Quarter of UK adults have ‘lost’ a pension

 Nearly a quarter of adults (23%) in the UK have lost track of at least one pension pot, according to research from charity Age UK.

However, the research also found that almost a third (30%) of those who had lost a pension pot would make an attempt to find it, although many remain unsure on how.
The trend is a result of shifting cultures in employment, as nearly a quarter of 25-34-year-olds have already had five or six employers, which the same as the lifetime average for those over 65, according to the charity.
Almost half of those who have lost a pension are also unclear as to how they lost track, while a fifth have disregarded the paperwork.
However, on realising they have lost track of their savings, nearly a quarter of survey respondents said they would contact previous employers for help, while 15% would contact the government or tax office.
Age UK head of services Lucy Harmer said: "While some measures are being taken by the government to account for smaller pension pots likely to be created under auto-enrolment, existing pots that we may already have are not being accounted for. This makes it more important than ever that we keep on top of what we have already accumulated."
Pensions minister Steve Webb previously acknowledged the concerns of lost pots which led to the suggestion of the pot follows member regime.
Earlier this year, the minister confirmed the Department for Work and Pensions would begin legislating on the concept shortly.

Read more: http://www.professionalpensions.com/professional-pensions/news/2260864/quarter-of-uk-adults-have-lost-a-pension#ixzz2Q9js2sNu

IFA Online - News, blogs and analysis for IFAs. Visit the website now.

ACTION!: 
 
Did you know that you can trace any lost pensions by contacting the Pensions Tracing Service via https://www.gov.uk/find-lost-pension You can fill in a form online. Act now to make sure you keep a track of what you are entitled to. And don't forget to get your State Pension Forecast to plan your retirement!
 

Home care elderly need financial advice, say MPs

 More calls from MPs for Local Authorities to refer clients to specialist advisers like those accredited by SOLLA - the Society of Later Life advisers

Scrutiny committee calls for changes to care bill

Health Insurance & Protection Article 

A cross-party group of MPs and peers scrutinising the Government’s Draft Care and Support Bill is calling for elderly people to be given independent financial advice on their options for paying for care.
The group has today published a report calling for a number of amendments to the bill – which would impose a cap on people’s financial contributions to their care – and arguing that the Government “has not fully thought through” the implications of the reforms.
It says the bill could leave local authorities open to “a deluge” of disputes and legal challenges, and argues that without greater integration of the plans with health and housing policy, the care and support system will be unsustainable.
Among the committee’s key recommendations is that people be given regulated, independent financial advice about the different options available to pay for care, and a national campaign be launched to raise awareness of how people can plan and prepare for their care needs.
Paul Burstow MP, chair of the Joint Committee on the Draft Care and Support Bill, said: “The Government must take stock of its funding for adult care and support and think seriously about whether the transformation we all want to see can truly be delivered without greater resources.”
He added: “The draft bill helps, but we believe it could do more."
Partnership, the annuity provider, said it was delighted by the committee’s recommendation on financial advice.
Chris Horlick, managing director of care at Partnership, who has campaigned for the importance of financial advice in later life to be more widely recognised, said if the proposal is included in the bill it will have “profound consequences for all self-funders”.
He said it would give this group, who make up 43% of all elderly people in care in England, the “security of knowing that they have been advised appropriately how to fund their care”. He added it could also spur many more financial advisers to focus on care fees advice.
Meanwhile, Stephen Lowe, director at specialist retirement income provider Just Retirement, said he is pleased to see the recommendation on financial advice, adding that the proposal for a national awareness campaign is also “imperative if we are to create a meaningful market to help people with funding solutions for care”.
Earlier this month, Lowe said local councils should have a ‘duty’ to refer individuals requiring long-term care to qualified financial advisers when speaking at a conference on long-term care organised by think tank Reform.

The Telegraph - Isa watch: The best rates - and the catches

The Isa rush should be about to start, when banks offer the best deals ahead of the April tax deadline. We highlight the best rates - and the catches.

Savers have until April 5 to deposit £5,640 into a cash Isa (individual savings account). Unlike conventional savings accounts, interest is paid gross, without 20pc tax being deducted.

Historically, savers rush to use, or lose, their allowance and this stampede spurs banks and building societies to up their game and offer better deals. So it may be wise to hold back from grabbing for the first attractive-looking rate.

These better rates also tend to remain for the new tax-year.

However, everything is different this year. The government-backed Funding for Lending Scheme (FLS) has handed cheap money to banks and building socities to lend out. That means they have less need for deposits from savers, and have therefore reduced the rates on offer.

But experts are suggesting that that this may be all about to change. This week, Halifax has lauched a new range of Isa products which may act as a kickstart to the Isa season.

What you can rely on is that we will track the best deals and publish our views on each - and the catches. We'll do that here, so don't forget to bookmark and return to this page. We'll also alert readers to new deals on Twitter: @moneytelegraph

The best for instant access

Cheshire Building Society’s ISA Saver (Issue 1) is paying 2.5pc on balances over £1,000.
Transfers in are allowed for those who are sitting on old Isas paying worse rates, as are unlimited withdrawals and deposits up to your annual cash Isa allowance.
The good news is that the fixed bonus of 2pc will protect the rate from falling below this level before the end of the bonus term (July 31, 2014), which is longer than the usual 12 months. But it’s vital to make a diary note to switch it when the bonus ends.
To find out more visit thecheshire.co.uk or call 0845 755 0555
The catch:
Cheshire Building Society is part of the Nationwide group so make sure you’ve not got more than £85,000 in total with the group (Nationwide Building Society, Cheshire Building Society and Derbyshire Building Society) to meet savings compensation rules. Read the FSCS rules on compensation and its list of cross-ownerhsip - fsa.gov.uk.

The best for regular savings

Buckinghamshire Building Society’s Chiltern Gold Nuggets Regular Saver Cash ISA (Issue 2) pays a competitive 3pc.
With this tax-free savings account, the monthly payment must stay the same for the whole tax year, between £10 and £470, but can be altered in April each year. There is no maturity date and one penalty-free withdrawal per tax year is allowed.
Available for operation in branch or by post only.
Find out more bucksbs.co.uk or call 01494 879500.
The catch:
This rate is clearly more competitive than any of the other Isas, for anyone who only has the ability to save on a regular basis. However, as you can only hold one cash Isa per tax year if you have a lump sum you’ll earn more interest by putting the whole lump sum into one of the other best buy Isas for the full period.
Plus, should savers exceed the one withdrawal per year or a monthly payment is missed, the rate on the balance will drop to 0.1pc

The best notice Isa

Coventry Building Society’s 60-day Notice ISA (3) pays 2.8pc tax-free. Requiring an opening balance of just £1, this account allows penalty-free withdrawals with just 60 days’ notice. Interest will be paid on the anniversary of the account opening.
Account can be operated online, over the telephone, in branch or by post.
“Coventry Building Society has offered a competitive issue of this Isa since the last tax year, for those who are happy to give notice on their Isa cash,” said Susan Hannums, spokesman at SavingsChampion.co.uk.
“The current offering of 2.80pc is one of only a small handful of savings accounts that are actually earning more than the current rate of inflation.”
For additional information, visit coventrybuildingsociety.co.uk or call 0845 766 5522.
The catch:
This account has a variable rate from January 1, 2014 and includes a bonus of 0.6pc for the first year, so savers must stay vigilant. Transfers in are not allowed.

The best fixed-rate Isas

For those savers who want guaranteed returns from their savings, a fixed rate account may be the best option.
The best one-year Isa
The best one-year fixed-rate deal comes from Nationwide Building Society and pays 2.05pc. This account can be opened with a minimum balance of £1, but is can only be operated in branch.
For more information visit nationwide.co.uk or ask in branch.
The catch:
Part withdrawals are not allowed. Early closure will result in a loss of interest. If there is insufficient earned interest, then the amount of the early access charge will be taken from the funds in the account.
You can make just one lump sum payment by paying in cash or a cheque at any Nationwide branch. However, once open, you will not be able to pay in additional funds.
The best two-year Isa
For those savers who are happy to lock their money in for longer, Halifax is now offering a two-year fixed-rate cash Isa that pays 2.5pc.
The account can be opened with a minimum balance of £500 and transfers in from other accounts are allowed. This account can be operated in branch, online or over the telephone.
For more information visit halifax.co.uk.
The catch:
No withdrawals allowed. Early closure allowed with 180 days loss of interest. You may therefore get back less than originally deposited.
The best five-year Isa
If you are looking for a longer fixed-rate deal, Halifax’s Isa Saver Fixed pays 2.7pc for five years.
Available for those with a minimum deposit of £500, this account can be operated online, in branch or over the telephone.
To find out more visit halifax.co.uk or call 08457 26 36 46.
The catch:
No withdrawals allowed. Early closure or transfers out are permitted, however, this will incur a charge equal to 365 days loss of interest. This amount will be taken from the amount deposited into the account, and as it is a fixed saver, you may get back less than you deposited.
Our guide to the best cash Isa rates will be updated as the rates change so bookmark this page.

