Child Trust Fund
Is your Child Trust Fund with Unity Mutual? If so, read on.
Our Child Trust Fund at a glance
Who can have a Child Trust Fund? Children born between 1 September 2002 and 2 January 2011.
When can the child access the money? When they turn 18.
How much did the government contribute? From £50 and £1,000 was contributed, split between the initial voucher and a top-up at age 7. The total amount received depended on family circumstances and the child’s date of birth.
How can I access my Unity Mutual CTF? By registering an account on the Unity Mutual Child Trust Fund portal.
The Child Trust Fund (CTF) was a UK government savings scheme launched in 2005, designed to give every child, born between 1 September 2002 and 2 January 2011, a financial head start. Parents received a government voucher to open a tax-free savings account for their child. If an account hadn't been set up within a year, HMRC would open one on their behalf, sometimes known as a "Revenue Allocated Account." There wasn't one fixed provider for these accounts and HMRC worked with a range of financial institutions that had signed up to manage them.
Child Trust Funds are locked until the child turns 18, at which point they can access their savings and any growth. While you cannot open a new CTF today, you can still contribute to an existing account, up to £9,000 per year (from birthday to birthday).
During the Child Trust Fund scheme, accounts were opened with a variety of providers. If you’re unsure where your CTF is, tracking it down is simple:
- Use the Government’s free Find a Child Trust Fund tool if you are the parent or guardian of a CTF holder under 18, or you are a child over 16 looking for your own CTF
- Contact The Share Foundation for support if you are a child over 16 who has been in care looking for your own CTF
If your Child Trust Fund is with Unity Mutual it may be held in our With Profits or our Stocks and Shares Child Trust Fund. You can find more details below by downloading our Terms and Conditions.
The value of your Child Trust Fund depends on:
- Government contributions: £50–£1,000, depending on family circumstances and the child's date of birth
- Additional contributions: From family or friends
- Type of account: Cash or stocks and shares
- Investment performance: If it’s invested in stocks and shares the value may have increased or decreased
Stay updated on the value of a Unity Mutual Child Trust Fund by checking your policy value.
Important information
£9,000 a year can still be paid into a Child Trust Fund account (until the child reaches 18).
You can transfer an existing Child Trust Fund account (from any provider) into a Junior ISA.
Child Trust Funds managed by Unity Mutual will be either invested in stocks and shares or be a with-profits account.
Only once the account holder turns 18 can money be withdrawn from the account.
Protected by the Financial Services Compensation Scheme (FSCS).
When HMRC allocated Child Trust Fund accounts, they were assigned to providers in rotation, and they didn’t necessarily keep siblings together. If you’re unsure which provider your children have accounts with, please use the Government’s free Find a Child Trust Fund tool to track it down.
Yes, you can transfer an existing Child Trust Fund (CTF) to another provider, although some may require it be transferred into a Junior ISA rather than another CTF. You can request a transfer if you are either the account holder, correspondent, or registered contact.
At Unity Mutual, CTFs can be transferred into a Junior ISA, if you’d like to transfer a Child Trust Fund to Unity Mutual, simply visit our Child Trust Fund transfer page to get started.
If you’re looking to transfer a Unity Mutual CTF to another provider, you’ll need to contact your chosen provider and request a Child Trust Fund transfer form. Once we receive the completed form, we’ll work with the new provider to arrange the transfer after any cancellation period has ended.
Important: The Registered Contact can cancel the transfer at any time before it is authorised by contacting our insurance team.
Parents, family members, friends or even the child themselves can pay into a Child Trust Fund (minimum payment £5) via:
- Bank Transfer
- Direct Debit
- Debit Card
- Cheque
To pay into a Child Trust Fund, please make a payment on our CTF top up page.
Important:
- The Child Trust Fund “year” runs from the child’s birthday in one year to the day before their birthday in the following year.
- All money paid into the account belongs to the child, who can only access it when they reach 18.
- You can pay in up to £9,000 per year (see details of contribution limits on our ISA allowance page).
