View more on these topics

Symponia hits out at sliding scale switch for care

Specialist IFA Symponia has hit out at the Government for backtracking on plans to charge a flat fee to help fund the cost of their long-term care.

In its green paper on long-term care released last month, the Government set out options to help cover the rising cost of care, including a plan for pensioners to pay £20,000 either at retirement or after death.

But last week, Health Secretary Andy Burnham said the compulsory charge could be introduced on a sliding scale. This means it would be lower for lower-earners, but middle and higher-income earners might have to pay more than £20,000 for a service they may never use.

Burnham said: “It would be possible to vary how much people had to pay according to what they could afford – what savings or assets they had.”

Symponia joint managing director Jeremy Davies says: “Introducing a sliding scale does not sound any different to the system we have now whereby people with more than £23,500 in savings have to pay for 100 per cent of their care fees which is unfair.”


Commercial vehicle

The ability to invest in commercial property has always been an attraction for some Sipp and SSAS investors and despite recent plunges in values it remains an attractive option for some categories of pension saver.

Image courtesy of Stuart Miles at

Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm