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ISA or pension

Options
I have just had the money back from my LCF Bond and wondering should I put this into an ISA/savings account/premium bond or move it into my pension fund? I may need the money at a later date so hesitant on the pension fund but any advice on where to put the money as a savings would be great.
Thanks
Rosie

Comments

  • Albermarle
    Albermarle Posts: 27,708 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    To get better  replies , you need to supply more info . Such as
    Age 
    Current savings & investments ( if any ) 
    Pension situation 
    Mortgage etc.
    Plus some idea of the amount of money you are talking about .


  • I am 6 years off pension age, and have some investments in Santander. No mortgage although pay a lot of maintenance charges! The amount would be for £10,000.
  • dunstonh
    dunstonh Posts: 119,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Pension is the most tax efficient option of the things you list but you have the issue of not being able to access it until later.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Albermarle
    Albermarle Posts: 27,708 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    I am 6 years off pension age

    Presume you mean you are six years away from starting your State pension?

    In which case money in a pension would be accessible when you need it as you can take from a pension from age 55.

    The reason pension is recommended is that you get a tax benefit , but this can be limited by how much you earn . 

    More questions

    Do you have any pension provision  ( apart from the State one )

    Are you working ?

  • Yes still working and paying into a pension. 
  • Albermarle
    Albermarle Posts: 27,708 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Yes still working and paying into a pension. 
    Then probably makes sense for at least some of the money to go into the pension to get the tax benefit.
    The max you can add in one tax year is = to your total salary before tax .
    Minus your regular contributions and minus the tax relief .


  • Thank you for the good advice
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