Child Trust Fund Reconciliation Status
as at 9th March 2018
The report below shows the current state of reconciliation of Child Trust Fund (CTF) records at 9th March, following The Share Foundation taking responsibility for the CTF scheme from the Official Solicitor in October 2017. As yet a total of only 3,423 accounts are fully reconciled, thereby linking local authority entitlement records to accounts held at specific CTF providers: we estimate that this is less than 25% of the total expected.
There are three reasons for unreconciled records:
1. Where local authorities have as yet provided no initial information showing which children in their care should have a Child Trust Fund under the scheme. There are a total of 26 local authorities in this position, highlighted in dark pink on the schedule below:
· England: 11
· Scotland: 7
· Wales: 5
· Northern Ireland: 3
2. Following receipt of this initial information, we ask local authorities for a breakdown showing just those children with no one in a position of parental responsibility (registered contact) before seeking CTF provider details from HM Revenue & Customs. There are a total of 116 local authorities where we are still awaiting this information, highlighted in light pink on the schedule:
· England: 82
· Scotland: 18
· Wales: 14
· Northern Ireland: 2
3. Where we cannot locate a match with the CTF provider information transferred to The Share Foundation from the Official Solicitor, we submit entitlement records for those with no registered contact to HM Revenue & Customs to obtain this information. Thus far, for the 68 local authorities who have provided their information as per (2) above, these amount to 6,517 CTF provider enquiries over the past five months. We understand that a structured release of account provider information from HM Revenue & Customs is due to commence shortly.
The extent of unreconciled records is of considerable concern, and indicates that little has been done to align information since the CTF accounts were first issued. We continue to seek urgently to do this, aware that the oldest Child Trust Fund recipients reach 16 in September 2018, and that we are unable to provide the benefits of our Stepladder of Achievement programme for unreconciled beneficiaries.
We appreciate that HM Revenue and Customs must ensure the security of its customer data and has been setting up arrangements for the secure transfer of that data to us. But this has taken some time and we hope that HM Revenue & Customs, and those local authorities whose information is still needed, will prioritise their response to our requests.