Easier access to Child Trust Fund savings planned for young adults with SEND

[Oliver87]

Families of young adults with special educational needs and disabilities could soon find it much easier to access their Child Trust Fund savings. MoneySavingExpert reports that parents and carers of an estimated 63,000 to 126,000 young adults in England and Wales will be able to apply directly to the fund provider

At present, families usually need a court Deputyship Order if the young adult lacks the capacity to manage the account. That route costs nearly £1,000 upfront plus annual fees, can take up to six months, and involves around 90 pages of forms

The change is an amendment to the Financial Services and Markets Bill, which still needs approval from Parliament. No start date has been set beyond as quickly as possible, and it will not apply to Junior ISAs

Child Trust Funds were given to most UK children born between 2002 and 2011 and can be accessed from age 18. Campaigner Andrew Turner called it extremely positive news for tens of thousands of young people, and Martin Lewis described the current court process as a nightmare for parents

Removing an expensive and stressful court process is a practical improvement that could help many families. Money set aside for these young people should be easy to use for their benefit. Anyone affected should keep an eye out for when the change takes effect

Do you know anyone with a forgotten Child Trust Fund? And should Junior ISAs get the same change?

Child Trust Funds Martin Lewiswww.moneysavingexpert.com