13 June 2017

Protect your State Pension - Parents of young children could lose out

Since Child Benefits were means-tested in 2013 many young families have given up claiming the benefit - why claim if you know you won't receive the benefit, after all?

The answer is that the act of claiming preserves your entitlement to State Pension. Without claiming, you could lose £231 per year from the State Pension when it is eventually paid, according to Royal London - although it may be possible to make it up later.

This applies to families who were not claiming already before the rules changed in 2013. So anyone with a first child born since 2013 take note!

Since the connection between Child Benefits and the State Pension has not been publicised by the Government, they are currently saving £278m per year in State Pension entitlements.

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