Savings options for pension lump sum

hyperhypo

i neglected to say that my short term cash savings account will be
with Marcus (Goldman Sachs) for the year ahead, with possibility of splitting the amount ...50k ...with Ratesetter on the yearly terms. I have a trial savings with this P2P lender and am undecided as today whether to extend this.

Malthusian

Brynsam wrote: »

How about this: https://www.pruadviser.co.uk/pdf/PIIBK10000.pdf?icid=pdf

Where did that come from?

Pays interest

Nope. An offshore bond is a wrapper. The investments in it might pay interest.

allows tax efficient withdrawals

Offshore investment bonds are highly tax-inefficient for most people because of the tax you end up paying to encash it. Unless you know exactly what you are doing. The entire gain (with withdrawals added back on) becomes taxable as income all in one go when encashed.

There are scenarios in which offshore bonds can be tax-efficient but in my experience they usually require sales reps to invent them.

They are certainly not something you can recommend on an Internet forum with no context as to why they would be suitable.

and can provide an element of life cover.

Not really. The life cover is a nominal 1% which has no significance other than to qualify the bond as a life insurance product rather than an investment one. There's a good chance of that 1% being swallowed up by the unnecessary extra tax.