• PENSIONSANDSAVINGS.COM

    From Ros Altmann:economist and pensions,
    investment and retirement policy expert

  • pensionsandsavings.com

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    Category: Paying for Care

    Manifesto cost May the election

    Manifesto cost May the election

    11 June 2017 Tory Manifesto cost May the election Social care proposals alienated core voters AND would have made care crisis even worse There is no silver bullet – care crisis needs a range of solutions The Tory Manifesto was a turning point in the election campaign.  To say the policy announcements on pensions and care were badly thought through would be an understatement. They don’t really seem to have been thought through at all. The combination of means-testing Winter…

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    Budget Comments

    Budget Comments

    8 March 2017 Another missed opportunity to start addressing social care No new incentives for social care savings and radical reform proposals pushed into Green Paper later this year No proper help for savers – new NS&I bond pays interest rate lower than inflation, so savers lose money Costs of public sector pensions will rise sharply, by nearly 40% between 2015 and 2020 Self employed bearing brunt of tax rises to pay for other measures Addressing Social care crisis: Extra…

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    Help people use pensions and savings to fund social care

    Help people use pensions and savings to fund social care

    8 February 2017 Care crisis is worse than pensions crisis – but pensions and savings could help fund social care Many baby boomers have pensions and ISAs but no incentive to retain money for care Chancellor’s Budget could consider tax-free pension withdrawals and IHT-free ISAs for care savings Such incentives would let people know they need to prepare for care costs   Have to get real about the scale of care challenge – need combination of public funding, national insurance,…

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    Is Government going to introduce saving incentives for social care?

    Is Government going to introduce saving incentives for social care?

    14 December 2016 Jeremy Hunt is right we need for private savings to help fund care crisis There’s no one solution but private savings must be part of the mix Care costs much higher for older women than older men Government can introduce tax incentives to help families save for care costs Care ISAs, Workplace Saving Plans, Eldercare vouchers, Family Care Saving Plans free of Inheritance Tax Consider using auto-enrolment and free Guidance to kick-start care savings as part of…

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    Care ISAs and incentives for care saving

    Care ISAs and incentives for care saving

    2 February 2015 Government considering savings incentives for social care Possible ways to incentivise care saving schemes:  1. Care ISA   2. Tax free pension withdrawal   3. Care saving in auto-enrolment Could help millions of middle income families not just the well-off Government must tackle lack of care funding: Are Ministers finally waking up to the need to help people save to pay for social care? I do hope so. It seems they may be considering savings incentives, to help…

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    Social care crisis – urgent action needed

    Social care crisis – urgent action needed

    20 January 2015 Action to address care crisis cannot wait any longer Elderly people are suffering due to council and care company cost-cutting All parts of the system are failing and Government has not yet offered solutions Tax incentives to help families save for care costs are needed as £72,000 cap is too high for affordable insurance Care ISAs, Family Care Plans and Workplace Savings free of Inheritance Tax Use auto-enrolment and new free Guidance to kick-start care savings There…

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    We need tax breaks for care saving, not more means-testing

    We need tax breaks for care saving, not more means-testing

    4 September 2014 More means-testing and tax increases will disincentivise private income and could worsen looming care crisis We need incentives to encourage people to save for care – Care ISAs and tax-free pension withdrawals, plus inheritance tax exemption for care savings Health and social care budgets must be integrated to provide fairer system Radical reform of social care is required: I welcome the report released today by the King’s Fund, which highlights yet again the flaws in our system…

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    Budget ISA moves – ISA savings for care

    Budget ISA moves – ISA savings for care

    21 March 2014 Nicer ISA savings – what could be NISA! And how about a Care ISA? As the dust starts to settle a little following the sudden Budget improvements to Individual Savings Accounts (ISA) rules, I thought it might be helpful to note down some more thoughts.  Wouldn’t it be great if the new found freedoms could be used to help fund social care. An ISA tax free savings account, designated to pay for care costs, could help with the…

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    15-minute care visits are an affront to decency

    15-minute care visits are an affront to decency

    7 October 2013 Care staff earn less than £1.50 for each 15-minute care visit  Each visit earns less than a cup of coffee as private care firms and councils cut costs  Such social care cutbacks are an affront to decent standards of care  Social Care crisis is deepening  15-minute care visits are putting patients and careworkers in an impossible position:  The Leonard Cheshire charity report (see link here http://www.lcdisability.org/?lid=8843 ) highlights the degrading impact of 15-minute social care visits on…

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    Who cares – zero hours contracts for careworkers while care crisis worsens

    Who cares – zero hours contracts for careworkers while care crisis worsens

    Zero hours contracts for private sector careworkers are not conducive to delivering quality care Trying to fund care on the cheap compromises quality Treating care staff decently will require funding reform as care crisis grows As the party conferences shine a spotlight on the problem of zero hours contracts, this seems an opportune time to highlight the working conditions of Britain’s private sector careworkers. Zero hours contracts are standard in this industry.  The staff are also usually expected to fund…

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