Financial Information

SWIIS Foster Care has developed a package of support and financial security designed to enable carers to consider fostering as a worthwhile full time career.

• The main carer in a fostering household must be available full time in order to meet the demands of the professional fostering role.  An element of the weekly fostering payment is therefore considered as the carers’ ‘professional fee’ in recognition of this.  As at May 2005 the weekly payments range from £390.00 to £525.00 per week and the ‘fee element’ within that is between £175 00 and £246.00 *  
   
• Where carers are approved to offer respite care only, they generally continue to work and arrange fostering commitments around this.
   
• The weekly fee also includes allowances to cover all day-to-day expenses associated with caring for a child or young person
   
• SWIIS can provide ‘support care’ or ‘short breaks’ when appropriate, for children throughout the year to enable carers to ‘recharge their batteries’ 
   
• SWIIS offers two weeks paid holiday respite per year and pays carers a significant retainer fee between placements.
   
• SWIIS carers receive a bonus following each successful annual review which they may choose to pay into a pension scheme arranged through SWIIS or put towards their own arrangements.
   
• Membership of Fostering Network, the national organisation for foster care, is provided for all carers.  This gives access to legal advice and services and a wide range of information and resources to assist carers in their role.
   
• The agency carries third party and professional indemnity insurance on behalf of it’s carers and provides clear advice and information about appropriate additional insurance such as household/contents insurance, car insurance, and health/income protection issues.
   
• Financial information sessions are also provided to ensure that carers have confidence and clarity about the financial arrangements and support they have in place **  
    
• An annual financial record is provided for each carer for tax purposes giving details of all payments made by the agency during the financial year *

* Recent changes in income tax thresholds for foster carers mean that, for many carers, no tax at all is due on payments received for foster care.

**  Professional foster carers are currently classed as self employed by the Inland Revenue and, as such, are responsible for their own tax affairs, National Insurance etc.