Latest news with #MyVoucherCodes
Scottish Sun
11 hours ago
- Business
- Scottish Sun
Grandparents can get £6,600 pension boost for looking after kids during summer holidays – but thousands miss out
Plus, we share how you apply for the support HELPING HAND Grandparents can get £6,600 pension boost for looking after kids during summer holidays – but thousands miss out GRANDPARENTS can get a £6,600 pension boost for looking after kids during summer holidays. Many grandparents are unaware they can be financially compensated for the time spent looking after their grandchildren. Advertisement 1 Grandparents can be compensated for looking after the grandhildren Credit: Getty The help will come in handy as 53% of grandparents with grandchildren aged under 18 will look after them this summer, according to research by MyVoucherCodes. They are expected to pay more than £21 per day on each child on average, up from £15.80 per day last summer. Sarah-Jane Outten, consumer and shopping expert at MyVoucherCodes, said: 'It's clear to see that many parents across the UK are calling on grandparents to step in to help with childcare, but for some, the generosity is coming at a cost." But there is a way for grandparents to get extra support. Advertisement Specified adult childcare credits are a type of National Insurance (NI) credit that can help you qualify for the full state pension. You need 35 years' worth of NI contributions to get the full amount worth £230.25 a week. It means parents and other relatives looking after a child under 12 can give their pension a boost. Recent research obtained by wealth manager Quilter from HMRC found only 104,433 people have successfully claimed the credits in the past five years. Advertisement Just 42,962 people applied for the credits last year, even though 78% of applications are successful. Cash for Care Every year of transferred credit will boost your state pension by £330 a year. This could add nearly £6,600 to the value of your state pension over the course of a 20-year retirement. You can also backdate your claim to 2011, when the credits were first introduced. Advertisement Who is eligible? You can claim if you are an eligible family member and responsible for caring for a child whose parents claim child benefit; otherwise, there are no national insurance credits to transfer. Moreover, there is only one credit available per child benefit claim, regardless of the number of children. So even if you care for two of your grandchildren, only one credit can be transferred to you. It is also important to note that the credits are available for transfer only if you are under the state pension age. Advertisement The child you are caring for must also be under 12 years old, or 17 if they have disabilities. To claim, you must live in England, Scotland, Wales and Northern Ireland, but not the Channel Islands or the Isle of Man. How do I claim? You need to wait until October 31 to apply for the current tax year. This is because HMRC needs to check that the parent or main carer already has a qualifying year of National Insurance. They should check their National Insurance record to make sure they have credits they can transfer. Parents and carers can check their National Insurance record on the website. Before you apply for the credits you will need the child's details and a record of the periods when you provided care for them. You will also need the contact details of the child's parent or main carer who receives the child benefit. Both you and the person who receives the child benefit must sign a declaration on the application form. You then need to complete the CA9176 form online.
The Sun
12 hours ago
- Business
- The Sun
Grandparents can get £6,600 pension boost for looking after kids during summer holidays – but thousands miss out
GRANDPARENTS can get a £6,600 pension boost for looking after kids during summer holidays. Many grandparents are unaware they can be financially compensated for the time spent looking after their grandchildren. 1 It comes as 53% of grandparents with grandchildren aged under 18 will step in to look after them this summer, according to research by MyVoucherCodes. And they are expected to pay more than £21 per day on each child on average, according to the survey. This was up from £15.80 per day when the website commissioned a similar survey in 2024. Sarah-Jane Outten, consumer and shopping expert at MyVoucherCodes, said: 'It's clear to see that many parents across the UK are calling on grandparents to step in to help with childcare, but for some, the generosity is coming at a cost." But there is a way for grandparents to get extra support. Specified adult childcare credits are a type of National Insurance (NI) credit that can help you qualify for the full state pension. You need 35 years' worth of NI contributions to get the full amount worth £230.25 a week. It means parents and other relatives looking after a child under 12 can give their pension a boost. Recent research obtained by wealth manager Quilter from HMRC found only 104,433 people have successfully claimed the credits in the past five years. Just 42,962 people applied for the credits last year, even though 78% of applications are successful. Cash for Care Every year of transferred credit will boost your state pension by £330 a year. This could add nearly £6,600 to the value of your state pension over the course of a 20-year retirement. You can also backdate your claim to 2011, when the credits were first introduced. Who is eligible? You can claim if you are an eligible family member and responsible for caring for a child whose parents claim child benefit; otherwise, there