Independent Financial Life Planners Bishop's Stortford: Looking after the grandchildren? Make sure you are not missing out on credits

Monday, 23 January 2017

Looking after the grandchildren? Make sure you are not missing out on credits

Many families who use the services of Enable’s IFAs in Bishop's Stortford have to make sure they include childcare in their financial planning. Many grandparents are happy to help and spend time with their grandchildren and help their children but make sure that if you have given up work to look after grandchildren you are not missing out on Government credits.

Each year that a person misses from work takes £231 a year from their state pension, a loss of £5,800 over a 25-year retirement period so if you are not making sure you have sorted out your Government credits it could be costing you thousands of pounds in state pension according to some new figures. There is a credit system called the "specified adult childcare credit" and it is designed to protect the pensions of grandparents who retire early to care for grandchildren so their parents can go back to work.

It is believed that more than 100,000 grandparents of working age could benefit from the scheme but a recent Freedom of Information request sent to HM Revenue & Customs has shown that only 1,298 people had claimed the credit in the year to September 2016. Steve Webb, a director at Royal London and former pensions minister, said: "Many families rely heavily on the support provided by grandparents to enable them to combine paid work and family life. "The fact that there is a scheme to make sure that grandparents do not lose out, by protecting their state pension rights, is a very good thing. But the scheme is not much use if hardly anyone takes it up. " Enable’s IFAs of Bishop’s Stortford are always keen to try and help the whole family with their finances.

http://www.telegraph.co.uk/pensions-retirement/tax-retirement/thousands-grandparents-missing-nanny-tax-credit-boosts-state/

Issued by: Enable Independent Financial Life Planners •  25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.