Landmark’s Blog
Long term care Green paper
Published on 22nd July, 2009 at 09:44 by Eric Mowinski B.Sc.
On 14th July, the Department of Health published a Green paper entitled “Shaping the future of care together”.
You may have seen on recent media reports details of the Government’s new Green paper on long term care. This is an important issue because the UK has an ageing population and over time, the costs of long term care will put more strain upon our resources.
Many people view the provision of long term care as a responsibility of the state to be funded from tax and national insurance. The extent of the rising long term care bill means that this is no longer feasible. It is however cause for much resentment for those that have paid into the system throughout their lives.
The need to make adequate pension provision so that individuals can enjoy their retirement is emphasised by the issue of long term care. Not only do people need to build up assets to provide income in retirement but also to provide income to perhaps meet residential or nursing home fees. Adequate provision will allow an individual to have their choice as to where their long term care is provided.
So whilst pensions still receive a bad press, they should be the cornerstone of any long term planning. They are still one of the few recognised tax havens for savers.
Posted under the following tags: longtermcare, government, greenpaper, pensions.
Share this post using…
<<< Return to the main blog page.
Landmark Financial Planning is authorised and regulated by the Financial Services Authority. This report is based on information and opinion which are subject to change and for general information only. Do not act on this information without advice from your financial adviser. Accordingly neither Landmark Financial Planning Ltd, partner or employee will be liable in respect of any loss occasioned by any person as a result of such action or inaction.