Grandparents getting ready to take on additional childcare responsibilities this summer could be entitled to an extra £300 a year, new research has found.
Over the past eight years there have been more than 157,000 applications for Specified Adult Childcare Credits (SACC).
These credits can make someone over £6,000 better off over the course of a typical retirement, according to research from wealth manager and financial adviser Quilter.
These credits provide a valuable opportunity for grandparents or other family members caring for a child under 12. When the child’s parent or primary carer is employed or self-employed and already paying National Insurance contributions (NICs) through their work, they may not require the additional NICs they accrue from child benefit claims.
These ‘extra’ credits can then be transferred to the child’s caregiver, potentially increasing their state pension by £328 annually.
The system was introduced in 2011 and was designed to ensure those who were below state pensionage …