§ Mr. CousinsTo ask the Secretary of State for Social Security what plans he has to review the tariff incomes schedule of attributed income from savings of pensioners; and if he will estimate how many additional pensioners would qualify for the minimum pensions guarantee if it were lowered to a national yield of 6 per cent. [106657]
§ Mr. RookerAn estimated 10,000 pensioners would become newly entitled to the Minimum Income Guarantee if a 6 per cent. rate of return is applied to savings over £3,000. Overall, 70,000 pensioners would gain from the change.
However, it should be noted that around 50,000 pensioners with savings at the lower end of the tariff scale would lose benefit, with a small number losing entitlement completely.