Lifetime or Stocks and Shares ISA?

[HelenofToulouse]

Which of the above would be the best for me in terms of a long-term investment?

I am in my thirties and would like to start investing some money. I have other types of investments for money that I want to be able to access easily but would also like to start looking at 'locking' some money away for the future. So with that in mind, which would be best?

I am a homeowner, so would not be able to use the Lifetime ISA for a property, and I already have a workplace pension that I overpay into (me and my employer's combined contribution amounts to 20% of my pre-tax pay) and have a good NI contribution record.

I am quite risk averse so if I went for the S&S ISA then it would be with a managed portfolio so I'd need to consider the costs of that too.

What would you do in my position?

Are you a lower rate tax payer or do you earn over £50k? How accessible do you want the money - LISA can be withdrawn from but it comes at a penalty.

Managed portfolio? Would that really be needed, what about things like Vanguard LifeStrategy, Blackrock MyMap? Those in my view are more like a group of funds where the manager does very little (balance it, keeps trackers mirroring what they are tracking) so does not charge much.