§ 71. Sir R. CLOUGH
asked the Financial Secretary to the Treasury whether, in the case of old age pensions, pension officers reckon the income on savings in the Post Office Bank at 5 per cent., although only 2½ per cent. is paid; and, if so, if he will explain why this policy is followed?
§ Sir J. BAIRD
I would refer the hon. Member to Section 4 of the Old Age Pensions Act, 1919, which provides that in calculating means for old age pension purposes the yearly value of any property, not personally used or enjoyed, shall be calculated as follows, namely:
§ The first £25 of the capital value ignored.
§ The next £375 of the capital value at one-twentieth.
§ The remainder of the capital value at one-tenth.