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Pension help for Grandparents? SACCs

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Maggiemaybe Tue 11-Apr-23 08:39:16

Yes, easy to claim and not terribly well publicised. I’ve mentioned them several times on GN.

One thing to remember. It’s imperative that higher earning parents have registered their entitlement to Child Benefit even if they don’t claim it. If they’re not registered, there are no credits to transfer and the last time I checked they won’t be backdated either.

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Foxygloves Tue 11-Apr-23 08:26:04

Did you know this?
Just putting this out here in case it is of use to anybody.

From this mornings DT
MORE than 150,000 grandparents could be left thousands of pounds worse off in retirement after failing to claim a little-known state pension boost .
Family members who help with childcare can add more than £1,300 a year to the state pension they receive on retirement by applying for Specified Adult Childcare credits (SACCs)
The biggest-ever rise in the state pension took effect this week, increasing by 10.1pc from £185.15 to £203.85 per week
SACCs are National Insurance credits that allow relatives looking after children under 12 to increase their state pension entitlement even though they are not officially employed
Last year, more than 21,000 people applied for SACCs, according to HM Revenue and Customs data – of whom more than 17,000 qualified
However, the financial advice firm St James’s Place estimates that tens of thousands are missing out on these credits, and the added state pension uplift, because they do not realise they are eligible. A grandparent could get an extra £1,375 a year in retirement by using SACCs to increase their NI record from 30 years to 35, it calculated.

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