Say someone has no savings - but has say £30,000 in a private pension - and has less than full State pension entitlement - does this mean:
Say this person who is unemployed, rather than buying an annuity, draws out the
full £30,000 when they are in their fifties - goes on a nice cruise for 5
weeks - and then gives the remainder of the money to their children.
(The children could of course give them "pocket money" in cash every month)
Will this person - who now has no savings - and has no private pension - have
to be totally supported by the state for the rest of their lives: most probably
being entitled to Pension Credits and perhaps other means tested benefits?
I am sure that the scenario cannot be true: but I would like to understand why
- posted 5 years ago