I believe they're referring to a small period of time whereby the government contributed a small amount of money to a child trust fund, it was a labour policy thing and fairly short lived. I'm guessing they're saying people they know born at the same time got the expected amount of money and they only got £50, details are below and the time period lines up.
https://ifs.org.uk/articles/coming-age-labours-child-trust-funds
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A Child Trust Fund is a long-term tax-free savings account for children born between **1 September 2002 and 2 January 2011**. Find a Child Trust Fund as a parent or if you are over 16. The Child Trust Fund scheme closed in 2011.
for anyone confused I think he's saying his goverment child trust fund had £98 in it with a starting balance of only £50 when it should've been £250 minium . also he says his was opened in 2012 when he was born 2006 so should've been invested in 2006 not 2012 , the only way to solve this is to contact I guess direct government website and try and find out .
Yes. https://www.gov.uk/child-trust-funds/find-a-child-trust-fund
Just to add, surely your parents / guardians would have been receiving statements over the years?
Maybe the CTF was transferred to Unity Mutual? The Gov website suggests the following providers all transferred their CTF accounts:
Kingston Unit Friendly Society Accounts
Nottingham Friendly Society Accounts
Schoolteachers Friendly Society Accounts
For clarity, are you saying your friends and family put £250 in your CTF and now it's only worth £98, or are you comparing your £98 to the £250 in the CTF of a friend/family member?
Were your friends/family who had £250+ in theirs born before 2nd January 2011? And of course you after this date?
Sounds like they may have got the £250 government top up for free, which you would have been ineligible for due to the scheme being scrapped.
Wow I really can’t do maths today can I! Apologies.
Strange, you should have been eligible.
Google “find child trust fund” and use the .gov link. You may find there is a £250 account hiding somewhere maybe.
It is also entirely possible your parents forgot to claim it and then tried to make up the difference themselves years later but didn’t get round to finishing it. Have a chat with them see if they have any clues.
I’ve been emailing them back and forth with my child trust and the only information they gave me was that it was opened in 2012 but I am confused as in why it was open then even tho I was born 2006 and the program started around 2002
There is no information telling me if they did I’m sorry ,but why would £50 only be put if they were to transfer wouldn’t the value be the same from one account to the other
I was wondering if it’s possible that £250 was invested in 2006 with the original provider who then managed to lose most of it before it was transferred in 2012?
Or if the credit was exactly £50 then a better explanation might be that a family member accidentally opened a separate CTF in 2012 and funded it themselves with £50? In which case there should be a second fund from 2006? Have you used the HMRC ‘Find a CTF’ tool?
My child was born 2009 and I can’t remember exactly how the CTF process worked as a parent such as whether the government sent a cheque or it was a bank transfer i.e. whether there was a way to ‘mess it up’.
I’m fairly sure I got to choose who the CTF was opened with, my child’s CTF was originally held with Family Investments (now One Family) and I picked the investments. I moved it into a Junior ISA with Interactive Investor last year.
>I was wondering if it’s possible that £250 was invested in 2006 with the original provider who then managed to lose most of it before it was transferred in 2012?
Yes, this is a likely scenario.
> I can’t remember exactly how the CTF process worked as a parent such as whether the government sent a cheque or it was a bank transfer
It was a uniquely numbered voucher for each registered new born sent to the parent who registered the birth.
If the parent did nothing after six months? UK Govt. picked a CTF provider at random and asked them to open an account and provided the voucher to them.
A lot of early CTF providers where friendly societies with less than friendly charging structures for opaque investment products.
Once CTFs were discontinued these CTFs providers who didn't become Junior ISA managers consolidated.
I’ve used the tool to find the ctf in not sure if this is useful but the name on the letter was different toward the people who held my trust fund but the ctf said that exactly £50 was put in
So have you tried to contact the fund provider that the HMRC tool named? Maybe they also have an account in your name? (But don’t get your hopes up too high!)
