King Urges Putney Parents to Claim Their Child Trust Funds

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Over 1,300 savings accounts as yet unopened.

Stuart King, Labour’s Parliamentary candidate for Putney, Roehampton and Southfields, is calling on local parents to use their Government Trust Fund vouchers to open an account for their child and build a nest egg for their future.

Stuart is writing to parents of nursery school-aged children all over the constituency to mark the fifth anniversary of the Child Trust Fund, established by Prime Minister Gordon Brown in 2002. Stuart said:

“The Child Trust Fund is a great way of saving for a child’s future. All parents with children born since September 2002 should have received a voucher worth at least £250 to get an account started. For families on lower incomes it’s worth £500, and there will be further top-ups when children reach the age of 7 and during Secondary School.

“I am pleased that over 3,000 parents in Putney have already opened an account for their child, but I want to encourage everyone eligible to open an account and get friends, family, grandparents and the whole family involved. I want to make sure that over time every child in Putney, Roehampton and Southfields starts their adult life with a nest egg whether that’s to help to go to university or to start a business or to put a deposit down on a house.”

Stuart met with local mum Amanda Bailey, who gave birth to her first baby on the 9th September. Amanda said:

“I am really pleased that the Government has brought in the Child Trust Fund and I have just filled in my application for my son. I’ll also help Stuart spread the word with other new mums and dads.”

Figures show that in Putney, 4,644 Child Trust Fund vouchers have been issued. 3,300 savings accounts have already been opened by parents themselves. But 1,314 are still to be opened – that’s 1 in 4 children missing out. Trusts are automatically opened by HM Revenue & Customs if the vouchers are not used after 12 months, but it’s best if parents open them so they get the right account for their child.

For further information on the Child Trust Fund, please call the helpline on 0845 302 1470.

Stuart

September 23, 2007