§ 54. Mr. Arthur Hendersonasked the Financial Secretary to the Treasury whether, in view of the low rates of interest 1239 prevailing at the present time, he will take steps to alter the basis on which means are calculated under the Old Age Pensions Acts so as to remove the hardships now caused to many old age pensioners?
§ The Financial Secretary to the Treasury (Lieut.-Colonel Colville)I would refer the hon. Member to the answer given on 5th November last to the hon. Baronet the Member for Ealing (Sir F. Sanderson).
§ Mr. HendersonIs it not a fact that the basis on which means are calculated for old age pensions was fixed in 1919, when the prevailing rate of interest was twice what it is to-day, and in view of that fact is it not time that the whole matter was reconsidered?
§ Lieut.-Colonel ColvilleI recognise the point which the hon. Member makes, but I would remind him that the rate of interest is only one of the considerations which enter into the calculation. Perhaps he will read the answer which I have given, and later on, if necessary, put down a question, to which I will endeavour to reply.