§ Mr. WebbTo 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 WicksUnder 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.