UK. Calls for HMRC to scrap rule penalising parents’ pensions
The taxman is under pressure to ditch a rule that costs busy new parents thousands of pounds in state pension entitlement.
Parents who have taken time out of work to raise their baby get just three months during the frantic first weeks of having a newborn to register for child benefits with HMRC, allowing them to continue to build up their state pension though they are not employed.
Those who failed to do this have already missed out on as much as £23,000 in retirement, according to analysis by pension company Royal London, money they can no longer claim back because of HMRC’s rigid three month limit on back-dating claims.
To get the full state pension, new stay-at-home parents must register…
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