Child Trust Funds: easier access to savings for tens of thousands

On 3 November 2026 the government announced it will make it simpler to reach Child Trust Fund savings for young adults who, because of their condition, cannot manage the money themselves. The plans were set out by the Ministry of Justice and HM Treasury.

What the problem was

Child Trust Funds were introduced in 2005 for children born in certain years; at 18 the account matures and the money becomes available to the owner. But the scheme made no provision for an 18-year-old who, because of a serious condition, lacks the mental capacity to make decisions about money. To reach the young person's own savings, parents had to go through the Court of Protection — the body that makes decisions for people who cannot — which is slow and costly.

What is changing

New legislation will let parents and carers go directly to the Child Trust Fund provider for the money, instead of the court. The Court of Protection route will remain as an alternative for those who need it. Before the rules are set, the government will consult disability charities and financial firms on who can access the funds, what evidence is needed and what safeguards apply.

Who and how much is involved

The government estimates the change will affect between 63,000 and 126,000 young adults. On average such an account holds about £2,600. Campaigner Andrew Turner, the father of one such young person, said a simpler process would release "millions of pounds of benefit."

When it will take effect

The change will be made through an amendment to the Financial Services and Markets Bill, with details in secondary legislation subject to Parliament. There is no start date yet. Justice Minister Jake Richards called the old process "simply an injustice that we're finally putting right."

Who these accounts were for

The funds were opened for children born roughly between September 2002 and early January 2011: the state paid in a starting sum and parents could add to it. Many such accounts are still forgotten by the time the owner turns 18. Economic Secretary to the Treasury Lucy Rigby said the reform would help "tens of thousands more young people" connect with their funds, and Anna Bird, chief executive of the charity Contact, called it "a significant breakthrough" after six years of campaigning.

What families can do now

While the rules are prepared, it is worth checking whether your child has such a fund and which provider holds it. HMRC (HM Revenue & Customs) offers a free tool on the government site to find a lost Child Trust Fund. ONLYWAY NEWS will track when the simpler access begins.