What to do with my £45k

laurel01

Hi, I have recently moved in with my partner and have £45k left over from the sale of my house. I have used up my ISA allowance for this financial year so I am wondering whether to put my money into pensions or savings or a combination of both. I currently have 2 personal pensions, one with Old Mutual Wealth which has a current value of approx £26k, and the other with Friends Life which has approx £35k in it. I also have company pensions to the value of approx £30k. Would I be better just splitting the £45k between my pensions or putting some of it into a high interest savings account as well?

zagfles

Nobody can possibly answer a question like that without far more details about your circumstances, it's something you'd need financial advice for. For instance if you put the money into a pension, it's likely to be beneficial tax wise but you can't get hold of it till 55.

Eco_Miser

laurel01 wrote: »

Would I be better just splitting the £45k between my pensions or putting some of it into a high interest savings account as well?

That depends partially on how much you've got in your emergency fund. If it's less than 6 months spending, put at least that much into high interest current accounts before even considering locking it up until you're 55 or more.