Social care saving incentives under consideration for Budget

Introduce 'Care Isa' - Ros Altmann

Hannah Godfrey
clock • 2 min read

The government is considering ways to encourage people to save for social care in time for next month's Budget, believes former pensions minister Ros Altmann - although she stressed to Professional Adviser she had no reason to think any firm decision had yet been taken.

Altmann (pictured) said, however, she "wouldn't be surprised" if Chancellor of the Exchequer Philip Hammond included measures to incentivise the public to save for care in later life - adding she would be "incredibly disappointed" to see the government fail to tackle the issue.   Describing the UK's social care situation as "potentially far worse than the pensions crisis", she said that, without some kind of incentive, people might not think about keeping some money back to put towards care in later life. She continued: "With increasing numbers of much older people in this country, it...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Is price really still king? Why the protection market needs to evolve

Is price really still king? Why the protection market needs to evolve

Data and process improvement will be 'battlegrounds of tomorrow'

Paul Yates
clock 18 March 2024 • 3 min read
Protection sales down 102,000 in 2023; adviser focus labelled 'crucial'

Protection sales down 102,000 in 2023; adviser focus labelled 'crucial'

'Income protection products are more important than ever'

Cameron Roberts
clock 26 February 2024 • 1 min read
'What if': Why business protection advice is so important

'What if': Why business protection advice is so important

'Advisers need to support their business owner clients'

Naomi Greatorex
clock 08 February 2024 • 4 min read