are no national insurance credits to transfer. Moreover, there is only one credit available per child benefit claim, regardless of the number of children. So even if you care for two of your grandchildren, only one credit can be transferred to you. It is also important to note that the credits are available for transfer only if you are under the state pension age. The child you are caring for must also be under 12 years old, or 17 if they have disabilities. To claim, you must live in England, Scotland, Wales and Northern Ireland, but not the Channel Islands or the Isle of Man. How do I claim? You need to wait until October 31 to apply for the current tax year. This is because HMRC needs to check that the parent or main carer already has a qualifying year of National Insurance. They should check their National Insurance record to make sure they have credits they can transfer. Parents and carers can check their National Insurance record on the website. Before you apply for the credits you will need the child's details and a record of the periods when you provided care for them. You will also need the contact details of the child's parent or main carer who receives the child benefit. Both you and the person who receives the child benefit must sign a declaration on the application form. You then need to complete the CA9176 form online. What are the different types of pensions? WE round-up the main types of pension and how they differ: Personal pension or self-invested personal pension (SIPP) - This is probably the most flexible type of pension as you can choose your own provider and how much you invest. Workplace pension - The Government has made it compulsory for employers to automatically enrol you in your workplace pension unless you opt out. These so-called defined contribution (DC) pensions are usually chosen by your employer and you won't be able to change it. Minimum contributions are 8%, with employees paying 5% (1% in tax relief) and employers contributing 3%. Final salary pension - This is also a workplace pension but here, what you get in retirement is decided based on your salary, and you'll be paid a set amount each year upon retiring. It's often referred to as a gold-plated pension or a defined benefit (DB) pension. But they're not typically offered by employers anymore. New state pension - This is what the state pays to those who reach state pension age after April 6 2016. The maximum payout is £203.85 a week and you'll need 35 years of National Insurance contributions to get this. You also need at least ten years' worth to qualify for anything at all. Basic state pension - If you reach the state pension age on or before April 2016, you'll get the basic state pension. The full amount is £156.20 per week and you'll need 30 years of National Insurance contributions to get this. If you have the basic state pension you may also get a top-up from what's known as the additional or second state pension. Those who have built up National Insurance contributions under both the basic and new state pensions will get a combination of both schemes.
Daily Mail
21 hours ago
- Business
- Daily Mail
Amount of cash grandparents splash on summer childcare duties per DAY is revealed
For many it is precious time with their grandchildren and a chance to forge memories that are beyond price. But looking after the youngsters during the summer holidays doesn't come cheap. This year it is reckoned that taking on childcare duties will mean grandparents spending £21.05 per day on each grandchild on average. And the cost of activities such as caravan trips, outings to theme parks, zoos or safari parks, sports camps and go-karting is becoming a worry for some. More than half (53 per cent) of grandparents with grandchildren aged under 18 will take on childcare duties. And one in eight said that they will be providing care every day during the school holidays, while a third will help two to three times a week, according to a survey of 1,000 grandparents by discount website MyVoucherCodes. But the rising cost of entertaining grandchildren is causing concern, with 26 per cent of grandparents saying that they are worrying somewhat about the cost. It has increased from £15.80 per day when the survey was carried out in 2024. Sarah-Jane Outten, consumer and shopping expert at MyVoucherCodes, said: 'It's clear to see that many parents across the UK are calling on grandparents to step in to help with childcare. 'But for some, the generosity is coming at a cost. One in four reveal that they are worried about the cost of caring for them these summer holidays. 'But days out don't have to be expensive – and there are plenty of ways you can take advantage of loyalty schemes and two-for-one offers on attractions to make savings.' British grandparents provide care worth around £7.7 billion in the summer holidays, a report by SunLife, the insurer for over-50s, found in a separate report. Chief executive Mark Screeton said it was 'lucky' that parents can rely on grandparents. He added: 'While some grandparents may struggle with the physical and financial impact of helping out, most are more than happy to help if it means they get to spend time with their grandkids, with the vast majority willing to spend their own money in the process.' Parent coach Kari Roberts, a mother of three with grandchildren, said there could be an 'expectation' and 'sense of entitlement' from parents who expected elders to help out. 'It's not about how much you love your grandchildren, but it's about setting boundaries around what you're comfortable with, and of course those will be different for everyone,' she told Saga.
