Pension Planning - Minimum Income Guarantee

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Minimum Income Guarantee

The government ensures that that pensioners will not have less than a certain amount to live on, this amount is known as the minimum income guarantee.

If your income from all sources, i.e. state pensions, private pensions and investments, adds to less than the MIG then you are entitled to receive income support from the government.

Usually if your saving add up to more than £6,000 you are entitled to a reduced amount of benefit, and should your saving add up to more than £12,000 you are not entitled for any support.

Minimum income guarantee

The minimum income guarantee is subject to change.

However it's indication for 2001-2002 is show in figure 1.