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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

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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.


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