§ Baroness Greengross
asked Her Majesty's Government:
What would be the cost in 2003–04 if the deemed income from capital for the pension credit was £1 per £1,000 of savings. [HL741]
The Parliamentary Under-Secretary of State, Department for Work and Pensions (Baroness Hollis of Heigham): The additional cost of pension credit in 2003–04 if deemed income from capital was £1 per £1,000 of savings is estimated to be £110 million.140WA
Pension credit was introduced in October 2003. If it had been introduced for the full year of 2003–04, the additional cost of this change would have been about £210 million.
- 1. Figure is rounded to the nearest £10 million.
- 2. Estimates relate to the year 2003–04.