HC Deb 08 July 2003 vol 408 c755W
Mr. Webb

To ask the Secretary of State for Work and Pensions what assumed rate of income from savings is used to establish eligibility for(a) minimum income guarantee and (b) pension credit; and if he will make a statement. [123297]

Malcolm Wicks

Under pension credit the assumed rate of income from savings will be set at £1 in £500 for savings above £6,000. This is half the rate currently assumed in the minimum income guarantee (MIG) of £1 in £250. In addition, this assumed income will be rewarded. Overall this means that savings will be treated five times more generously than under MIG.