We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Care Home Funding - Treatment of SIPP
MickeyTheBoy
Posts: 6 Forumite
I am retired and in addition to the state pension I also have a small final salary pension and a SIPP in drawdown. I have taken the 25% from the SIPP some years ago (and spent it !). I do not take a regular income from the SIPP but occasionally take a small annual amount to supplement my other income.
My question is in any financial assessment regarding local authority funding for care home fees how would the SIPP be treated ? Does anyone have personal experience of this situation ?
My question is in any financial assessment regarding local authority funding for care home fees how would the SIPP be treated ? Does anyone have personal experience of this situation ?
0
Comments
-
Pensions are treated as income rather than capital, and according to this site you would be deemed as receiving a notional value from your SIPP.
https://professionalparaplanner.co.uk/assessing-pensions-in-social-care-funding-key-pointers-and-calculations/
Hopefully will never need care, but if you do having sufficient assets to avoid having to rely on LA for care is a good place to be in.0 -
Many thanks for your reply. I had done some "Googling" but hadn't found that information.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards