Carers lose out on millions of pounds because they fail to claim pension credits
The credits would add £237 a year to a carer’s pension, or more than £4,700 across a 20 year retirement - a total loss of £700million
THOUSANDS of carers are missing out on hundreds of millions in their retirement because they’re not claiming pension credits, a study warns today.
Royal London found less than 3,500 carers claimed the national insurance credit in the last year when more than 155,000 are eligible.
The credits would add £237 a year to a carer’s pension, or more than £4.700 across a 20 year retirement - a total loss of £700million. Former Pensions Minister Sir Steve Webb, now director of policy at Royal London, said Government must be more proactive in making sure carers take up the perk.
He said: “It is time for proactive communications with those who are meant to benefit so that far more people get the help to which they are entitled.”
Emily Holzhausen, director of policy and public affairs at Carers UK, added: “Caring often impacts negatively on health, wellbeing and ability to work and yet carers’ contribution to the economy is worth billions a year. They should not lose out financially in retirement as well.”
MOST READ IN NEWS MONEY
The credits were set up in 2010 aimed at helping those who were spending at least 20 hours caring for a disabled person who is receiving benefits.
A DWP spokesman said: “Over the past eight years the number of applications for carer’s credit has consistently increased year-on-year.
“It is vital that carers get the support they need, which is why we work closely with disability and carer charities and groups, the media and provide information on gov.uk to raise awareness of this important benefit.”