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Thursday July 27th, 2017 

News Archive - January 2017

Grandparent alert!

Many parents of young children rely on family members for the provision of childcare, especially working couples. There is a little-used perk which can benefit grandparents (or other family members) under certain circumstances and boost their state pension provision.

Mothers get state pension credit (ie they build up state pension benefits) for periods when they are not working but are claiming child benefit. If they then return to work and start paying NI again, it is possible to pass on their state pension credit to a grandparent or other family member if they are taking on the childcare duties. For each year of childcare provision, the carer will accrue an extra £231 per year of state pension, payable from their normal state retirement age.

To qualify, the family member has to meet certain conditions -

They must be under state pension age and not working or building up state pension credits already.

The child or children they are looking after must be under 12.

It's possible to claim for previous tax years going back to April 2011. For more details of eligibility and how to claim, just google 'Specified Adult Childcare Credits'.

Contact Mulberry Financial if you want help with making the most of your money.

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