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The above table shows the number of accounts (in thousands) opened by HMRC broken down by the year of birth and government office region of the child. The numbers have been rounded to the nearest thousand.
Child trust funds help to build the savings habit of future generations, contribute to financial education and will ensure that at age 18, every child will have access to their own financial asset. Over 4 million children now have a child trust fund account.
Asked by Lord Oakeshott of Seagrove Bay
To ask Her Majesty's Government what criteria and guidelines were used by HM Revenue and Customs to decide what type of account to open on behalf of the recipients of child trust funds. [HL2828]
Lord Myners: There are three types of child trust fund (CTF) accounts—stakeholder, cash and non-stakeholder shares accounts. Parents can choose which type of account to invest their child’s money in, and can transfer between account types at any time.
If parents do not open an account within one year, HM Revenue & Customs (HMRC) will open a stakeholder CTF account for the child, ensuring that no child misses out on the benefits of a CTF account.
The Government have put in place a number of rules for stakeholder CTF accounts. The child trust fund regulations require CTF providers to diversify the investments within a stakeholder account. They also require assets held in child trust fund accounts to be moved into investments with lower risk and return profiles when the child reaches 13. This process, known as lifestyling, will further reduce the risk of investing in equities as CTF accounts reach maturity. Furthermore, account charges on stakeholder CTF accounts are capped at a maximum of 1.5 per cent per year.
Asked by Lord Oakeshott of Seagrove Bay
To ask Her Majesty's Government what estimate they have made of the number of HM Revenue and Customs-invested child trust funds that are now
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Lord Myners: No estimate has been made, and the information can only be provided at disproportionate cost.
Asked by Lord Oakeshott of Seagrove Bay
To ask Her Majesty's Government what are the Government rules in place to help reduce risk on stakeholder child trust fund accounts, as set out on the child trust fund website; and what assessment they have made of their effectiveness. [HL2830]
Lord Myners: The child trust fund regulations require CTF providers to diversify the investments within a stakeholder account. They also require assets held in child trust fund accounts to be moved into investments with lower risk and return profiles when the child reaches 13. This process, known as lifestyling, will further reduce the risk of investing in equities as child trust fund accounts near maturity.
The child trust fund is designed as a long-term investment and the first accounts will not mature until 2020. Therefore at this stage it is too early to assess the effectiveness of rules to reduce risk in stakeholder accounts.
Asked by Lord Oakeshott of Seagrove Bay
To ask Her Majesty's Government how many child trust funds have been opened in each year since 2003 by HM Revenue and Customs, broken down by provider and account type. [HL2825]
To ask Her Majesty's Government what proportion of child trust funds opened by HM Revenue and Customs have been invested in (a) stakeholder accounts, (b) shares accounts (non-stakeholder), and (c) savings accounts (non-stakeholder). [HL2827]
Lord Myners: Information on the number of child trust funds opened in each year since 2003 by HM Revenue and Customs is set out below. This is also available in table 2 of the Child Trust Fund Statistical Report 2008 which can be found at the following address at www. hmrc.gov.uk/ctf/statistical-report-2008.pdf.
All child trust funds opened by HM Revenue and Customs are stakeholder accounts. Information broken down by provider is not published as it is commercially confidential.
Children: Carers
Question
To ask Her Majesty's Government how many children under the age of 16 have been identified as carers in each region and sub-region of the United Kingdom. [HL2494]
The Parliamentary Under-Secretary of State, Department for Children, Schools and Families (Baroness Morgan of Drefelin): Young carers are a devolved issue. We are seeking the data for Wales, Scotland and Northern Ireland from the offices of the devolved Administrations. The information they provide will be forwarded as soon as it is available.
In relation to England, the 2001 census, which is the only source of nationally comparable data on the number of carers of all ages, indicated that the total number of young carers aged under 16 was 90,000. A breakdown of the data for the English regions and their local authority areas is provided in the table attached.
Children: Data Sharing
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