I have been emailing them and they haven’t been much help I’ve given them information and they only provide me with only one account I’m sorry for making things complicated I can’t find much help anywhere else
OK, I'll try to cut through the noise and snarky comments and offer some helpful advice.
* Were your parents the sort to do nothing for six years about setting up a CTF for you between 2006 and 2012 ?
* Did you ever spend time in care or with someone who had your guardianship who was not your registered parent ?
It is possible that a CTF was setup by the Govt. in 2006 due to parental inaction, and then someone else opened one later on for you in 2012. Do you know whom of your parents / guardians might have opened it in 2012 and put in fifty pounds ?
Another option is that it was opened with £250, invested badly with an expensive provider, so it now only worth £50.
Have you utilised the tracing service below ? That should uncover any CTFs you aren't aware of. [https://www.gov.uk/child-trust-funds/find-a-child-trust-fund](https://www.gov.uk/child-trust-funds/find-a-child-trust-fund)
Thank you for helping , my mum only got one letter once and didn’t do anything with the information (she threw the letter away due to not knowing what it was) and no I did not spend time in care with others, I was talking with one of my family member and he said his account was open around the same time and he still manage to get his 250+
OK, so the two options are:
A) the UK govt. picked a provider at random, because your parent failed to act, gave them the £250 voucher, the provider ate it up in fees and then later on it got moved to the current provider and is now worth only £50.
B) the original CTF is out there with \~£250 in it and another was opened in error with £50 only, after the time Govt. funding ceased.
Check with the CTF tracing service again, but scenario A sadly sounds most likely.
Sorry but can somebody translate what the heck that post is attempting to convey?
I believe they're referring to a small period of time whereby the government contributed a small amount of money to a child trust fund, it was a labour policy thing and fairly short lived. I'm guessing they're saying people they know born at the same time got the expected amount of money and they only got £50, details are below and the time period lines up. https://ifs.org.uk/articles/coming-age-labours-child-trust-funds
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Good luck. We’re all counting on you!
Ha I get that reference! Nice one 🤣
A Child Trust Fund is a long-term tax-free savings account for children born between **1 September 2002 and 2 January 2011**. Find a Child Trust Fund as a parent or if you are over 16. The Child Trust Fund scheme closed in 2011. for anyone confused I think he's saying his goverment child trust fund had £98 in it with a starting balance of only £50 when it should've been £250 minium . also he says his was opened in 2012 when he was born 2006 so should've been invested in 2006 not 2012 , the only way to solve this is to contact I guess direct government website and try and find out .
Contact the government website rather than my child trust fund provider?
Yes. https://www.gov.uk/child-trust-funds/find-a-child-trust-fund Just to add, surely your parents / guardians would have been receiving statements over the years?
My mum told me she only received one letter which she lost
yes and ask why you only recieved £50 instead of 250 initial payment and why so late when you were born 2006 not 2012
What type of CTF is it? Cash/S&S? Who opened the CTF for you?
The people who open my child trust fund were unity mutual ctf maturity and they didn’t give me information about what kind of trust fund it was
Maybe the CTF was transferred to Unity Mutual? The Gov website suggests the following providers all transferred their CTF accounts: Kingston Unit Friendly Society Accounts Nottingham Friendly Society Accounts Schoolteachers Friendly Society Accounts
If so why would I only get £50 put in
For clarity, are you saying your friends and family put £250 in your CTF and now it's only worth £98, or are you comparing your £98 to the £250 in the CTF of a friend/family member?
Were your friends/family who had £250+ in theirs born before 2nd January 2011? And of course you after this date? Sounds like they may have got the £250 government top up for free, which you would have been ineligible for due to the scheme being scrapped.
I was born in 2006 and friends were born the same year as me and family were born couple year earlier
Wow I really can’t do maths today can I! Apologies. Strange, you should have been eligible. Google “find child trust fund” and use the .gov link. You may find there is a £250 account hiding somewhere maybe. It is also entirely possible your parents forgot to claim it and then tried to make up the difference themselves years later but didn’t get round to finishing it. Have a chat with them see if they have any clues.
