Siôn Simon MP

Erdington MP Siôn Simon joined thousands of revellers at this year’s Erdington Carnival staged at Rookery Park on Saturday.
A fun filled day of sporting activity and entertainment was enjoyed by all.

There was a wide range of music on offer from jazz to steel bands. Sporting activities included golf and judo displays, as well as a five a side football competition. The carnival hosted a range of fairground rides and a good old-fashioned coconut shy.

Mr Simon said, “This hugely successful annual event is now in its seventh year and goes from strength to strength. The chair of the carnival committee, Jilly Bermingham, and all who work so hard to make this carnival so successful deserve our thanks

Local Credit Unions are being urged to offer Child Trust Fund accounts for families by Labour MP for Birmingham Erdington, Siôn Simon.

The Government’s Child Trust Fund scheme, which is in its second year of operation, ensures that all children born on or after 1 September 2002 have savings behind them when they reach 18 by giving every child in receipt of child benefit a voucher worth £250 to get their account started. Parents can choose which way to invest the voucher and who to invest it with. The Government will make further payments of £250 into all CTF accounts at age 7, with children in lower-income families again receiving an extra £250.

Siôn Simon MP said credit unions could help to encourage even more local parents to actively open an account for their children and get engaged with their child’s account to build a nest egg for the future.

In Erdington 3,052 Child Trust Fund accounts have already been opened by parents themselves. The remaining 1,871 are still to be opened or will be automatically opened by HM Revenue & Customs if the vouchers are not used after 12 months so that no child loses out.

Speaking on the accounts today Mr Simon said:

“The Child Trust Fund is a great way of saving for a child’s future. All parents with children born since September 2002 will have received a £250 voucher to get an account started. The Government will add an extra £250 for families on lower incomes, and there will be further top-ups when children reach the age of 7.

“But all local parents should get involved with the Child Trust Fund to help build a nest egg for their child’s future. I think many more families would do so if they could open one through their trusted local credit union.

“Government rules allow credit unions to provide Child Trust Fund accounts, so I have written to local Credit Unions urging them to consider taking part in the scheme.”

Treasury Minister Ed Balls MP said:

“The Child Trust Fund’s success has exceeded our expectations with 2.6 million accounts opened across the country, two thirds of them actively opened by parents themselves. Working with Siôn Simon MP and local credit unions I want to do more to encourage parents, grandparents and whole families to get involved and make the most of the opportunities the Child Trust Fund presents. Credit unions have a big role to play in helping more families actively use and benefit from the Child Trust Fund.”