equityCare News

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Many pensioners are eligible for free money from the Government!

2010-03-22T12:00:00+00:00

Yes, you read the headline correctly; the government is giving away money to millions of pensioners.

Many people are not aware that they have gaps in their National Insurance contributions record. This is because letters notifying people of deficiencies in their records for the tax years 1996/97 to 2001/02 weren't sent out until 2004 or 2005.

As a result, special terms apply to people affected by this oversight and who, having discovered a shortfall in their contribution record; want to make up for these years by payment of voluntary contributions. This applies whether or not you received the deficiency notice.

Men born after 5th April 1933 and women born after 5th April 1938, with an incomplete pension record and who reached State Pension Age after 5th April 1998 can pay voluntary contributions if they didn't pay or weren't credited with sufficient NI contributions in the above years. They may be able to pay voluntary contributions for the tax years going as far back as 6th April 1996.

The only group that cannot take up this offer are those married women who had a married women's reduced rate election for the whole of the tax year in question.

The good bit is that because the extra pension is backdated to State pension age, most people qualifying will find the backdated amount received will exceed what they have to pay. If this is the case they will not have to pay anything as their payment will be deducted from the backdating and, in addition to their increased pension, they will receive the balance as a lump sum.

Briefly, this is free money, waiting for any eligible person who applies. It can provide a welcome boost to an inadequate pension and make for a better retirement provision without it costing a penny.

As with all such offers, there is a condition attached, to benefit from this free money, you must apply before the deadline of the 6th April.

If you want to know more and would like to see if you qualify, phone the Pensions Advisory Service helpline on 0845 601 2923 for further details or phone equityCare on 0800 014 1640.

FREE "Essential Guide To Paying for Care at Home" now available!

2010-03-11T12:00:00+00:00

This free guide produced by equityCare highlights all the ways in which you can cover the cost of care at home.

It explains what the local authority can provide, which benefits you should be aware of, how to make the best of your own money and many other things that you and your family should take into account.

To download your copy of our free guide (in PDF format) please click on the following link:

An Essential Guide To Paying for Care at Home

Last Chance for Disregarded Investment Bonds

2010-02-12T12:00:00+00:00

Proposed changes to the Charging Regulations for local authority care home funding could see capital tied up in Investment Bonds being brought into account in the means test for care for the first time.

Currently, Investment Bonds carrying death benefit, usually 1% of the fund value, are fully disregarded as capital in the means test for both Pension Credit and Council funded long-term care. This is because, although they are savings vehicles, they are treated as Life Insurance policies. The rule might change soon following a consultation launched by the Department of Health on proposed changes to the charging regulations for residential care. Should the rule change it is proposed that it will apply to all investments made after the date of the rule change.

Barbara Davies, Chief Executive Officer, and Tim Eadon, Business Development Director of equityCare say:

"Billions of pounds are invested in Investment Bonds and they have always been a popular savings vehicle for retired people because of their tax advantages and disregard status, irrespective of how much is invested. Anyone considering Investment Bonds would be wise to act quickly because now might be the last chance to shelter capital in this way if a rule change comes in after the DH consultation closes.

"For some it is already too late � if a person is already in need of care and moves their capital into Investment Bonds the Council can treat them as depriving themselves of capital that might otherwise be available to them."

For advice on Investment Bonds and other issues concerning the funding of Long Term Care call equityCare on 0800 014 1640 or visit www.equitycare.co.uk

equityCare merge with Better Retirement's Domiciliary Care Arm

2010-02-03T12:00:00+00:00

equityCare has strengthened its Care proposition by merging with Better Retirement's domiciliary care brand � Paying for Care at Home. The newly merged organisation will operate under the equityCare brand whilst Better Retirement continues to develop in other retirement sectors.

equityCare was launched during 2009 with the aim of providing advice on Long Term Care, Equity Release and investment together with easy access to legal advice and a support helpline manned by specialists in this area of the law. Better Retirement, also established in 2009, started as an Equity Release specialist before moving into the Paying for Care at Home sector.

