§ 28. Dr. CableTo ask the Secretary of State for Social Security if he will make a statement on the extent to which the benefit system provides an incentive to those on low incomes to save. [136135]
§ Mr. BayleyWe have introduced a number of measures that demonstrate our commitment to rewarding those people who have worked hard and saved hard.
These include the new State Second Pension, and stakeholder pensions will give many more people the opportunity to build a good second pension; increases in the capital limits for the Minimum Income Guarantee from next April—benefiting half a million pensioners by £5 a week, on average; and our proposals for the new Pension Credit, from 2003, will specifically reward saving with a cash addition—benefiting 51/2 million pensioners.