The Department of Work and Pensions' proposals for the pensions and savings credit is to be scrutini...
The Department of Work and Pensions' proposals for the pensions and savings credit is to be scrutinised by a select committee. The Work and Pensions Select Committee is to examine a number of issues raised by the policy announced in the November pre-Budget statement.
Areas of investigation include the role of the credit in the Government's overall pensions strategy, the method of uprating the pensions credit and the long-term implications of the chosen method of topping up the credit.
Other factors that will be looked at will include the effect of increased means-testing on incentives to save and the implications of the pensions credit for private pensions and the insurance industry.
The committee will also take evidence on the impact of the pension credit on pensioner poverty, the proposed methods for assessing entitlement to the credit and the likely level of take-up.
The State Pensions Credit Bill was published on 29 November and it aims to bring all pensioners' income to a minimum guaranteed level and provide an additional top-up to reward those who have saved for retirement.
The committee will hold oral evidence sessions in early 2002 and written input from interested parties is welcomed by the committee by 11 January 2002. The committee will use written evidence to examine industry related witnesses and will publish a report about two weeks after that has been completed.
Submissions should be sent to [email protected] or sent to 7 Millbank, London SW1P 3JA.
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