Family member has a thousand pounds per year (7)
I believe the answer is:
grandpa
'family member' is the definition.
(term for grandfather)
'a thousand pounds per year' is the wordplay.
'a thousand pounds' becomes 'grand' (slang).
'per year' becomes 'p.a.' (synonyms).
'grand'+'pa'='GRANDPA'
'has' acts as a link.
(Other definitions for grandpa that I've seen before include "Veteran" , "Parent's father" , "Relation" , "Old man" , "Older person" .)