delete The National Assistance (Assessment of Resources) (Amendment) Regulations 1997
Amends the National Assistance (Assessment of Resources) Regulations 1992 by adding definitions of 'personal pension scheme' and 'retirement annuity contract' (by reference to Income Support Regulations), and modifying Schedule 3 to include these pension types within provisions for aggregating multiple income sources when calculating means-tested National Assistance eligibility.
These regulations perpetuate a complex means-testing regime that creates poverty traps by penalising savings accumulation and self-provision through pensions. The aggregation requirements for multiple income sources discourage individuals from building diverse retirement provisions. Furthermore, embedding pension definitions within primary legislation through cross-references to Income Support Regulations creates regulatory rigidity that impedes personal financial planning and innovation in pension products. Such prescriptive rules on income calculation reflect the bureaucratic approach Adam Smith warned against — substituting official discretion for individual choice.