Question
To ask Her Majesty's Government why the proposed Saving Gateway does not apply to older savers on means-tested benefits such as pension credit.
Answer
The saving gateway aims to initiate a saving habit among working age people on lower incomes, and to promote financial inclusion. Eligibility will be passported from entitlement to certain benefits and tax credits, which have been selected to target working age people on lower incomes, and so do not include pension credit. I refer the noble Baroness to my comments during the Second Reading of the Saving Gateway Accounts Bill on 17 March 2009 (House of Lords, Official Report, cols. 120 and 137).