Britons could be automatically enrolled into social care savings scheme | UK | News
Millions of Britons could be automatically signed up to a new scheme to help pay for social care later in life under proposals put forward by a former pensions minister. People aged 40 and over, including pensioners, would be enrolled into paying a monthly contribution towards their future care costs. However, anyone who did not want to take part would be allowed to opt out. The idea has been put forward by Sir Steve Webb, a former Liberal Democrat pensions minister who now works for consultancy firm Lane Clark & Peacock (LCP). Under the proposal, taxpayers would pay a social care premium equivalent to an extra 1% on the basic rate of income tax, with the maximum payment coming to just over £30 a month. In return, people would receive a discount on their personal care costs depending on how long they had paid into the scheme. After one year, they would receive a 4% discount, rising to 8% after two years. Those who contributed for 25 years would qualify for fully funded personal care. …








