One-off fee proposed to fund free elderly care

Rich pensioners should face a one-off charge of £30,000 when they turn 65 to fund a free social care system, a think tank has proposed. The Social Market Foundation said the charge, which could be deferred until death, was the only fair way to raise enough money. The one-time payment would target anyone who has assets worth more than £150,000 and would help raise about £7billion a year for care.

James Kirkup, the foundation director, said that the charge was the “least bad option” for solving the problem.