Overview

This bill makes changes to eligibility for Child Trust Funds, repeals the Saving Gateway Accounts Act 2009, and alters entitlement to the Health in Pregnancy Grant. These changes primarily affect eligibility criteria based on birth dates and timeframe.

Description

The bill consists of four main sections:

• Child Trust Funds: Eligibility for Child Trust Funds is restricted to children born between September 3, 2002 and January 2, 2011, with some exceptions for children born before January 3, 2011, who meet specific conditions relating to child benefit entitlement and UK residency.
• Repeal of Saving Gateway Accounts Act 2009: This Act is repealed entirely.
• Health in Pregnancy Grant: Entitlement to the Health in Pregnancy Grant is limited to women who reach their 25th week of pregnancy before January 1, 2011.
• Short Title, Commencement, and Extent: This section sets the short title of the bill, details commencement dates for different sections, and specifies the geographical extent to which various provisions apply (England, Wales, Scotland, and/or Northern Ireland).

Government Spending

The bill is expected to reduce government spending by eliminating or restricting eligibility for the Child Trust Fund and the Health in Pregnancy Grant. Precise figures are not provided in the bill text.

Groups Affected

• Parents of children born after January 2, 2011: These parents will no longer be eligible for Child Trust Funds.
• Some parents of children born before January 3, 2011: Eligibility for Child Trust Funds will depend on specific criteria detailed in the bill regarding child benefit and UK residency.
• Women who did not reach their 25th week of pregnancy before January 1, 2011: These women will not be eligible for the Health in Pregnancy Grant.
• Financial institutions involved in Saving Gateway Accounts: This group will be affected by the repeal of the Saving Gateway Accounts Act 2009.

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