Following the announcement of greater freedom over pension fund withdrawals from 2015 in the Budget, concerns were expressed that people who did withdraw cash from their pensions could find the money demanded from them by local authorities to meet the costs of their long-term care.
The Daily Telegraph cited the pensions minister Steve Webb as saying that rules will be put in place to ensure that this money is ‘ring fenced’ from local authority assessments. This will be a welcome relief for the many thinking about the forthcoming increase choices on how to use their pension funds.
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