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Pensions

Volume 981: debated on Monday 24 March 1980

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asked the Chancellor of the Exchequer if he will compare the net weekly incomes of pensioners under present circumstances, and also if single person's tax allowance, married person's tax allowance and wife's earned income allowance were abolished in favour of a uniform adult tax allowance at £700 per annum plus an untaxed householder credit of £4, age allowance to continue unchanged assuming (a) pensioners with no income other than standard retirement pensions, (b) pensioners with supplementary incomes of £100, £200, and £500 per annum, and (c) a pensioner with a wife aged under 60 and earning £1,500 a year.

[pursuant to his reply, 10 March 1980, c. 450]: If my hon. Friend is referring to pensioners over age 65 who are entitled to the age allowance, the only change in net weekly incomes, on assumptions (a) and (b) would be the addition of the £4 credit. On (c) the weekly income would be £68·78 under the suggested scheme, as compared with the present £66·15, assuming that the pensioner himself receives only the standard retirement pension.If my hon. Friend is referring, on assumptions (

a) and ( b), to female pensioners under age 65, the figures would be as follows:—

Weekly Net Income

Present

Supplementary Income£
a)23·08
b) (i) £10024·52
(ii) £20025·96
(iii) £50030·29

Under suggested scheme

Supplementary Income£
a)24·84
b) (i) £10026·28
(ii) £20027·73
(iii) £50031·81