HC Deb 10 June 1912 vol 39 c513
27. Captain CRAIG

asked the Secretary to the Treasury whether he is aware that the rate of interest now reckoned on the accumulated savings of pensioners who have been thrifty, in order to arrive at their yearly incomes is 5 per cent.; and whether, in view of the fact that many of these old people have their savings invested in Government securities yielding about 2½ to 3 per cent., he will adjust the calculations in order that a more equitable method of arriving at the pensioner's yearly income may be secured?


The method of calculation to which the hon. Member refers was specifically laid down last year by Statute after very full consideration, and I fear I do not see my way to propose an amendment of the law on this point.

Captain CRAIG

Would it not be well to have an amendment before the Act comes into force?


This is a reference to the Old Age Pensions Act of 1911, and it is rather too early to suggest an amendment of that.

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