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Apply for final Child Trust Fund top-up before it’s too late
Deputy Minister for Children Huw Lewis yesterday urged parents and guardians to apply for the Child Trust Fund Cymru top-up before it’s too late.
Parents and guardians of children who were born between 31 August 2004 and 1 September 2005 have until 31 January to submit their application forms for the Child Trust Fund top-up.
£50 is available to be paid into the Child Trust Fund (CTF) accounts of all eligible children, with an additional £50 available to those children living in low income families.
Huw Lewis said:
“Parents and guardians of eligible children have until the 31st January to submit their application forms for this final top-up. I would urge them all to complete the form now and get their applications in.
“I want to stress that, despite the UK Government’s decision to end the CTF, children in Wales can still benefit from the CTF Cymru this year – so get your application forms in.”
The Child Trust Fund helps to encourage saving, improve financial literacy and tackles financial exclusion. It also gives young people an important financial asset for the future.
Mr Lewis added:
“Unfortunately last year the UK Coalition Government made a decision to end the Child Trust Fund which does have a knock-on effect on what we can do in Wales. We have worked hard to find a way of continuing with our top-up after this year but after much consideration it has become clear that it would not be feasible.
“This is very disappointing but we have found new ways to achieve some of the benefits of the Child Trust Fund. To achieve this we will be investing almost £3million in supporting disabled and looked after children.”