Whilst equityCare had particular strength and experience in Care Home Fees planning and the legal advice sector, Better Retirement focused on the use of Equity Release and Care at Home. Both companies could see the opportunities the sector offered for professional, financial and legal advice as well as the need for the creation of a brand that the consumer and industry could trust.

equityCare and Better Retirement were two of the first firms to be awarded Chartered Financial Planning status in the Care and Equity Release sectors and are committed to offering high quality, independent advice. Both companies agree that "the Chartered status is imperative if we are to overcome scepticism of the financial service industry and to build trust and integrity with an elderly market".

Better Retirement's Tim Eadon and Keith Thompson take up key roles within the newly merged business as Business Development Director and Equity Release Director respectively.

equityCare's CEO, Barbara Davies, said "This is a tremendous opportunity going forward because, as well as strengthening our Care proposition, the merger is a meeting of minds and aims and we look forward to working together to help shape a better Care proposition for those in this country who are either in care now or approaching care in the future".

Tim Eadon, Director at Better Retirement, said "We are very proud to be two of the only Chartered firms advising in this sector. Professionalism, integrity and a desire to address the inequities prevalent in the Care market are key to us both. The synergies were too obvious to ignore and it is an excellent marriage of our capabilities".

equityCare sponsors Best Care Home Awards 2009

2010-01-24T12:00:00+00:00

The presentation of the best-care-home awards, sponsored by equityCare, took place on Sunday 24th January 2010.

The overall winner of the best-care-home award in England was the Midlands Regional finalist, Morton Grange, and was featured on Central TV and BBC Radio Derby.

The other regional winners were Red Rocks Nursing Home, Merseyside (North), Chatsworth, Plymouth (South West) and St Vincent, Isle of Wight (South East). Each received their award surrounded by staff and residents.

If you would like to personally recommend or nominate a care home for a 'best-care-home' award please email debbie.harris@best-care-home.co.uk (closes 31/12/2010)

NEW! equityCare's pocket-size "Survival guide to long term care in 10 easy steps"

2009-12-09T12:00:00+00:00

equityCare have produced a pocket-size version of their original essential guide to care fees planning.

It's called "The survival guide to long term care in 10 easy steps" and is available for those with care needs or their relatives, and also for distribution by care home owners to their prospective residents.

To download a copy simply click on the link below: (if you would like a printed copy please use the enquiry form on our website)

Survival guide to long term care in 10 easy steps (PDF)

equityCare now offering a new, easy to use banking service

2009-11-28T12:00:00+00:00

equityCare are offering a new, easy to use banking service for those needing care at home or in a home. This account can be operated by post and is offered by equityCare through Pensions Bank Limited.

This new service, combined with access to independent specialists within equityCare on elderly care issues is another way of assisting the public in all aspects concerning Long Term Care matters.

equityCare's Newsletter for Autumn/Winter 2009 is now available!

2009-11-18T12:00:00+00:00

equityCare is pleased to announce that our Newsletter for Autumn/Winter 2009 is now available for download, simply click on the link below:

equityCare Newsletter - Autumn/Winter 2009 (PDF)

Tories Announce New Care Guarantee Scheme

2009-10-03T12:00:00+00:00

A "care fees insurance scheme" proposed by the Conservative Party could ensure that elderly people do not lose their homes when they need to meet the costs of funding long term care.

The Tories are confident the plan could be underwritten by insurance companies launching new style care protection products, under government supervision and rules to make sure the scheme maintained its viability over a prolonged period. The proposed scheme would be voluntary and self funding as only one fifth of participants enter long term care and would need to claim.

The basic concept involves a person aged 65 making a one off payment to an insurance company of say £8,000 to guarantee a level of lifetime care fees should the one in five chance of needing care happen. Whilst not many retired homeowners may be able to afford or indeed wish to raise the insurance cost, they may wish to consider some form of equity release that could pay the premium. In effect their property could make the funds available to protect itself against the one in five chance of being swallowed up by potential care costs leaving little if anything for families.

Over 45,000 people are forced to sell their homes each year to pay for residential care, with fees for lower cost residential care averaging in excess of £52,000 over two years*. However this figure is far exceeded by the more expensive quality residential homes. Tory Health spokes person Mr Lansley told BBC Radio 4's Today programme the scheme was designed to be self-financing as more people would pay into it than would need care.

