Martin Lewis is urging grandparents who are currently looking after grandchildren, or have done so at any point since 2011, to claim a “little-known” credit which could add thousands of pounds to their State Pension payments. Even if you have already reached State Pension age, the consumer champion said you may be able to make a backdated claim.
The founder of MoneySavingExpert.com shared the details about Specified Adult Childcare Credits on the latest episode of The Martin Lewis Money Show Live with STV viewers. He explained how State Pension payments can be boosted by transferring the National Insurance credit attached to Child Benefit from the Child Benefit recipient to a family member who is providing care for a related child under the age of 12, or 17 if they have a disability.
Martin also explained that the parent won’t miss out because as long as they are working and earning enough, they will get National Insurance credits through their employment. He added that it could “massively” boost State Pension for grandparents in later life.
