Here is the video of Tom Scott at the Pension PlayPen on Tuesday (22nd Sept). It is a great discussion including interaction with Gareth Morgan, Padraig Floyd and Sir Steve Webb. Thanks to Steve Goddard for chairing and to Sophie Cooper and and Chris Bunford for managing the event.
I couldn’t make the live event and watched the video, I strongly recommend you do
As pension playpen people, we can’t ignore the question of long term care. It is a drain on our economy but it’s also a drain on our pensions.
At this week’s Pension PlayPen Coffee Morning, we’ve asked Tom Scott to talk with us about how Andy Burnham can afford to offer social care to those who may need it for the rest of their lives. The vast majority of these are pensioners.
This was not the easiest subject to talk about but if anyone could, it was the Pension PlayPen crew and Tom Scott.
Long Term Care guru, Tom Scott commented on:
- how difficult it is for the state to fund care
- the pros and cons of funding care
- the difficulty of transferring tax money, essentially from young people to old people
- the fact that ultimately you can’t take it with you when you go
If the state funds care for people with assets, essentially what it is doing is funding the inheritance of their beneficiaries who can often be quite wealthy in their own right.