Lump Sums

N_Hall

Hi I have just received a windfall of £65k and I would like to put it away and maximise the interest until I retire in 5 years. Any ideas would be helpful.

sheslookinhot

Are you working ? Do you have earnings such that you can contribute to a SIPP ? Can you contribute to an ISA ?

N_Hall

Yes I am working and receiving a work place pension as well as another wage. I already have an ISA.

PennyForThem_2

Put it in a SIPP (Self Invested Pension Plan) - you may have to do it over 2 years.  If you are still working this would be a no brainer as it is tax efficient to add to it if you are still a wage earner and paying tax.

FaceHead

Clearly a lot more information is needed to be sure of any answer. Anyway, especially if a higher rate tax payer, a pension of some description is likely to be the right answer.

For simplicity, you might choose to start contributing your whole salary to the workplace pension as a first step.

Savvy_Sue

Don't rely on our advice. See an IFA, possibly one specialising in pensions by the sound of it.

Dazza1902

You can put up to 40k or your annual salary(if lower) into a pension.
Is your work pension defined benefits or defined contribution ? Defined benefits would be teachers, nurses, civil service, local gov etc.
 Anything in a DC/ sipp can he taken when you reach 55. If you put it into a dB scheme there can be complications on how to get at it before the scheme retirement date.
For clarity you would need to share info, age, income, type of pension, reference to a second job, what your overall retirement strategy and other investments are.