Social Justice and Local Government Minister Carl Sargeant is reminding eligible children and their parents to return their claim forms by the 31st January to ensure they receive the money they are entitled to.
Who is eligible?
All children born between 1 September 2002 and 31 August 2004, who already have a Child Trust Fund account and live in Wales are eligible to a £50 premium. Children from low income families will be eligible for £100.
More than 64,000 children in Wales have received a claim form and, so far, 21,370 claims have been returned to the Welsh Assembly Government.
How to apply
Application forms for the Child Trust Fund Cymru have been distributed via local education authorities and should be returned to the Welsh Assembly Government by 31 January 2010 to ensure payment this financial year.
Parents of children who are home schooled or attend independent schools should contact the Welsh Assembly Government on 0800 496 0590.
Child Trust Fund accounts enable families to start saving for their children’s future by providing £250 at birth and again at age seven, with additional payments for children from low income households. The Child Trust Fund Cymru, a key One Wales initiative to help address the consequences of child poverty in Wales, encourage saving, and improve financial literacy, is in addition to the UK payment.
Carl Sargeant said:
“The take-up of the Child Trust Fund Cymru accounts is a pleasing start, however many eligible children may miss out. I am therefore urging parents to fill out the claim form and send it back to the Welsh Assembly Government by the end of January.
“We understand that the recent severe weather conditions across Wales may delay the process and so we will do our best to process as many late applications as possible.
“Opening a Child Trust Fund account gives children a financial head start in life and helps teach them the value of saving. The Child Trust Fund Cymru will mean that young people in Wales will have extra in their accounts when they turn eighteen.
“The extra payments for children from low income families will give a leg up to those young adults who need it the most. But it is not just about what the Government can contribute, I hope the Trust Funds will encourage family and friends to invest in the future of Welsh children.”
