Pendle MP, Gordon Prentice, has welcomed the news that over five thousand Child Trust fund Accounts have been opened in Pendle since the scheme was started. But he says more parents locally should be taking advantage of it.

Speaking from Westminster the MP said: “The Child Trust Fund gives all children born after September 2002 a £250 platform to start a savings account, with a further £250 when they are seven.”

“The UK national average for parents opening Child Trust Fund accounts is 74.6%, but in Pendle it’s only 69%, slightly down from last year. I want all parents who haven’t done so to open an account, to kick-start the saving habit for their children.”

“If you are receiving Child Benefit for your child then you should automatically have received a voucher. Accounts of all types are available, at most banks and building societies, including ethical and shari’a compliant ones. Parents and relatives can then add to them over the years.”

For information on the scheme visit www.childtrustfund.gov.uk

Note to Editors:

Key facts about the Child Trust Fund:

- The Child Trust fund is a long-term savings and investment account for children to access when they turn 18
- No tax needs to be paid on on income and gains in the account
- The government provides £250 to start each child’s account
- Children in families receiving Child Tax Credit will receive an extra payment,
- A maximum of £1,200 each year can be saved in the account by parents, family or friends
- Money cannot be taken out of the Child Trust Fund (CTF) once it has been put in
- Children can start to make decisions about how the money is managed when they are 16
- All eligible children will receive a further payment of £250 into their CTF account at age 7, with children in lower income families receiving an additional £250.
- The parents can choose the type of account they want for their child
- The account can be moved to a different provider at any time
- The Child Trust Fund will not affect  benefits or Tax Credits received