social care – pensionsandsavings.com

State Pension Age and Social Care

July 21, 2017 Ros Altmann Comments 0 Comment

21 July 2017 Government needs to rethink the retirement contract for older people Just relying on the triple lock and rising State Pension age is not sustainable National Insurance needs to help those with lower life expectancy or needing social care The Government has just announced that the UK State Pension age will increase faster than previously expected. By 2039, nobody will be able to start their state pension before the age of 68. This affects people born between 1970…

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Budget measures for social care

March 7, 2017 Ros Altmann Comments 1 comment

7 March 2017 Chancellor has chance to address one of biggest social issues of our time Britain has been sleepwalking into a social care crisis – time to wake up! Elderly people who need care face wealth tax and stealth tax while others pay nothing More favourable fiscal position offers opportunity to radically reform unfair care system Integration and incentives long overdue – consider Care ISAs, employer care saving plans, auto-enrolment, eldercare vouchers, National Insurance Dramatic unfairness in social…

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Help people use pensions and savings to fund social care

February 8, 2017 Ros Altmann Comments 2 comments

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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Political courage needed for social care solutions

December 12, 2016 Ros Altmann Comments 1 comment

12 December 2016 Action to address care crisis cannot wait any longer – need a 21st Century revolution Britain’s welfare state has never included social care – time for a rethink Social Care system dates back to poor laws principles from the 1800s Ultimately, National Insurance or tax will need to cover care funding All parts of the system are failing and Government has not yet offered solutions Private and employer provision can also help – such as Care ISAs,…

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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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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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15-minute care visits are an affront to decency

October 7, 2013 Ros Altmann Comments 0 Comment

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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