What to do with inheritance

xylophone

Basic rate tax relief is claimed by the SIPP provider.

If your wife is a higher rate tax payer she should contact HMRC.

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

https://www.telegraph.co.uk/pensions-retirement/tax-retirement/annual-pension-allowance-avoid-getting-caught-year/

https://adviser.royallondon.com/technical-central/pensions/contributions-and-tax-relief/annual-allowance/

Does your wife's DB scheme offer an AVC option?

Audaxer

cambb wrote: »

Looking at maybe 100k long term ie 5 years and 100k easy access ish. Any ideas or advice please?

5 years isn't long term, so if you invested £100k it could be worth less than that in 5 years. If you are going to invest £100k and take income from it that is perfectly possible in the short term, but if you need to draw out most of the capital in 5 years, I wouldn't advise investing it. Instead I would be looking for the best fixed term savings accounts unless I was prepared to leave it invested for at least 10 years.

jaybeetoo

kidmugsy wrote: »

By the way, when the money arrives don't leave it sitting around in a current account in your own name. Only £85k would be covered by the insurance scheme.

You may be covered by the temporary £1m protection for 6 months.

https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/