State Pension Credit Bill [HL

House of Lords bills 2001-02 30

Format:

Corporate Author:

Great Britain Parliament House of Lords

Publisher:

TSO (The Stationery Office)

This Bill introduces a new State Pension Credit for persons aged 60 and over, comprised of: a guarantee credit to ensure a minimum level of income; and a savings credit which will, from age 65, provide an additional income for pensioners who have low or modest incomes, in addition to the basic state pension. The new Pension Credit will replace the Minimum Income Guarantee from 2003. The provisions cover: entitlement and exclusions; retirement provision; definitions of income and capital; and equal treatment for widows and widowers.