Pension Lump Sum - Best options

kassy64

subjecttocontract said:

Buy land or property.

Probably sensible advice in some circumstances and a decent return on your capital, however I’m going in to retirement (early at 58) I want to make the most of the next 10-15 years, I really don’t want to become a landlord and all the worries and hassles that go with it etc. yes some tenants can be brilliant but there is also the opposite unfortunately and I just dont want to get involved. It’s just not for me, I have my own property and that keeps me busy enough. I understand where your coming from though.

k3lvc

kassy64 said:

dunstonh said:

Thanks, I'm basically looking for the best return on £85k with 0 'zero' risk, 

No such product exists for your objective.

I was just hoping for some bank/building society recommendations for great savings rates that others are using.

use the tables on this site.

I have also commuted this to increase the lump sum which is tax free, and gives me the option to live my life to the full for next 10-15 years.

That part doesn't make sense.   You have taken reduced income on the pension to get a larger lump sum to allow you to put in a savings account to draw the interest which will almost certainly result in a lower income than had you not taken the higher income on the pension.

Ok, I will use the tables, maybe was just looking for recommendations, other than that I'm not after any financial advice thanks. As I mentioned earlier it is short term (12 months) so does make sense and without knowing my full circumstances and pension details you shouldn't be making comments about what does and doesn't make sense.

A tad harsh on probably the most respected/helpful poster on here 

kassy64

k3lvc said:

kassy64 said:

dunstonh said:

Thanks, I'm basically looking for the best return on £85k with 0 'zero' risk, 

No such product exists for your objective.

I was just hoping for some bank/building society recommendations for great savings rates that others are using.

use the tables on this site.

I have also commuted this to increase the lump sum which is tax free, and gives me the option to live my life to the full for next 10-15 years.

That part doesn't make sense.   You have taken reduced income on the pension to get a larger lump sum to allow you to put in a savings account to draw the interest which will almost certainly result in a lower income than had you not taken the higher income on the pension.

Ok, I will use the tables, maybe was just looking for recommendations, other than that I'm not after any financial advice thanks. As I mentioned earlier it is short term (12 months) so does make sense and without knowing my full circumstances and pension details you shouldn't be making comments about what does and doesn't make sense.

A tad harsh on probably the most respected/helpful poster on here 

Sorry if it came across like that, but the first reply to my initial post was condescending and not really relevant to my initial question. Maybe I phrased it wrongly but others have given relevant advice to my initial post. As I say sorry if I have offended anyone !

Dazed_and_C0nfused

kassy64 said:

k3lvc said:

kassy64 said:

dunstonh said:

Thanks, I'm basically looking for the best return on £85k with 0 'zero' risk, 

No such product exists for your objective.

I was just hoping for some bank/building society recommendations for great savings rates that others are using.

use the tables on this site.

I have also commuted this to increase the lump sum which is tax free, and gives me the option to live my life to the full for next 10-15 years.

That part doesn't make sense.   You have taken reduced income on the pension to get a larger lump sum to allow you to put in a savings account to draw the interest which will almost certainly result in a lower income than had you not taken the higher income on the pension.

Ok, I will use the tables, maybe was just looking for recommendations, other than that I'm not after any financial advice thanks. As I mentioned earlier it is short term (12 months) so does make sense and without knowing my full circumstances and pension details you shouldn't be making comments about what does and doesn't make sense.

A tad harsh on probably the most respected/helpful poster on here 

Sorry if it came across like that, but the first reply to my initial post was condescending and not really relevant to my initial question. Maybe I phrased it wrongly but others have given relevant advice to my initial post. As I say sorry if I have offended anyone !

The thing is you have opted for what most regular posters on here would consider to be a terrible choice from a financial perspective.

You clearly have your reasons but you are posting on a money saving website and taking an extra one off payment at a rate of 12:1, even when the 12 is tax free and the 1 is going to be taxed, isn't a popular option on here 🙂

adindas

kassy64 said:

dunstonh said:

Thanks, I'm basically looking for the best return on £85k with 0 'zero' risk, 

No such product exists for your objective.

I was just hoping for some bank/building society recommendations for great savings rates that others are using.

use the tables on this site.

I have also commuted this to increase the lump sum which is tax free, and gives me the option to live my life to the full for next 10-15 years.

That part doesn't make sense.   You have taken reduced income on the pension to get a larger lump sum to allow you to put in a savings account to draw the interest which will almost certainly result in a lower income than had you not taken the higher income on the pension.

Ok, I will use the tables, maybe was just looking for recommendations, other than that I'm not after any financial advice thanks. As I mentioned earlier it is short term (12 months) so does make sense and without knowing my full circumstances and pension details you shouldn't be making comments about what does and doesn't make sense.

It seems you have decided to go for saving as something similar.

