Personal pension pot

[NannyV]

My husband was diagnosed with Alz in Oct 2015. Despite needing a lot of supervision with just about everything he has remained even-tempered, in fact completely apathetic and without emotion for years. So far I have managed without bringing in additional care (apart from ongoing excellent family support). However, his increasing needs mean we are fast approaching seeking care, probably at home to start with and eventually a care home. My question relates to the financial assessment carried out by the local authority. For the time being he will be self funding as he has some savings. He also has a personal pension pot which I assume is classed as income rather than savings. It is a fund that we always intended to drawdown from as needed. It has not been used to purchase an annuity and remains as uncrystallised funds. Does anyone know how the LA treat personal pension pots? I’m not sure whether I (as POA) should use up normal savings and investments for his care first, leaving the pension pot for when it’s time for the assessment or drawdown sooner to help fund care alongside his savings. Is there in this case still a 50 per cent gift to me as his spouse?

Sorry if any of this is confusing. Any advice would be welcome. Thank you.

 

[Izzy]

Welcome to the forum @NannyV

I’ve no personal experience to help here but I wondered if there was anything in this link that might be of help -

Paying for dementia care in England

Dementia care isn't free, and you may need to pay for some of the care you or someone you know needs. We help you understand the different ways to pay for care, and the amount you might be expected to pay.

www.alzheimers.org.uk

I think it would be useful for you to contact the support line and talk to one for the advisers

Dementia Support Line

If you need dementia support, we’re here for you. Get personalised information, support and advice by calling us on 0333 150 3456.

www.alzheimers.org.uk

I’m sure there will also be other members who will share their own experiences with you.

 

[nitram]

You could email the LA financial department saying you are planning your future and ask how it would treat your drawdown scheme in an assessment for care.

I wouldn't be surprised if the answer was that they only deal with factual cases.

 

[nitram]

@NannyV
Just found
https://www.payingforcare.org/use-your-pension-savings-or-pension-drawdown/ .

 

[NannyV]

Thank you for your advice. I will follow the links you’ve suggested and also make contact with the LA in the hope of getting a clear answer!

 

[NannyV]

Thanks nitram for the additional link.