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Article: Pension credit bill gets royal assent.
- Article from:
- M2 Presswire
- Article date:
- June 26, 2002
CopyrightCOPYRIGHT 2002 Normans Media Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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RDATE:06252002
The Pension Credit Bill received Royal Assent today. When it is introduced in October 2003 Pension Credit will reward modest savings and provide a decent income for all in retirement.
Andrew Smith, Department for Work and Pensions Secretary said: "By scrapping the old system that penalised thrift and introducing the Pension Credit we are tackling pensioner poverty. On average, pensioners will gain GBP400 a year.
"The Pension Credit is a radical change for the welfare state. For the first time people will be rewarded for saving instead of being penalised.
"Around half of all pensioner households - over 5.3 million ...