HC Deb 10 April 2001 vol 366 cc613-4W
Mr. Davidson

To ask the Secretary of State for Social Security what progress is being made in reforming the regulations in the social security system governing capital limits for pensioners. [156573]

Mr. Rooker

This month, the lower capital limit in the income related benefits, such as Housing Benefit and Council Tax Benefit, for those over 60 increases from £3,000 to £6,000. In addition, the upper limit of £8,000 in the Minimum Income Guarantee (MIG) and Jobseeker's Allowance for those over 60 rises to £12,000. These changes to capital limits will better reward savers with low incomes and will benefit around half a million pensioners by £5 a week, on average.

Under the proposals for the Pension Credit, the capital rules will be abolished and instead income from capital will be considered.