asked the Minister for Social Welfare if he regards as income for the means test for the old age pension (1) moneys won from Government Prize Bonds, or (2) the computed income from moneys invested in Prize Bonds.
Ceisteanna—Questions. Oral Answers. - Old Age Pensions: Means Test.
16.
When assessing means for old age pensions purposes (1) moneys won in Prize Bond draws and (2) moneys invested in Prize Bonds are taken into account as capital under Rule 1 (1) of the Seventh Schedule to the Social Welfare Act, 1952, which provides that:
(a) the first £25 is excluded;
(b) the yearly value of the next £375 is calculated at one-twentieth; and
(c) the yearly value of any excess over £400 is calculated at one-tenth.
A single person with no other means could have up to £1,260 in cash and still qualify for the minimum rate of pension.
Would the Minister not reconsider this matter? I should like to point out that there is no income from money invested in Prize Bonds unless the person wins a prize. Will the Minister consider the suggestion that that money should not be computed for the purpose of a means test for old age pensioners?
I suggest the Deputy should look at this question with a realistic eye from the point of view of the taxpayers in his constituency. If a single man over the age of 70 has £1,260 I do not think there is any justification for asking his neighbours to contribute further to his maintenance.
If a single man had that amount of money and put it into Prize Bonds he would have no income from it.
If I had that amount of money and was prepared to gamble it in the Prize Bonds I do not think anybody else would have any sympathy if I did not have any income.
Would the Minister not be prepared to have a gamble himself, then, that this man would not get a prize?
If I did that, he should take it out and keep himself.
The Minister is doing the Scrooge on him.