{"id":1686,"date":"2017-01-20T11:07:43","date_gmt":"2017-01-20T11:07:43","guid":{"rendered":"http:\/\/www.fpgonline.co.uk\/?p=1686"},"modified":"2023-09-19T11:05:07","modified_gmt":"2023-09-19T11:05:07","slug":"grandparents-childcare","status":"publish","type":"post","link":"https:\/\/www.fpgonline.co.uk\/index.php\/grandparents-childcare\/","title":{"rendered":"Grandparents Missing Out On Childcare\u00a0Scheme\u00a0Pension\u00a0Benefit"},"content":{"rendered":"<p>Securing the perfect child care arrangement for working parents has always been a priority, and in many cases, grandparents play an important role by giving up work to look after their grandchildren \u2013 many families rely on this support.<\/p>\n<p>However, although there is a state pension provision aimed at plugging any gaps in a grandparent\u2019s pension record, a recent report in the Financial Times shows that thousands of people are failing to claim this entitlement.<\/p>\n<p>Grandparents, or other family members, who care for a child under 12 after giving up work before retirement age, are still entitled to build up state pension rights, but in 2016, less than 1,300 people were taking advantage of the scheme.<\/p>\n<p>According to the report, \u201cIndividuals need a full 35 years of national insurance contributions to get the full state pension of about \u00a38,000 a year. Missing one year could result in a grandparent losing \u00a34,500 in state pension entitlement over the course of a 20-year retirement.\u201d<\/p>\n<p>Royal London, the insurer which submitted the FOI request, calculated that there could \u201ceasily\u201d be more than 100,000 grandparents of working age who could benefit from the Specified Adult Childcare Credit if the scheme was more widely known about.<\/p>\n<p>Grandparents Plus, a charity which champions the role of grandparents, feels that better publicity of the scheme is needed. \u201cWhen they [grandparents] give up their own jobs to help out, they shouldn\u2019t damage their future state pension in the process, and the system for making sure grandparents are protected in this situation needs to be much better publicised. The contribution they are making within their families and to the wider economy is enormous, and it\u2019s important that it\u2019s recognised.\u201d<\/p>\n<p>Details regarding Specified Adult Childcare credits can be found here\u00a0<a href=\"https:\/\/www.gov.uk\/government\/publications\/national-insurance-credits-for-adults-who-care-for-a-child-under-12-fact-sheet\">https:\/\/www.gov.uk\/government\/publications\/national-insurance-credits-for-adults-who-care-for-a-child-under-12-fact-sheet<\/a>.<\/p>\n<p><strong>If you would like to find out more information about the potential implications on your personal finances, or make an appointment to work out the right pension strategy for 2017 and beyond, please call us 0800 731 7614 or e-mail\u00a0<a href=\"mailto:enquiries@fpgonline.co.uk\">enquiries@fpgonline.co.uk<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Securing the perfect child care arrangement for working parents has always been a priority, and in many cases, grandparents play an important role by giving up work to look after their grandchildren \u2013 many families rely on this support. However, although there is a state pension provision aimed at plugging any gaps in a grandparent\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1686","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Grandparents Missing Out On Childcare\u00a0Scheme\u00a0Pension\u00a0Benefit - The Financial Planning Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fpgonline.co.uk\/index.php\/grandparents-childcare\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grandparents Missing Out On Childcare\u00a0Scheme\u00a0Pension\u00a0Benefit - The Financial Planning Group\" \/>\n<meta property=\"og:description\" content=\"Securing the perfect child care arrangement for working parents has always been a priority, and in many cases, grandparents play an important role by giving up work to look after their grandchildren \u2013 many families rely on this support. 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