Did you know that more than 80% of us will require care and support after age 65 (according to the UK Government)? Who should meet the cost of this?
Squire Sanders has responded to the Government’s challenge to come up with new ways of funding long term social care. Our Pensions White Paper recommends reshaping pensions and tax legislation to enable pensions savers to make choices about whether they save for care and how they do so. For example, we recommend that flexible benefit structures within the workplace should be designed to allow for new care saving options. We also recommend that savers should be permitted to earmark part of their pension rights in advance of retirement to provide for care.
Our Pensions White Paper is intended to spark some debate about this important issue. Perhaps you have some additional solutions to put forward? We are interested to hear what you think…