4. Accounts for children in care
Some children looked after by local authorities have a Child Trust Fund (CTF) account set up on their behalf. The Share Foundation acts as the registered contact for these accounts.
How the account is managed
The Share Foundation manages the CTF account for the child and will:
- write to the child when they take control of the account
- change the type of CTF account and provider if necessary and write to the child to explain why the change was made
- send account statements to the child
They’ll manage the account until:
- the child turns 18
- the child turns 16 and decides to manage the account themselves
- someone takes parental responsibility for the child, for example through adoption
Take over the management of an account
Contact the Share Foundation if you’re taking parental responsibility for a child and want to manage their CTF account.
You’ll need to provide evidence of parental responsibility, for example an adoption certificate.
You’ll get a letter confirming that you can take over responsibility for the account. Show this to the CTF provider who can update the account to say you’re the registered contact.
When a child in care turns 16
The Share Foundation will write to the child about 2 months before their 16th birthday, telling them how to become the registered contact for the account.
If they choose to take control of the account, they can:
- start managing it when they turn 16
- withdraw money when they turn 18