Child Trust Fund Accounts

Lord Naseby Excerpts

Wednesday 19th March 2025 Lords Chamber

[Lord Wilson of Sedgefield (Lab)]

All young people who have trust funds are contacted at the age of 17, and those who do not respond will be continually contacted. Secondly, the funds available to them will be available for ever or until, potentially, things change; but at the moment, there is no reason why that should happen. Those funds will be there for as long as they need to be, before they are drawn down by the child. The one thing to remember is the funds not having been accessed does not mean that the person who can access them does not know they are there.

[Lord Naseby (Con)]

I declare an interest as a former chairman of the Tunbridge Wells Equitable Friendly Society, which traded as the Children’s Mutual. Are the Government getting full co-operation from the Association of Friendly Societies and some of the other providers? If they are not, I would be more than willing to try my very best to help to find an answer to this difficult problem.

[Lord Wilson of Sedgefield (Lab)]

We are working across departments and with all the providers to try to ensure that access is gained for people who have child trust funds. I am not quite sure what kind of relationship and communication we have with friendly societies, but I will make sure that someone writes to the noble Lord to let him know.