Martin Lewis reveals 'little known benefit' for grandparents that can add thousands to pensions
11.10.2022 - 14:31
/ ok.co.uk
Money saving guru Martin Lewis has highlighted a “little known” benefit that could mean grandparents providing childcare for their grandchild could add thousands of pounds to their pension. The financial whizz highlighted a benefit known as Specified Adult Childcare credits, which can be claimed by family members who care for a child under 12, usually whilst their parent is working.
By claiming the credits, the person carding for the child can build up their National Insurance conditions, as well as adding “thousands of pounds” to a state pension, the Manchester Evening News reports. Taking to Twitter to draw attention to the hack, Martin wrote: “Pls share.There's a little known benefit for grandparents who look after their grandchildren while parents work." “If ur a parent of an under 12, if your parent (ie childs grandparent) do childcare so you can work, u can apply to get em "Specified Adult Childcare Credit.” "This means they get the National Insurance years that normally go to a parent who is off work looking after children (as you're working you'll usually be getting from work).This can add £1,000s to a state pension." The Money Saving Expert founder then shared a link to a government page which explains the benefit in full, with the full eligibility outlined below.
What do the credits mean? The credits mean that claimants will relieve a Class 3 National Insurance credit for each week, or the days they care for the child.These credits can then help build an entitlement to the State pension, and, until April 2017, certain bereavement benefits.They can also help to stop gaps in your National Insurance record. Who can apply for Specified Adult Childcare credits? To apply for the benefit, you must meet the following
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