Yahoo
21 hours ago
- Yahoo
Grandparents ‘feeling the pinch from caring for grandchildren this summer'
More than half (53%) of grandparents with grandchildren aged under 18 will step in to look after them this summer – spending more than £21 per day on each child on average, according to a survey. Grandparents typically estimated they will spend £21.05 per day per grandchild this summer, the research, commissioned by MyVoucherCodes, found. This was up from £15.80 per day when the website commissioned a similar survey in 2024. When asked how often they will be looking after their grandchildren this summer, one in eight (12%) said they will be providing care every day during the school holidays, and a third (33%) will help out two to three times a week. But the rising cost of entertaining grandchildren is causing concern, with more than a quarter (26%) of grandparents saying they are worrying somewhat about the cost. Activities that grandparents are planning with youngsters include caravan trips; outings to theme parks, zoos or safari parks; sports camps and go-karting, according to the survey of 1,000 grandparents across the UK with grandchildren aged under 18. OnePoll carried out the survey for MyVoucherCodes in May and June 2025. A previous survey, also among 1,000 grandparents, was carried out in May and June 2024. Sarah-Jane Outten, consumer and shopping expert at MyVoucherCodes, said: 'It's clear to see that many parents across the UK are calling on grandparents to step in to help with childcare, but for some, the generosity is coming at a cost. 'One in four reveal they are worried about the cost of caring for them this summer holidays. But days out don't have to be expensive, and there are plenty of ways you can take advantage of loyalty schemes and 'two for one' offers on attractions to make savings.' Here are some tips from Ms Outten for cutting summer holiday costs: 1. Take your own snacks to attractions, where food and drink can sometimes be expensive. Grandchildren could also learn some cooking skills by taking part in baking items to take on days out. 2. Group up with other friends or family members to get group discounts and save on travel costs. 3. Look for local free events. Libraries, museums, and community centres often run free or low-cost activities during the holidays.
The Independent
21 hours ago
- The Independent
Cost of looking after children in summer holidays causing concern among grandparents, survey reveals
A quarter of grandparents are concerned about the cost of looking after their grandchildren this summer, new research has found. According to a survey, 53 per cent of grandparents are set to step in and look after their grandchildren this summer, spending more than £21 per day on each child on average The research, commissioned by MyVoucherCodes, found this was up from £15.80 per day when the website commissioned a similar survey in 2024. When asked how often they will be looking after their grandchildren this summer, one in eight (12 per cent) said they will be providing care every day during the school holidays, and a third (33 per cent) will help out two to three times a week. But the rising cost of entertaining grandchildren is causing concern, with more than a quarter (26 per cent) of grandparents saying they are worrying somewhat about the cost. Activities that grandparents are planning with youngsters include caravan trips; outings to theme parks, zoos or safari parks; sports camps and go-karting, according to the survey of 1,000 grandparents across the UK with grandchildren aged under 18. OnePoll carried out the survey for MyVoucherCodes in May and June 2025. A previous survey, also among 1,000 grandparents, was carried out in May and June 2024. Sarah-Jane Outten, consumer and shopping expert at MyVoucherCodes, said: 'It's clear to see that many parents across the UK are calling on grandparents to step in to help with childcare, but for some, the generosity is coming at a cost. 'One in four reveal they are worried about the cost of caring for them this summer holidays. But days out don't have to be expensive, and there are plenty of ways you can take advantage of loyalty schemes and 'two for one' offers on attractions to make savings.' Tips for cutting summer holiday costs: 1. Take your own snacks to attractions, where food and drink can sometimes be expensive. Grandchildren could also learn some cooking skills by taking part in baking items to take on days out. 2. Group up with other friends or family members to get group discounts and save on travel costs. 3. Look for local free events. Libraries, museums, and community centres often run free or low-cost activities during the holidays.
