§ Mr. WebbTo ask the Secretary of State for Work and Pensions pursuant to his answer of 10 July 2003,Official Report, column 979W, on pension credit, whether a pensioner who purchases an annuity after making a successful claim for pension credit will have to report that annuity purchase to the Department. [127231]
§ Malcolm WicksOn applying for pension credit from age 65, pensioners are asked about any changes they expect to their pension income over the next 12 months. If additional income will become available within the next 12 months, but the amount is not yet known, their award will be fixed for reassessment at that date. If a change is expected in more than 12 months, their assessment will be fixed for the full five-year period allowed, during which any increases in pension income will be ignored. People who are entitled to any pension income which they have not yet drawn (including for instance an annuity from a personal pension) are treated as having that income available to them.
§ Mr. LawsTo ask the Secretary of State for Work and Pensions how much he estimates the average pension credit recipient will receive in pension credit payments per year. [127170]
§ Malcolm WicksThe average Pension Credit each recipient is estimated to receive per year is £2,250.
Notes
- 1. The estimates were arrived at by dividing forecast expenditure on Pension Credit y the forecast caseload and rounding to the nearest £50.
- 2. Estimates relate to 2004–05, the first full year of Pension Credit and are in cash terms.
- 3. All figures are based on published forecasts from Budget 2003, and are consistent with the DWP Departmental Report 2003.
- 4. These estimates are based on planning assumptions of Pension Credit and should be treated with caution.