The Government have contributed £200 for each eligible looked after young person to open a Junior ISA. The Share Foundation, a registered charity, has been authorised by the government to set up and manage the Junior ISAs for all looked after children. The Share Foundation also raises funds which it contributes to the Junior ISAs that it manages.
When you become 18 you are entitled to access the funds. You can then choose, for example, whether to invest in a regular ISA or draw out the money. If you make no decision the Junior ISA will automatically become an adult ISA in your name.
You should contact your social worker or PA at the Leaving Care team on 0208 770 6600 (admin) who will enable you to have direct contact with The Share Foundation. We recommend that young people contact Share Foundation as soon as practical after they reach 18 as, without an instruction from you, the account will convert to a regular ISA automatically and can no longer be subject to active investment decisions on your behalf. It may, therefore, not be invested in the most advantageous way for you.
Regular JISA valuations are sent to the local authority, and you can obtain a balance of the latest statement from them. Once you reach 18, a final valuation will be sent to the local authority, at which time you will need to take on the responsibility of managing your own account.
Yes - a programme of financial education support is available to you. Materials for young people in care, as well as Local Authorities, Corporate Parents and carers have been developed by pfeg and are available via www.sharefound.org or the pfeg (Personal Finance Education Group) website at www.pfeg.org/JuniorISA.
Telephone support is also available to advise you on further educational materials that will help you learn how to manage your money, including your Junior ISA. Call us on 01296 310400 to find out more.
Further information on the scheme and copies of all materials can be obtained from The Share Foundation website sharefound.org or by calling the number below. (General information only, until you have been introduced by the Local Authority).
Alternatively you can call 01296 310400, email email@example.com or write to:
The Share Foundation, Oxford House, Oxford Road, Aylesbury, Buckinghamshire HP21 8PB