asked the Minister for Social Welfare the annual percentage income from capital equivalent to the means at present assessed on the capital value of property of old age pensioners.
Ceisteanna—Questions. Oral Answers. - Old Age Pensions Means Test.
53.
Means are assessed from capital by ignoring the first £25, taking one-twentieth of the next £375 and one-tenth of any excess over £400. The means so assessed, expressed as a percentage of the capital, varies according to the amount of the capital.
54.
asked the Minister for Social Welfare the maximum amount of savings which an old age pensioner is permitted to have without suffering a diminution in pension; and the date upon which such amount was last fixed.
The maximum rate of old age (non-contributory) pension is payable in cases where there are no assessable means. In assessing the annual value of capital the first £25 is excluded. Accordingly, a pensioner with no assessable means, other than capital not exceeding £25, would qualify for the maximum rate of pension.
The provision to limit the payment of maximum pension to cases where there are no assessable means is contained in the Social Welfare (Miscellaneous Provisions) Act, 1966, and became effective from 1st November, 1966.
Would I be correct in thinking that this figure of £25 was taken as representing at one time the probable funeral expenses? Having regard to the fact that even a modest funeral now costs up to £70, would the Minister consider relieving the assessment on savings to, say, a figure of £100? The figure for savings is a very small amount.
It is possibly due for revision.
Will the Minister revise it this year?
I could not say. There are other things which could be of greater benefit indirectly which might be adjusted.
The cost of dying is going up as well as the cost of living.