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Sunday, July 25, 2021

State pension: Grandparents urged to check as many could boost sum by £2,340 per year

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State pension: Grandparents urged to check as many could boost sum by £2,340 per year

State Pension payments are relied upon by many retired people to make ends meet in retirement. The sum is overseen by the Department for Work and Pensions (DWP), which is responsible for ensuring everyone receives the amount to which they are entitled. It is no surprise that many state pensioners will want to unlock the full amount from the DWP to support them in retirement.

This could happen, for example, if the parent or primary carer is at work or away from home.

Of course, many grandparents are likely to fall into this bracket, meaning they could be provided with the chance to boost their state pension eventually.

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With a parent at work, paying their own National Insurance in most cases, it is unlikely this person will need the credits they could get from Child Benefit.

The process works then as the parent or primary carer is able to sign over the credits to the grandparent or other member of the family who is taking on some of the caring responsibilities. 

An additional benefit is that this can be done at no extra cost, making it a win-win for parents, grandparents and children.

And grandparents may even be able to backdate their claim to when the scheme first started in 2011.

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Experts have estimated this could mean a windfall of £2,340 worth of a state pension.

To apply, Britons will need to complete an application form which includes the following details:

  • Personal information of the family member caring for the child
  • Child’s details and the periods of care
  • Personal details of the child’s parent or primary carer
  • Declarations of both the family member and the parent

This form of support is also made available to grandparents who have provided care for children remotely.

Due to the COVID-19 crisis, the Government has acknowledged face-to-face care may not have been possible.

Its website added: “If you have provided care in a different way, for example, over the telephone or video, you can still apply for NI credits for the financial year 2019/20 and 2020/21.”

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Author:
This post originally appeared on Daily Express :: Finance Feed

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State pension: Grandparents urged to check as many could boost sum by £2,340 per year
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