabling member constituency	Erith and Thamesmead
tabling member printed	Abena Oppong-Asare
uin	200478
answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>Although primary responsibility for communicating with account holders and their parents lies with Child Trust Fund (CTF) providers, the government is committed to helping people access the savings they are entitled to and continues to explore new routes to reunite young people with their mature CTFs.</p><p> </p><p>HMRC actively engages with the industry, other government departments, organisations such as the Money and Pensions Service, and youth focused charities to ensure that young people are aware of, and can access, their CTFs. HMRC also issues a range of communications and provides resources for key intermediaries such as the University and Colleges Admissions Service, who have greater influence and visibility amongst the CTF audience.</p><p> </p><p>The government’s current plans will reunite most accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many matured accounts remain open and judge when it is appropriate to intervene in other ways.</p><p> </p><p>If a child lacks the mental capacity to manage their account when they turn 18, a person with responsibility must apply to the Court of Protection (or equivalents in Scotland and Northern Ireland) for a financial deputyship order. While responsibility for the process and legislation relating to mental capacity rests with the Ministry of Justice and devolved administrations, the CTF guidance on gov.uk provides specific references to mental capacity and links to the relevant bodies in England and Wales, Scotland, and Northern Ireland.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 200475 200477 question first answered 19/10/2023 09:15:29 answering member 4874 label Biography information for Andrew Griffith
tabling member	4820 label Biography information for Abena Oppong-Asare

1650575

registered interest
date	05/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Trust Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to ensure families yet to claim their Child Trust Fund can receive the funds to which they are entitled as soon as possible.
tabling member printed	Lord Field of Birkenhead
uin	HL9066
answer	answer is ministerial correction date of answer 12/07/2023 answer text <p>The government is committed to helping people access the savings and money they are entitled to and continues to explore new routes to reunite young people with their Child Trust Funds.</p><p> </p><p>While primary responsibility for communicating with account holders and their registered contact lies with Child Trust Fund (CTF) providers, HMRC works closely with providers, the wider industry and the Money and Pensions Service to ensure that young people are aware of, and can access, their CTFs. This includes requiring CTF providers to write to their customers to inform them of their options in their 17th year and to provide statements annually after the account holder turns 18.</p><p> </p><p>HMRC also issues a range of communications through regular press releases, social media posts and by providing resources for key intermediaries who have greater influence and visibility amongst the CTF audience.</p><p> </p><p>The government’s current plans will reunite most accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many accounts remain open and judge when it is appropriate to intervene in other ways. <br></p> answering member printed Baroness Penn question first answered 12/07/2023 12:45:22 answering member 4726 label Biography information for Baroness Penn
tabling member	478 label Biography information for Lord Field of Birkenhead

1623905

registered interest
date	25/04/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Trust Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they will take to ensure that the Child Trust Fund payments for children born between 1 September 2022 and 2 January 2011 are taken up in full.
tabling member printed	Lord Hylton
uin	HL7440
answer	answer is ministerial correction date of answer 05/05/2023 answer text <p>The government is committed to helping people access the savings and money they are entitled to and continues to explore new routes to reunite young people with their Child Trust Funds.</p><p> </p><p>While primary responsibility for communicating with account holders and their registered contact lies with Child Trust Fund (CTF) providers, HMRC works closely with providers, the wider industry and the Money and Pensions Service to ensure that young people are aware of, and can access, their CTFs. This includes requiring CTF providers to write to their customers to inform them of their options in their 17th year and to provide statements annually after the account holder turns 18.</p><p> </p><p>HMRC also issues a range of communications through regular press releases, social media posts and by providing resources for key intermediaries who have greater influence and visibility amongst the CTF audience.</p><p> </p><p>The government’s current plans will reunite the vast majority of accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many accounts remain open and judge when it is appropriate to intervene in other ways.</p><p> </p> answering member printed Baroness Penn question first answered 05/05/2023 10:10:27 answering member 4726 label Biography information for Baroness Penn
tabling member	2018 label Biography information for Lord Hylton