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Supplementary Pensions (Eligibility)

Volume 828: debated on Tuesday 21 December 1971

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asked the Secretary of State for Social Services if he will estimate the additional cost to the Exchequer of assessing only the income at a notional rate from personal savings of not more than £2,000, rather than the capital sum itself, for the purpose of deciding eligibility for supplementary pension.

In accordance with the Ministry of Social Security Act, 1966, the Supplementary Benefits Commission already treats capital as equivalent to weekly income at a fixed rate, as opposed to regarding the whole capital as available to meet the claimant's weekly requirements. The rate fixed is 5p a week for each £25 of capital between £300 and £800 and 12½p a week for each £25 above £800.