Child Trust Fund Registered Contact

We know that, like us, you care about helping people save for the future and there are ways you can still help and support the young saver as they work out what they want to do with their money.

As a Registered Contact, we will write to you ahead of the account maturity (when the account holder turns 18) and we’re here to help you prepare and take the next steps towards giving them a little financial independence.

How can I help?

When the account holder turns 18, the money in their account is theirs to use as they see fit. But receiving a significant amount of money can be overwhelming, especially at a young age. While you can’t tell the young person what to do with their money, you can discuss their options with them.

You can also help us avoid any delays in the account holder accessing their money by keeping information like contact details up to date.

What if the account holder can’t manage their own funds?

As long as the account holder has the mental capacity to make decisions for themselves, they can access the funds once they turn 18 and can choose what to do with the account.

If, however, they lack mental capacity and as a result cannot handle their finances, HMRC rules mean you must apply to the Court of Protection to get permission to manage the funds. You can ask for any fees to be waived if you’re applying to the Court of Protection for this reason.

Visit the gov.uk - Court of Protection page to find out more about applying to the Court of Protection. You can apply yourself or instruct a solicitor to help you.

Do I need to stop payments into the Child Trust Fund?

You won’t be able to make any payments into the Child Trust Fund once it reaches maturity, so you’ll need to cancel any standing orders or other regular payments. Any payments we do receive after maturity will be returned automatically.

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