Here are the list you might want to consider

Top easy Access

https://forums.moneysavingexpert.com/discussion/596724/the-top-easy-access-savings-discussion-area/p1

Regular saving Account

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Anitehr one from MSE

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

kassy64

Dazed_and_C0nfused said:

kassy64 said:

k3lvc said:

kassy64 said:

dunstonh said:

Thanks, I'm basically looking for the best return on £85k with 0 'zero' risk, 

No such product exists for your objective.

I was just hoping for some bank/building society recommendations for great savings rates that others are using.

use the tables on this site.

I have also commuted this to increase the lump sum which is tax free, and gives me the option to live my life to the full for next 10-15 years.

That part doesn't make sense.   You have taken reduced income on the pension to get a larger lump sum to allow you to put in a savings account to draw the interest which will almost certainly result in a lower income than had you not taken the higher income on the pension.

Ok, I will use the tables, maybe was just looking for recommendations, other than that I'm not after any financial advice thanks. As I mentioned earlier it is short term (12 months) so does make sense and without knowing my full circumstances and pension details you shouldn't be making comments about what does and doesn't make sense.

A tad harsh on probably the most respected/helpful poster on here 

Sorry if it came across like that, but the first reply to my initial post was condescending and not really relevant to my initial question. Maybe I phrased it wrongly but others have given relevant advice to my initial post. As I say sorry if I have offended anyone !

The thing is you have opted for what most regular posters on here would consider to be a terrible choice from a financial perspective.

You clearly have your reasons but you are posting on a money saving website and taking an extra one off payment at a rate of 12:1, even when the 12 is tax free and the 1 is going to be taxed, isn't a popular option on here 🙂

Yes, it appears that the general consensus would be to take the additional pension. I just feel the additional £180 net per month isn’t going to make that much difference on top of the £2000 per month I will be getting. On the other hand the lump sum opens up all sort of options and gives me the option to retire early and make the most the next 10-15 years. If I took the £180 per month I wouldnt be taking early retirement and would probably have another 2 years at work (not what I want at all). So for me I still feel this is the right choice for me.

Daliah

kassy64 said:

Yes, it appears that the general consensus would be to take the additional pension. I just feel the additional £180 net per month isn’t going to make that much difference on top of the £2000 per month I will be getting. On the other hand the lump sum opens up all sort of options and gives me the option to retire early and make the most the next 10-15 years. If I took the £180 per month I wouldnt be taking early retirement and would probably have another 2 years at work (not what I want at all). So for me I still feel this is the right choice for me.

I am almost certain you don't want to hear this, but to earn £180 a month (£2,160 a year), all you need is a part time job at minimum wage. This doesn't have to be in the line of business you have been working in to date - - at 58, most of us can still learn new tricks. 

Someone of your calibre can most likely command more than minimum wage, so just a month or two of work a year would preserve your pension, and you could still have oodles of spare time for the rest of the year. 

kassy64

Daliah said:

kassy64 said:

Yes, it appears that the general consensus would be to take the additional pension. I just feel the additional £180 net per month isn’t going to make that much difference on top of the £2000 per month I will be getting. On the other hand the lump sum opens up all sort of options and gives me the option to retire early and make the most the next 10-15 years. If I took the £180 per month I wouldnt be taking early retirement and would probably have another 2 years at work (not what I want at all). So for me I still feel this is the right choice for me.

I am almost certain you don't want to hear this, but to earn £180 a month (£2,160 a year), all you need is a part time job at minimum wage. This doesn't have to be in the line of business you have been working in to date - - at 58, most of us can still learn new tricks. 

Someone of your calibre can most likely command more than minimum wage, so just a month or two of work a year would preserve your pension, and you could still have oodles of spare time for the rest of the year. 

I’m not sure I follow what you are getting at. I agree a part time job is a great idea and something I will be considering as a financial top up and the social benefits etc. 

ccluedo

Daliah said:

I am almost certain you don't want to hear this, but to earn £180 a month (£2,160 a year), all you need is a part time job at minimum wage. This doesn't have to be in the line of business you have been working in to date - - at 58, most of us can still learn new tricks. 

Someone of your calibre can most likely command more than minimum wage, so just a month or two of work a year would preserve your pension, and you could still have oodles of spare time for the rest of the year. 

...but not the lump sum cash to be able to fully enjoy the spare time or make big choices.

Daliah

ccluedo said:

Daliah said:

I am almost certain you don't want to hear this, but to earn £180 a month (£2,160 a year), all you need is a part time job at minimum wage. This doesn't have to be in the line of business you have been working in to date - - at 58, most of us can still learn new tricks. 

Someone of your calibre can most likely command more than minimum wage, so just a month or two of work a year would preserve your pension, and you could still have oodles of spare time for the rest of the year. 

...but not the lump sum cash to be able to fully enjoy the spare time or make big choices.

They said the £2k pension would be enough to live on, and they want to lock the lump sum away