Ask an expert: When it comes to the Fair Deal scheme is my dad’s retirement fund an income or an asset?

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Our property finance expert answers your questions

Applying for the Fair Deal scheme can prove confusing (picture posed). Photo: Getty Images

Sinead Ryan

Today at 03:30

I am helping my mother apply for the Fair Deal scheme on behalf of my father who needs nursing home care. While I’m gathering the bank accounts details etc, valuations for the house are complicated by the fact that it’s a one-off self build and not on a street with other comparable homes. I also became concerned about his Approved Retirement Fund (ARF), which amounts to €150,000 from which he draws down 7pc a year (he is 79). Is this considered ‘income’ or ‘asset’ when it comes to the calculation of his contribution toward care?