The Liberal Democrats have raised serious concerns over Conservative plans for an £8,000 payment for residential care.

Figures released by the Liberal Democrats indicate that 3.5 million pensioner households (66%) do not have assets of £8,000 excluding their homes.

The LibDems claim the figures undermine Tory claims that their plans would enable older people to pass their homes on to their children as two thirds of pensioner households would have to sell or release equity from their homes to pay for the private insurance scheme.

The research looked at the level of non-housing assets held by pensioners, both single women, single men and couples, and comes in response to the proposed Conservative Party plans for a £8,000 insurance payment per pensioner in order to fund their social care needs.

The Liberal Democrat research says 63% of pensioner couple households (1.4 million) do not have non-housing assets of £16,000 (the cost of insurance to cover both pensioners).

It also said 71% of single female pensioners (1.6 million) and 64% of single male pensioners (600,000) do not have non-housing assets of £8,000.

The Lib Dems say these figures, “&hellipundermine Conservative claims that their plans would enable older people to pass their homes to their children as two-thirds of pensioner households would have to sell or release equity from their homes to pay for the private insurance scheme.””