State pension question!

p00hsticks

RobM99 said:

Thanks all, I think a financial expert mught be a port of call!

As xylophone says, a call to the Future Pension Centre might be more productive (and free). 
Whichever your friend chooses, they should move relatively quickly, while the option for them to buy voluntary years back to 2006 is still open - that window closes at the beginning of April next year (and knowing HMRC you'll struggle to get through to sort payments out as that deadline approaches) and after that you'll only be able to go back six years.    

Alice_Holt

Re Pension Credit (PC)
   Assuming that no retirement income or pensions are in place, then once their inheritance savings fall below (roughly) £100k then they would currently have some (very small) entitlement to PC. This PC entitlement would increase as savings fell.

"If you are over Pension Credit age the government assumes you receive £1 per week for every £500 of capital you have above £10,000." 

Pension Credit tops actual retirement Income (and tariff income from capital / savings) up to c.£183 a week.


Any idea of the remaining level of their inheritance ?