HC Deb 21 May 1946 vol 423 cc193-4
57. Captain Marsden

asked the Chancellor of the Exchequer whether it is the intention of His Majesty's Government to bring the Regulations for commutation of Government pensions into accord with conditions more equitable with current rates of interest.

Mr. Dalton

No, Sir. This would require legislation, which might not, on balance, benefit the pensioners.

Captain Marsden

May I ask the Chancellor whether, in view of the fact that the Act authorising this was passed many years ago, since when values have rapidly increased and the position has greatly deteriorated, he will look into the subject again?

Mr. Dalton

I have looked into it very carefully, but it would require legislation to alter it. If such legislation were introduced, we could not leave unexamined other provisions in the present law favourable to pensioners, namely, that the computation is based upon gross income with out deduction of tax. On balance, I am inclined to think that they have gained more through that than they have lost.