Get paid to babysit!
Did you look after your Grandchildren this summer? If they are aged under 12 you could be missing out on the chance to boost your future State Pension.
Top Grandparent facts:
- 1 in 4 working families and 1 in 3 working mothers use Grandparents for childcare
- 63% of all Grandparents with grandchildren under 16 help out with childcare
- 1 in 5 Grandmothers provide at least 10 hours a week of childcare
- the proportion of Grandparents who are of working age is set to grow as the retirement age gradually rises
Half of Britain’s 7 million working-age Grandparents have a Grandchild under the age of 16 and could qualify for Class 3 National Insurance credits for looking after children aged under 12 – which can be used to top up their income in retirement.
Applications for NI credits for caring for children under 12 need to be made to HM Revenue & Customs. Applications need to be made in, or after, the October following the end of the tax year in which the caring took place.
Grandparents who have cared for their Grandchildren during the tax year 2011/12 are still able to apply for their credits now.
There is no minimum condition for the number of hours of care in a week as long as the credit is transferred for a full week.
This scheme will benefit women, and the self-employed who currently cannot qualify for state second pension.
If you have any questions or want to discuss this further then please get in touch 0116 2423400
Georginda Hare, Bookkeeper