Victor is age 70 and receives pension income of £26,000 a year after tax, which covers his basic living costs. He gets £9,000 a year from the state pension, £1,000 from an annuity and the rest from a defined-benefit pension, about a third of which increases with inflation every year. Victor’s home is worth about £200,000. He has five brothers and sisters, 13 nephews and nieces, and 13 great nephews and nieces.
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