How will the cap on care costs actually work?
Introduction As a Financial Planner I spend time helping and guiding clients through the challenge of care fees planning. As the population ages, and live longer lives, the number of us requiring long-term care in later life is rising and at a pace. Following the delay in the introduction to the cap on care costs […]
The market for immediate needs annuities becomes more restricted
We learnt today that Partnership and Just Retirement, two leading providers with respect to pension annuities, are to merge. This actually has a more significant impact, in my opinion, on the long-term care fee planning market than pension annuities. What are immediate need care fee payment plans? These plans are a type of annuity contract, but purchased […]
Delay of the ‘Care Cap’
The postponement of the introduction of the ‘Care Cap’ until 2020 means it is important that individuals entering long-term care should seek expert advice on funding now more than ever. At Wingate we can provide that advice and help individuals, families and/or legal representatives, such as Attorneys or deputies understand the financial consequences of someone […]
Social care reforms delayed
The coalition government have today refused to fully commit themselves to a cap on care costs as recommended in last year’s Dilnot report. Instead, they unveiled new care funding ideas including a higher £75,000 cap, or asking those needing care to pay a fee to opt-in to the new system – if individuals don’t pay […]
Clients should be prepared with an LPA
Despite the change from Enduring Power of Attorney (EPA) to Lasting Power of Attorney (LPA) being introduced just over 4 years ago it seems that there is less take up of LPAs which may be due to cost, and delays at Court. As a firm of Financial Planners specialising in at-retirement advice, we believe that avoiding the […]
Dilnot report recommends a funding cap towards long term care
An independent commission was set up by the government last July to recommend a fair and sustainable funding system for adult social care in England. In the Dilnot report published today into long term care it recommends a cap of of around £35,000 on individuals’ lifetime contributions towards their social care costs. Dilnot’s key recommendations: […]
HMRC U-Turn on Income Drawdown
Good news this week from HMRC, as they back track on rules that may have forced some investors to stay in costly or poor performing Income Drawdown arrangements. Under the new rules introduced on 6th April any savers switching drawdown providers would be subject to the new, lower limits under Capped Drawdown. Under the new […]
A State Pension for the 21st Century
The Government has outlined its plans and ideas for reform of the current somewhat complex State Pension benefit. Under the proposals there are 2 options, the first being to accelerate existing reforms bringing about a two tier flat rate structure by 2020 and the second option is the introduction of a single tier flat rate pension […]
