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...

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