A government-backed savings scheme for children introduced from 6 April 2005. On that date, the UK government will provide every child born on or after 1 September 2002 with £250 (£500 for the poorest families) to invest in an approved scheme; children born subsequently will receive this sum at birth. A further government payment will be made on the child's seventh birthday and parents and others will be allowed to top up the funds to a maximum of £1200 a year. The funds will mature when the child is 18.
Subjects: Financial Institutions and Services — Accounting.