§ 70. Mr. T. Smithasked the Minister of Health whether he is aware that many local pensions committees are of opinion that the existing method of arriving at the income of applicants for old age pensions is unfair, having regard to the low rate of interest obtained from investments to-day; and whether he proposes to take any action in the near future to lower the rates of interest in assessing the means of applicants for old age pensions to bring them more into accord with present day levels?
§ The Financial Secretary to the Treasury (Lieut.-Colonel Colville)I have been asked to reply. I have received a number of letters from local pensions committees on this subject. The Government are, however, not prepared to initiate legislation to modify the arrangement now in force. It is not possible to deal fully with the subject in a Parliamentary reply, but I would remind the hon. Member that the rate of interest is only one of the considerations to be taken into account.
§ Lieut.-Colonel ColvilleThis particular point is not a new one. I shall take the opportunity to express the reasons for this decision in the Debate which will arise shortly on pensions.