§ 21. Mr. ToddTo ask the Chancellor of the Exchequer if he will make a statement on recent fiscal measures he has taken to encourage pension provision. [53563]
§ Dawn PrimaroloThe Government are introducing pension credit from 2003, at a cost of £2 billion in the first full year. The pension credit will reward those pensioners who have modest incomes from second pensions or savings. In addition from 2003–04 the age-related personal tax allowances will be increased to ensure that no pensioner aged 65 or over will pay tax on income of less than £127 a week.