Social Care – Page 4 – pensionsandsavings.com

Hammond could be first Chancellor to help families with social care saving incentives

November 20, 2016 Ros Altmann Comments 2 comments

20 November 2016 Hope Chancellor’s Autumn Statement will address one of biggest social issues of our time Philip Hammond needs to introduce incentives to help people prepare for care Massive failure of political courage by previous Chancellors and a betrayal of British families Britain has been sleepwalking into a social care crisis – it’s time to wake up! Billions set aside for pensions – but virtually nothing to help fund later life care Let’s have Care ISAs, employer care saving…

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Cridland State Pension age independent review: interim report.

October 13, 2016 Ros Altmann Comments 2 comments

13 October, 2016 Here are my thoughts and comments on the Cridland State Pension age independent review: interim report. As Cridland considers the options, Government has a chance to make State Pension policy fairer Consider extending number of years for full pension, rather just than raising state pension age Current system gives higher state pension to people healthy or wealthy enough to wait and work longer, but often disadvantages those with longest working lives or poor health Continually increasing State…

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Care ISAs and incentives for care saving

February 2, 2015 Ros Altmann Comments 2 comments

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

January 20, 2015 Ros Altmann Comments 1 comment

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

September 4, 2014 Ros Altmann Comments 1 comment

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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Use pension reforms to help social care crisis

June 23, 2014 Ros Altmann Comments 0 Comment

23 June 2014 Budget pension reforms could help kick-start saving for social care New tax breaks will help savers build up care savings funds – could be with pensions or ISAs My Budget consultation response highlights urgency of addressing social care funding crisis In my response to the Chancellor’s 2014 Budget on pension reforms, I have included a section explaining how the pension freedoms could be used to help kick-start a culture of care saving. This probably needs to be incentivised…

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