The Unity Mutual Child Trust Fund account is used to buy “units” of investment in an Equity Fund. The price for these units is set every week, and this is also when we will update your policy value.
This fund tracks how well the UK stock market is doing and includes over 600 UK companies. Investing in so many companies lowers the risk because if one company isn’t doing well, others help balance it out.
Before 18 - It is not possible to withdraw money from a Child Trust Fund before the account holder turns 18, unless there are exceptional circumstances, such as terminal illness or death (see 'What happens to a Child Trust Fund if my child passes away or becomes terminally ill?'). However, Child Trust Funds can be transferred into a Junior ISA (see 'Can I transfer a Child Trust Fund?').
Turned 18 - The Child Trust Fund will mature on the date of the child’s (“account holder”) 18th birthday, when they can decide what they wish to do with the money. All money paid into the account belongs to the child, and Unity Mutual can only accept their decision as the account holder, regardless of whether a parent has been the Registered Contact on the account since birth.
If your child has a disability and is unable to manage their own financial affairs, you may need to apply for the authority to manage their CTF on their behalf. This is handled through a specific process, and you can find more information and guidance on what to do in this UK Government guide.
How much a Child Trust Fund may be worth in the future depends on a number of things, such as how much has been paid in and the performance of the fund.
Important: If the fund is invested in stocks and shares, the value can fall as well as rise, meaning your child could get back less than has been paid in.
The money held in a Child Trust Fund account is free from income or capital gains tax.
This means that under current legislation, your child won’t have to pay any tax on the money they withdraw from their Child Trust Fund account.
Once you turn 18, there are several options depending on your goals:
Spend your money: If you want to use the funds immediately, you can withdraw the money from your CTF once you turn 18 to your bank account. This gives you full access to spend it on whatever you need.
Grow your money: For long-term growth, you have the option to transfer your CTF into a Stocks and Shares ISA*. Your savings continue growing tax-free, potentially giving you more money for the future. *Invested in stocks and shares. The value of your investment can go down as well as up. Capital at risk.
Transfer to a Lifetime ISA: You can move your CTF into a Lifetime ISA*. This can be used either to buy your first home or to save for later life, with the added benefit of a 25% government bonus upto £1,000 a year. *Terms and conditions apply.
Withdraw some funds and save some: You have the option to withdraw some of your funds to your bank account and keep some working for you in a Stocks and Shares ISA, Lifetime ISA, or other savings account.
While the money in your Child Trust Fund is held for you (“the account holder”) until you turn 18, who manages your account depends on your age and circumstances:
If you’re under 16 – a parent or guardian will likely be the correspondent or registered contact on your Child Trust Fund account. Parents can apply to become a registered contact if they aren’t already (limited to one parent). They can then receive details about your account and manage any changes.
If you’re over 16 – When you turn 16, you can apply to be the registered contact on the account (via the Portal) and manage the account until you turn 18.
If you’ve turned 18 – Regardless of who the registered contact is, when you turn 18, the money is yours. And as the account holder, only you can withdraw the funds from the account.
How you manage your Child Trust Fund with Unity Mutual depends on your age.
Under 18: If you are 16 or above, or a parent or guardian is managing the account on your behalf, you can register as the Registered Contact through our Child Trust Fund portal.
Once registered, you can check your balance, update your contact details, or transfer the funds to a Unity Mutual Junior ISA.
Turned 18: Around three weeks before your 18th birthday, Unity Mutual will send you a maturity letter. This will include your five-part unique access code, which you'll need to log in to the Child Trust Fund portal and let us know what you'd like to do with your money.
To access the portal, you will need:
- Your unique access code: Found on page one of your maturity letter. If you've lost your letter, get in touch with us and we'll arrange a new code.
- Your national insurance number: This will be provided by HMRC before your 16th birthday, if you lose it a new document can be requested from them.
You will need to provide two separate pieces of ID in total. These can be uploaded directly through the portal or emailed to us at insure@unitymutual.co.uk
- Proof of identity: Such as a birth certificate, passport, or driving license.
