Written question asked by Gregg McClymont (Labour) on Tuesday, 1 April 2014, in the House of Commons. It was due for an answer on Monday, 7 April 2014 (named day). It was answered by Norman Lamb (Liberal Democrat) on Monday, 7 April 2014 on behalf of the Department of Health.

Social Services

Question: To ask the Secretary of State for Health what plans he has to exclude retirement income products other than annuities from the asset test used to assess social care funding.

Answer: The pension reforms fundamentally change the way that people can access their retirement savings, giving them much greater choice about how they support themselves during later life. This means that depending on the decision they make, people may increase or decrease their chances of being eligible for means-tested services at some point in their retirement. We are working closely with cross-government colleagues to consider the options for England, including what other products may be disregarded, and to ensure that where necessary, the relevant guidance is updated before the new flexibilities are implemented in April 2015.

Secondary information