PRESS RELEASE

For immediate release 6th December 2012

Society of Later Life Advisers [SOLLA] and FirstStop Advice announce Customer Support Initiative

SOLLA and EAC FirstStop Advice have launched a joint initiative to help ensure that consumers needing advice around finding and funding care, are able to benefit from holistic advice by combining the expertise of FirstStop Advice with that of specialist advisers who are members of the Society of Later Life Advisers [SOLLA] and have the industry recognised Later Life Adviser Accreditation.

Tish Hanifan, Joint Chair of the Society of Later Life Advisers commented:
“We are delighted to be working collaboratively with EAC First Stop who believe, as we do, that the right information and advice at the right time can truly make a difference to those who have to make decisions about care matters either for themselves or those they care about.
EAC First Stop has gained national recognition for the quality of its information and advice across the many aspects of care, housing and support. Its advice line and website already helps thousands of people every year and we look forward to being able to combine this with specialist independent financial advice by our accredited members where it is needed.”
Daniel Pearson, Director EAC First Stop Advice commented:
“FirstStop Advice brings together some of the most respected advice organisations in the country and we are very pleased to be able to support SOLLA members who want to provide excellent service to older people”

Full Press Release with Note to Editors

It's Write a Will Week - Don't risk leaving your loved ones with a large IHT bill!

 People without a will risk large IHT legacy

 People who fail to make a will could leave their loved ones with a hefty inheritance tax bill, website Unbiased has warned.The site's warning comes as its research revealed almost 29 million people in the UK (58% of the population) are currently without a will.

It also coincides with today's launch of its fourth annual Write a Will Week, in partnership with Octopus Investments.

Karen Barrett, chief executive of Unbiased, said: "People spend their lives providing for their loved ones, yet lack of action in planning their affairs for after they have gone could lead to a hefty inheritance tax bill, not to mention additional stress for the family and potential delay in distributing assets." The research found 30% of the representative sample of 2009 people surveyed are putting off making a will until later on in life.

It added 14% of respondents have not written one because they are concerned about the costs involved.But 10% of Britons without a will believe their estate will automatically be passed on to the right people in the event of their death. Barrett said: "The easiest way to ensure your estate goes to the people you want to when you die is to consult a solicitor or financial adviser, who can help you interpret the current inheritance rules and apply them to your situation."
She added: "This is our fourth annual ‘Write a Will Week' and the topic continues to be as important as it was four years ago. "Too many people are simply unaware of the control that having a will gives you and its importance in ensuring your loved ones receive what you intended them to."

Read more: IFA Online Article

Important Deadline for Claiming Back Care Fees

Related Article: Telegraph: Does the NHS Owe You £80,000?

IMPORTANT -

It appears that the deadline of 30th September 2012 for any Care Fee claims for unnecessarily paid fees prior to 1st April 2010 is to be implemented by the Department of Health.

If a client has unnecessarily paid fees prior to 1st April 2010 in a Care/Nursing Home or for Care at their home. Creditline Financial Limited will need to register the claim with the relevant Primary Care Trust (NHS) by the deadline date. 

If you know OF any individual where this may apply then as a Matter of Urgency please ask them to contact us ASAP.

 BACK GROUND

In the UK individuals have been paying for care in their home and or care in a care home however, if they have a servere MEDICAL NEED this care should have been paid for by the NHS/Primary Care Trust.

It maybe that the clients fees were not paid for as the assessment process/processes have not been completed correctly or completed at all by the NHS/Primary Care Trust. 

AVERAGE CLAIM SIZE

From the research we have conducted with a number of solicitors who are currently active in the area the average claim is between £40,000 - £45,000. The highest paid claim we are aware of is £250,000. As the average weekly cost for care is £800.00 per week you can see that the financial opportunity is huge.

