Managing or changing a Child Trust Fund account :Cross Stitch – Money, tax and benefits

If you are the main point of contact for the Child Trust Fund (CTF) account, you are known as the ‘registered contact’. Find out what your responsibilities are, the paperwork you should keep and how to change the type of account, provider or registered contact.

The registered contact is the main point of contact for the account until the child is 16 and takes over the account.

You’re the only person who can:

• tell the account provider how to invest the funds and run the account
• move the account to another provider
• change the type of account

You should keep track on how the account is doing. You’ll get sent statements and other information to help you do this.

Once your child is old enough, tell them about the account. It’s a good way to help them learn about money and savings.

You should keep the following paperwork together in a safe place:

• your child’s Unique Reference Number – this is shown on the voucher
• the statements for the account
• other CTF information
• details of the type of account and the provider

This will make it easier if you need to query anything or make any changes to the account.

You might want to change the registered contact. For example if your family circumstances have changed or the registered contact has died.

To change the registered contact, follow these steps:

• step one: get an application form from the provider to change the registered contact
• step two: both you – and the person who wants to be the new registered contact – sign the form
• step three: return the form to the provider

Only someone with parental responsibility for the child can be the registered contact. For example if you’re the other parent, step-parent or legal guardian.

If you split up from someone who is the registered contact and want to take this role on instead, both of you will need to agree to this.

Provided by HM Revenue & Customs who administer the Child Trust Fund