The Association of British Insurers (ABI) has endorsed the Conservative plans although say the details would need to be very carefully thought out. The ABI has long supported the idea of private insurance companies to deal with the vital, but expensive, funding of elderly long term care. The ABI supports the proposal and its aims in principle; they are pleased the Conservatives are dealing with this particularly sensitive area.

* Source: Guide2Care

equityCare are exhibiting at Independent Living Scotland 2009

2009-08-29T12:00:00+00:00

Independent Living Scotland 2009 returns to the SECC in Glasgow on the 9th and 10th of September. Over 120 companies will be exhibiting at the event which is Scotland's premier homecare, disability and rehabilitation exhibition and attracts over 3,000 visitors.

equityCare will be represented by Sylvia Wallace. Sylvia is a Scottish based long term care fees adviser for UK Chartered Financial Planners, equityCare and lives in Glasgow. She has been an independent financial adviser for many years, latterly specialising in the elder care sector, especially long term care and estate planning.

Independent Living Scotland is Scotland's biggest new product showcase with thousands of products on show to aid independent living. The event is free to attend and the ideal place to see, try and compare products to make the right decision for anyone with a care need.

equityCare publish "Your Essential Guide To Care Fees Planning"

2009-08-07T12:00:00+00:00

To download your copy of our free guide (in PDF format) please click on the following link:

Your Essential Guide To Care Fees Planning

equityCare appoints Scottish Care Fees Specialist

2009-07-13T12:00:00+00:00

The rules regarding long term care are different in Scotland as it is the only part of the UK to introduce free personal care for older people either in their own or residential/nursing homes. However such payments do not cover the whole costs of care as the funding for accommodation and living expenses are established following an independent assessment of an individual's income and capital. The outcome of this assessment determines whether a person will have part or all of their costs met or indeed are assessed as entirely self funding.

Given the significant differences regarding care provision in Scotland as compared to the rest of the UK, it is especially important that any and all care funding advice, including cross border cases, are provided by an expert who is familiar with the differences between the two systems and competent to dispense professional advice.

Accordingly equityCare is delighted to announce that we have appointed Sylvia Wallace as our Scotland based long term care fees adviser. Sylvia lives in Glasgow and has been an independent financial adviser for many years, latterly specialising in the elder care sector, especially long term care and estate planning.

If you are concerned about the costs of long term care, the effect that it will have on your assets, or indeed a similar matter, then please contact equityCare by completing the enquiry form on our website and we can then arrange an early consultation.

equityCare achieves Chartered Status

2009-06-03T12:00:00+00:00

The Chartered Insurance Institute (CII) has awarded the prestigious 'Chartered Financial Planners' title to equityCare, a company advising on equity release, long term care and investment. They also offer easy access to legal advice and support through equityCare Legal Services.

Chartered status is an exclusive title only awarded to firms which meet rigorous criteria relating to professionalism and capability. All Chartered Financial Planners commit to the CII's Code of Ethics & Conduct reinforcing the highest standards of professional practice in their business dealings.

To date only just over 200 firms have achieved Chartered Financial Planners status, indicating that this is a highly exclusive award reserved for the leading firms within the financial advice market.

Barbara Davies, Chief Executive Officer, who holds the individual Chartered Financial Planner title, says that securing Chartered Financial Planners status is a landmark for the company: "We have always prided ourselves on being thoroughly professional in everything we do, and to receive external recognition in this way is very gratifying. As Chartered Financial Planners, we can signal our commitment to the highest levels of service to our customers."

CII

The CII has 90,000 members in 150 countries and is the world's largest financial services professional body.

Serving the insurance, savings and financial services markets it works to enhance professional, ethical and technical standards.

The CII partners with corporate business to develop organisation-wide solutions to ensure competitive advantage through technical and professional competence of employees at every level. Individually, CII's members keep up their personal development and maintain their professional standing though an unrivalled range of learning services.

equityCare has a new website

2009-06-01T12:00:00+00:00

equityCare has launched its new website which offers a wealth of information concerning our specialist areas of long term care funding, equity release and legal services.

Please feel free to browse the site and use our enquiry form if you wish to get in contact with us or request a callback.