Diary of Britain's Youngest Sufferer of Alzheimers

Touching story of how one woman told her husband how she wanted to be cared for when she could no long speak up for herself.

This demonstrates how important it is for all of us to plan ahead and think about what our own wishes would be.

You can now take out Lasting Powers of Attorneys for both Personal, Care and Welfare and also Financial Matters. Also Living Wills in addition to a Will that comes into force on your death. These are legally binding documents and this trajic case highlights just how the difficulties of providing Care needs can hit families at anytime not just elderly relatives.

Woman with early-onset dementia writes diary detailing care wishes

By Andrew Hough

3:30PM BST 03 Sep 2012

From the Telegraph

When Steve Boryszczuk made the difficult decision to place his wife of almost three decades in a home to help care for her early-onset dementia, he was heartbroken.

But he has found her diary which offers the consolation of detailed instructions to the family about how she wanted to be looked after, meaning her husband can now care for her the way she always wanted.

Mr Boryszczuk, 47, had cared for Michelle for four years at their home in Wickenby, Lincs, after she was diagnosed aged just 39 with the disease.

But last year the mother-of-two’s condition became too difficult to manage, forcing her devoted husband to make the devastating decision to put her in a care home.

After starting the painful task of sorting through her belongings, he was reduced to tears after discovering a poignant diary she secretly kept for eight years.

Writing about her fears dealing with the condition, Mrs Boryszczuk, 43, had also carefully researched the illness after being told in her 20s that she carried a hereditary gene defect.

She had also written detailed instructions to her family about how she wanted to be looked after, meaning her husband can now care for her the way she always wanted.

In one emotional note, compiled when she was 36, she wrote: "I am suffering from anxiety and depression because early onset Alzhiemers runs in my family.

"I have had a positive DNA test. I am at onset age for my family.”

She had been told aged 28 that she had the same gene as her beloved father, Anthony Rusling, who died from Alzheimer's Disease (AD), in 1991, aged 46.

In 2008, she started showing signs of the disease before being officially diagnosed with Alzheimer's a year later, aged 39.

In another note, entitled "After diagnosis", she wrote of her terror at being told she had the disease and how tasks such as moving house would have caused chaos.
She wrote: "I want to paint, walk the dog, go for drives etc [...] I would in the later stages want to be in a specialist unit or hospice."

Together with her diary, she had also filled folders with information on care and treatments and details for her funeral, in which she insisted on a ceremony not a service.

She wrote: "See it as an occasion to celebrate a human life that has ended and support and comfort the living."
She also researched memory aid techniques to counteract the effects of the disease and help her find items and how she and her husband should join a support group. She also wrote about her cherished memories of her father.
When she compiled a list of the emotional stages of diagnosis, she ticked depression and crossed out denial, anger and bargaining.
As the disease took told, she first lost her ability to complete simple tasks but soon became a public danger and would disappear for hours in end because she had forgotten her way home.
Her condition further deteriorated in July last year and three months later she was placed in The Elms care home, in Louth, Lincs, where she receives round the clock care.
Mr Boryszczuk, a former lorry driver, now spends 12 hours a day at her bedside after giving up work to care for his wife full-time.



Today, experts suggested she was one of Britain's youngest ever Alzheimer's sufferers and Mr Boryszczuk said he was sharing her story to raise awareness for the illness.

He is also raising money for the Alzheimer's Society, by walking the Great Wall of China next month.

The couple, who have been married for 27 years, used to love holidaying together but now Mrs Boryszczuk is bedbound and incontinent.

 
Today, he admitted he had not forgiven himself for putting her in a care home after he “lost” his wife but he took comfort in the knowledge that he can fulfil her wishes detailed in her diaries.
He said: “I lost Michelle three years ago. It's difficult when you watch a loved one slip away and there's nothing you can do to stop it.

"I thought Michelle and I would grow old together and tell our grandkids stories about how we met. But that's not going to happen now.

"I miss my wife every day but I have to accept she is gone. I'm learning to live all over again.”
He added: "Putting Michelle in a home was the hardest thing I have ever had to do, but it got to the point where I just couldn't give her the care she needed.

"I had no idea she was collecting all this information on the condition and writing all her thoughts down – she never spoke to me about any of it.”

Their sons Richard, 26, and Graham, 24, also regularly visit their mother and have decided against having the same genetic testing.