Parents Urged To Use Their Child Trust Fund

Up to £1,200 can be saved into The Child Trust Fund every year. It's a great way of saving for your child’s future.

Image by: Child Trust Fund

 

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by ORR

February 20, 2007

At the launch of the very first Child Trust Fund Week (15th January), Tamsin Dunwoody Labour AM for Preseli Pembrokeshire is urging parents to use their Child Trust Fund vouchers.

Tamsin said, "The Child Trust Fund is a great way of saving for your child’s future. Parents with children born since September 2002 will have received a £250 voucher to get an account started. The Government will add an extra £250 for families on lower incomes, and there will be further top-ups when children reach the age of 7."

New figures published this month show that in Preseli Pembrokeshire, 2,880 Child Trust Fund vouchers have been issued to parents. 2,090 savings accounts have already been opened by parents themselves. The remaining 790 are still to be opened or will be automatically opened by HM Revenue & Customs if the vouchers are not used after 12 months so that no child loses out.

Tamsin added, "Many banks, building societies and post offices in Pembrokeshire offer Child Trust Fund saving accounts. I am pleased that so many parents in Preseli Pembrokeshire have already started saving. I want to encourage all eligible parents to open an account now if they haven’t already done so. Up to £1,200 can be saved into the fund every year, so now is the time to encourage friends, grandparents and the whole family to add a little extra to the fund whenever they can.

"I am very pleased that here in Wales we have gone further than the rest of the UK in ensuring that all children in care also benefit from the trust fund. Welsh Labour is committed to tackling child poverty in Wales.

"This scheme proves our commitment to ensuring a fair start for all children in Wales, whether they live at home or in care."