- Proof of address: Such as a letter from HMRC or a bank statement showing your name and address, dated within the last 12 months.
If the address on your account is out of date, the Registered Contact can update this via the Registered Contact Hub before you turn 18.
Important - Make sure we have your correct contact details to avoid any delays around maturity.
There are a few reasons why your Child Trust Fund may still be listed under a previous name, but this can be updated easily.
If you’ve received your CTF maturity letter in an old name that has been legally changed, you’ll need to contact our team so we can update your account details.
To process the change, we’ll need an official document confirming your name change, such as:
- A change of name deed
- An adoption certificate
- An updated birth certificate
We won’t be able to process your CTF maturity until the name change has been verified. Once our team has received and confirmed your documents, we’ll update your account accordingly.
Don’t worry if you’ve only just found out you have a Child Trust Fund with Unity Mutual or you’re struggling to find the right documents; your account will stay open. Here’s what happens:
- When a Child Trust Fund “matures”, it will remain invested until it’s claimed or reinvested.
- You will still be able to access the money from this account, but you cannot pay into it.
- You have the option to reinvest into an adult account, such as a Stocks and Shares Flexible ISA or a Lifetime ISA.
It can take 1-2 weeks from you requesting a full or partial withdrawal, as long as all ID checks have been approved and you are over 18, for the money to show up in your chosen account.
View the current and historical performance of our Child Trust Funds below.
If you're unsure which fund you're invested in, please contact a member of the Unity Mutual team.
Take a look at how our Unity Mutual (former Schoolteachers) Equity Fund has performed over the last 12 months, which is the fund this Child Trust Fund is invested in. The performance is tracked on monthly intervals. Hover over each point to see the unit value at that time.
Current Price: 3.352
Take a look at how our Unity Mutual (former Schoolteachers) Equity Fund has performed over the last few years, which is the fund this Child Trust Fund invests in. The performance is tracked over six-monthly intervals. Hover over each point to see the unit value at that time.
Current Price: 3.352
Take a look at how our Unity Mutual (former Druids Sheffield) Equity Fund has performed over the last 12 months, which is the fund this Child Trust Fund is invested in. The performance is tracked on monthly intervals. Hover over each point to see the unit value at that time.
Current Price: 3.041
Take a look at how our Unity Mutual (former Druids Sheffield) Equity Fund has performed over the last few years, which is the fund this Child Trust Fund invests in. The performance is tracked over six-monthly intervals. Hover over each point to see the unit value at that time.
Current Price: 3.041
Take a look at how our Unity Mutual (former Oddfellows) Equity Fund has performed over the last 12 months, which is the fund this Child Trust Fund is invested in. The performance is tracked on monthly intervals. Hover over each point to see the unit value at that time.
Current Price: 2.961
Take a look at how our Unity Mutual (former Oddfellows) Equity Fund has performed over the last few years, which is the fund this Child Trust Fund invests in. The performance is tracked over six-monthly intervals. Hover over each point to see the unit value at that time.
Current Price: 2.961
Take a look at how our Unity Mutual (former Kingston Unity) Equity Fund has performed over the last 12 months, which is the fund this Child Trust Fund is invested in. The performance is tracked on monthly intervals. Hover over each point to see the unit value at that time.
Current Price: 3.065
Need to speak to someone about your Child Trust Fund?
Our friendly customer service team is available to discuss any questions you may have about your Child Trust Fund or your options to transfer to a Stocks and Shares Junior ISA.
Or email insure@unitymutual.co.uk
If you need financial advice
If you're unsure whether a product is right for you, it's worth speaking to an Independent Financial Advisor (IFA).
You can find a local advisor at unbiased.co.uk. Keep in mind that financial advice may come with a fee, so be sure to ask about costs before receiving advice.
Other children's savings products
While Child Trust Funds are no longer available to open, we offer a range of other children's savings products:
Child's Tax-Exempt Savings Plan
For a long-term regular savings plan for your child or grandchild.
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