The managing director of care providers Prestige Nursing Plus Care said: “It is vital that moves to revolutionise pensions and care systems do not add to the financial fog that clouds so much decision-making in later life.
“Allowing greater access to pension savings is a welcome move, but many will be left cursing their new freedom if they find that they lose their exemption from care costs as a result of this.”
Figures released by the nat-ional nursing and care agency revealed that one in 10 of the 6m 55-64 year olds could lose their exemption by withdrawing the average £25,000 net pension under the new rules.
Mr Bruce said it was unclear whether savings withdrawn in this way would count towards means testing for care.
He said: “We are already grappling with an unhealthy national diet of confusion and apathy about paying for care. Before the first person steps up to withdraw their pension savings next year, there needs to be clarity over how this decision will affect means testing for care support.”
Mr Bruce called on the -government to set out the implications of new pension freedoms on care funding to allow people to plan ahead better “and avoid leading thousands of pensioners down a financial cul-de-sac”.
