nearly time to take my pension

fnewboy

Soon to get £120 p.w. State pension, plus £4.5k p.a. private pension, with £30k lump sum.

I've always banked with Barclays and have £4k savings, but apart from a £300 p.c.m. debit to my partner I don't anticipate touching much of the remainder.

I'm not interested in stocks and shares - not being a gambler, so what should I do with the £7k coming in at regular intervals and the lump sum ??

Being new to the website - it seems that i should take out an ISA every April, put the regular income into the best Savings account, and put the lump sum into the best cash account - with the proviso that I change accounts where necessary dependent on changing interset rates.

Are my assumptions correct ???

dunstonh

I'm not interested in stocks and shares - not being a gamble

Doesnt mean that you shouldnt use the full £7200 ISA allowance.

Are my assumptions correct ???

depends on what you want to do with the money.

EdInvestor

The lump sum might fit quite neatly into National Savings index linked certificates, which will keep up with inflation and pay the return tax free.

For the rest, check out the best paying savings accounts.

If you are over 65 then your income will be within the tax free old age allowance of around 9k p.a. If 60, then use both your ISA allowances.You can invest in gilts as well as cash if you want something risk free.