Investment of Compensation
The court must approve all compensation from child accident claims, no matter how small. The court will look at all the medical evidence obtained and details of any financial losses as well as advice from a barrister (or solicitor if low value) and will also wish to meet the child before giving approval of the settlement. This is true even if the level of compensation was settled without commencing formal court proceedings.
Once the court has approved the amount of the child's compensation claim, the money will be invested in the court funds office in a special high interest account where it will gain interest until the child reached 18. The money and any interest accrued will then be released once the court has seen the child's birth certificate and a copy of the order containing details of the settlement reached.
It is possible, in certain circumstances to obtain some of the compensation money before the child reaches the age of 18. However the court will only release the money if it is satisfied that the child has an immediate need and the expense is necessary and that money will be used only for the child's benefit. An example would be money for a computer to help with school work or an educational trip.
For further information please see the attached leaflet.