On Monday 11th June, Surrey County Council was proud to receive a visit from Cabinet Minister for Children, Tim Loughton, who joined us to launch Surrey’s new and innovative saving scheme for our Looked after Children.

The savings Scheme is the first of its kind in the Country. We promise our Looked after Children that by the age of 12 we will have opened a current account or other savings account on their behalf.

1.    From April 2012 the Council will enhance the junior LAC ISA by matching funding savings each year up to a cap of £260 per annum.

2.    Likewise the Council will match funding savings made by LAC with a Child Trust Fund on the same basis as the Junior ISA.

3.    This will be complemented with an education support programme to be established through the Virtual School that will help teach our Looked after Children business skills and financial planning for their futures.

Additionally, Mary Angell, Cabinet Members for Children & Families, with the support of the Leader, secured agreement from all elected members to donate £500 each from their local allowances to create a new Bursary and Celebration Fund. This will provide £40k per annum to be made available for the Bursary and Celebration Fund.

We expect this to support our young people in a number of ways, e.g. purchasing specialist sports coaching, equipment, leisure activities including travel, a contribution towards the cost of driving lessons or single sponsorship events. Indeed, anything that assists in their personal development.

Mary added ‘We take very seriously our role as corporate parents, and want to support our young people to gain a wide range of life skills.  This includes learning the value of money and the importance of saving, as well as the joy of celebration when they achieve and do well, so that our Looked After Children can feel supported and congratulated, as we would all want for our own children.’