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Old Aǵe Pensions

Volume 389: debated on Tuesday 25 May 1943

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asked the Chancellor of the Exchequer whether any consideration has been given to the fall of income of old persons of 70 years of age applying for an old age pension, owing to the lessened return from investments held by them, such as those of building societies, etc.; whether the total amount of income from investments is still reckoned on the old basis; and what the limit of capital investments is for a single person and a married couple to receive full pension?

The question of the treatment of capital held by claimants for noncontributory old age pensions was reconsidered when the Pensions and Determination of Needs Bill now before the House was in preparation, and it was decided to propose no change. In the case of a single person whose yearly means are derived wholly from invested capital, the full rate is payable, unless the capital held£865. When the claimant is one of a married, couple living together in the same house, the full rate is payable unless the capital held by both exceeds £1,730.