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Pension credits and the impact of a private pension
gordy40
Posts: 1 Newbie
Hi
Looking for some advice.
My mother has recently passed 65. She is married and both her and her husband are over 65, they receive disability benefits and up to now pension credits as neither had a pension.
My mother has discovered that she has a lump sum that she invested in 20 years ago that now needs conversion into a pension. The investment after the removal of a lump sum will be worth about £25k.
The question is what can she do to maximise her income while takining into account the impact on pension credits.
She has heard that she can defer her pension until she is 75 and if she dies before this date then the lump sum is part of her estate.
Or maybe she can do a drawdown arrangement.
Does anyone have any advice?
Thank you
Looking for some advice.
My mother has recently passed 65. She is married and both her and her husband are over 65, they receive disability benefits and up to now pension credits as neither had a pension.
My mother has discovered that she has a lump sum that she invested in 20 years ago that now needs conversion into a pension. The investment after the removal of a lump sum will be worth about £25k.
The question is what can she do to maximise her income while takining into account the impact on pension credits.
She has heard that she can defer her pension until she is 75 and if she dies before this date then the lump sum is part of her estate.
Or maybe she can do a drawdown arrangement.
Does anyone have any advice?
Thank you
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