Page 34 - CPB March 21st
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Glossary of terms
Annuity Annuity Certain
Attendance Allowance
Care Fees Annuity
Deferred Payment Agreement
A fixed sum of money paid to someone each year.
A fixed sum of money paid to someone each year for a fixed period (e.g. six years).
Attendance Allowance is a social benefit that may be claimed if you have a disability severe enough that you need someone to help look after you. It is paid at two different rates and how much you get depends on the level of care that you need because of your disability.
An immediate needs annuity where the instalments are paid to a registered care home.
A loan agreement with a Local Authority to raise finance to pay care home fees where the loan is secured by way of an interest-only mortgage over a residential property. The loan is to be repaid following the death of the home-owner.
