Bentleys are advising new parents not to forget about their Child Trust Fund (CTF) vouchers.  The government automatically issues parents of children born after 2002 with a voucher for £250 that can be put into a savings account for their child.  They receive another £250 voucher when the child reaches the age of  7.

According to a recent survey by Nationwide bank however, only 57% of the vouchers issued this year were paid into a CTF.  This equates to £282 million worth of unused vouchers, many of which expire after twelve months.

Partner, Jonathan Hargraves comments: “The first year of a baby’s life is often hectic for parents.  With so much to do, it is easy to put things like the CTF voucher to one side and forget about it.  The time passes so quickly and before they know it, twelve months has passed.  The government is working hard to encourage a nation of savers, and it would be a shame to let the CTF vouchers expire and miss out on £250 for the child.

Parents can pay up to £1200 each year into a CTF on behalf of their child.

For more information contact Jonathan Hargraves at Bentleys on 01204 388675.