Thought for the Week: Action required for Default CTF Pay-out

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Gavin Oldham

Thought for the Week: Action required for Default CTF Pay-out

Gavin Oldham
Original Broadcast:

Thought for the Week

Thought for the Week: Action required for Default CTF Pay-out
The core of the problem with unclaimed, adult-owned Child Trust Funds (of which there are over £2 billion waiting to be claimed) is with accounts opened by HMRC. That's why The Share Foundation has proposed a 'default withdrawal at 21' process, based on the young person's National Insurance number. Danny Kruger MP took part in the CTF conference in Westminster on Tuesday 5th March, and two weeks later in a Westminster Hall CTF debate, and supported this initiative which could release £1/4 billion each year to help these young and predominantly low-income young adults. Background music: 'Waiting' by Andrew Langdon

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Topics: Savings (in Personal Finance); Student, Adult (in Financial Education)

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