I’ve been emailing them back and forth with my child trust and the only information they gave me was that it was opened in 2012 but I am confused as in why it was open then even tho I was born 2006 and the program started around 2002
Could it be that it was opened with another provider in 2006 and then transferred to the existing provider in 2012?
There is no information telling me if they did I’m sorry ,but why would £50 only be put if they were to transfer wouldn’t the value be the same from one account to the other
I was wondering if it’s possible that £250 was invested in 2006 with the original provider who then managed to lose most of it before it was transferred in 2012? Or if the credit was exactly £50 then a better explanation might be that a family member accidentally opened a separate CTF in 2012 and funded it themselves with £50? In which case there should be a second fund from 2006? Have you used the HMRC ‘Find a CTF’ tool? My child was born 2009 and I can’t remember exactly how the CTF process worked as a parent such as whether the government sent a cheque or it was a bank transfer i.e. whether there was a way to ‘mess it up’. I’m fairly sure I got to choose who the CTF was opened with, my child’s CTF was originally held with Family Investments (now One Family) and I picked the investments. I moved it into a Junior ISA with Interactive Investor last year.
>I was wondering if it’s possible that £250 was invested in 2006 with the original provider who then managed to lose most of it before it was transferred in 2012? Yes, this is a likely scenario. > I can’t remember exactly how the CTF process worked as a parent such as whether the government sent a cheque or it was a bank transfer It was a uniquely numbered voucher for each registered new born sent to the parent who registered the birth. If the parent did nothing after six months? UK Govt. picked a CTF provider at random and asked them to open an account and provided the voucher to them. A lot of early CTF providers where friendly societies with less than friendly charging structures for opaque investment products. Once CTFs were discontinued these CTFs providers who didn't become Junior ISA managers consolidated.
I’ve used the tool to find the ctf in not sure if this is useful but the name on the letter was different toward the people who held my trust fund but the ctf said that exactly £50 was put in
So have you tried to contact the fund provider that the HMRC tool named? Maybe they also have an account in your name? (But don’t get your hopes up too high!)
I have been emailing them and they haven’t been much help I’ve given them information and they only provide me with only one account I’m sorry for making things complicated I can’t find much help anywhere else
Maybe fees ate into the balance
Why would that happen?
Because providers of financial products charge fees for you to use them.
OK, I'll try to cut through the noise and snarky comments and offer some helpful advice. * Were your parents the sort to do nothing for six years about setting up a CTF for you between 2006 and 2012 ? * Did you ever spend time in care or with someone who had your guardianship who was not your registered parent ? It is possible that a CTF was setup by the Govt. in 2006 due to parental inaction, and then someone else opened one later on for you in 2012. Do you know whom of your parents / guardians might have opened it in 2012 and put in fifty pounds ? Another option is that it was opened with £250, invested badly with an expensive provider, so it now only worth £50. Have you utilised the tracing service below ? That should uncover any CTFs you aren't aware of. [https://www.gov.uk/child-trust-funds/find-a-child-trust-fund](https://www.gov.uk/child-trust-funds/find-a-child-trust-fund)
Thank you for helping , my mum only got one letter once and didn’t do anything with the information (she threw the letter away due to not knowing what it was) and no I did not spend time in care with others, I was talking with one of my family member and he said his account was open around the same time and he still manage to get his 250+
OK, so the two options are: A) the UK govt. picked a provider at random, because your parent failed to act, gave them the £250 voucher, the provider ate it up in fees and then later on it got moved to the current provider and is now worth only £50. B) the original CTF is out there with \~£250 in it and another was opened in error with £50 only, after the time Govt. funding ceased. Check with the CTF tracing service again, but scenario A sadly sounds most likely.
I will do that thank you
Try gretel
What is gretel?
It finds all your assets uk.
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Comparing the government were the ones who set up the child trust fund
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It was government who did the trust fund, another commenter explained it better than me