HC Deb 28 October 1947 vol 443 c47W
77. Mr. A. Edward Davies

asked the Financial Secretary to the Treasury if he will revise the basis of income which determines eligibility for a non-contributory old age pension inasmuch as interest rates have fallen and produce a smaller income to persons with moderate means.

Mr. Glenvil Hall

The assessment of yearly means is not based on the prevailing rate of interest on investments but on the yield of annuities. The average of the present yield of Government annuities on the lives of men and women at age 70 still exceeds 10 per cent.