re. initial lump sum treatment for those on DB pensions

Albermarle

horsewithnoname said:

I spent mine on having some improvements done to my home so I can stay here for life and getting it insulated has improved the quality of my home, and looks like it will cut my heating bills for the winter. 

If you are not relying on it for income, spend it on whatever will make you happy. It’s just a tool and has no intrinsic value unless it’s doing something useful. 

There has been a recent report that people with high savings, sleep better and are generally healthier, which makes sense.
Many people just enjoy the feeling of security of having plenty of money, even if they do not spend much of it.
So you could argue it does have some kind intrinsic value.
Personally I find one advantage of being financially comfortable, is just not having to worry about money.

katejo

Albermarle said:

horsewithnoname said:

I spent mine on having some improvements done to my home so I can stay here for life and getting it insulated has improved the quality of my home, and looks like it will cut my heating bills for the winter. 

If you are not relying on it for income, spend it on whatever will make you happy. It’s just a tool and has no intrinsic value unless it’s doing something useful. 

There has been a recent report that people with high savings, sleep better and are generally healthier, which makes sense.
Many people just enjoy the feeling of security of having plenty of money, even if they do not spend much of it.
So you could argue it does have some kind intrinsic value.
Personally I find one advantage of being financially comfortable, is just not having to worry about money.

Yes I like having that feeling too and want to treat myself to travel which I couldn't afford when younger. Just a bit concerned that a Government could change rules regarding payment for possible residential care and say something like 'You had a DB pension with lump sum and should have put that aside in case you might need it".