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The “Grandparents National Insurance Credit”

Posted on in Tax
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Many working-age grandparents, who are not already making National Insurance payments or are obtaining National Insurance credits, 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.

In 2016 it is thought that less than 2% of eligible relatives claimed the credits and it is believed that this is because such credits have not been well publicised.

Each year of caring for a child under 12 qualifies the relative for an additional £231 of annual pension (or about £4,600 assuming a 20 year retirement).

Any close relative can apply for the National Insurance credits, however, it is most likely to be a grandparent as long as they’re under pensionable age.

Backdated claims are available for families who believe they may have missed out. It is possible to back date to 2011.

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