Thousands of grandparents are failing to take advantage of a pension perk that could increase the amount they receive, new figures have revealed.
The specified adult childcare credits scheme, launched in 2011, is designed to assist grandparents who look after their grandchildren to help their own children return to work following the birth of a child.
Under the initiative, a mother returning to work after the birth of a child can sign a form that enables a grandparent - or other family - to receive national insurance credits until the child turns 12.
However, data obtained through a freedom of information request submitted by Royal London revealed the number of people claiming through the scheme was at just over 10,000 by 2018, meaning that many are likely missing out on extra cash.
Steve Webb, the company’s director of policy, noted it is increasingly common for grandparents to look after their grandchildren, often so the child’s parent can go to work.
He said: “While it is great news that thousands more grandparents are benefiting, the numbers are still a drop in the ocean out of all those who could claim.”