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Original poster

Substantial lump sum

3 replies

RunningStrong · 20/09/2021 20:35

I've come into some money and with the way interest rates are I need to find somewhere to put it.

I'm 51 and I'd like to use it to give me more choices about when I retire.

I have a deferred final salary pension from a previous job and am currently contributing to a Local Government scheme.

Can I put this one into a separate pension to draw from at some point after 55?

What are the tax implications/benefits?

How do I get proper advice? How do I find a decent adviser?

OP posts:

nannynick · 20/09/2021 21:38

Have a look at the LGPS scheme you are in to see if you can buy extra years.

Yes you could have a SIPP. You would need to be careful about Annual Allowance.

You can have an ISA - do you already have one and are you maxing contributions to that - the advantage is that it is accessible anytime, and tax free.

This may be useful to watch/listen to with regard to finding advice:

meaningfulmoney.tv/2021/05/04/the-financial-advice-checklist/

nannynick · 20/09/2021 22:05

Unbiased.co.uk and Vouchedfor.com are some places to start if you want to look for a financial planner. It's planning that you want, someone to help plan what investments could be made. Try to find one which provides fixed fee planning. Then if you decide you want them to implement the plan, then they have separate pricing for that.

These days you do not need a financial planner who lives near you... many use Zoom and other digital technologies.

BarbaraofSeville · 21/09/2021 04:59

Second the meaningful money podcast and website. I think he has an online course too.

Whether or not it is worth paying for advice will depend exactly how substantial this lump sum is.

£50-100k, maybe not. £500k+, probably, although if it is a really large amount, you probably want someone willing to work on a fixed fee basis, not a percentage, as a small percentage of a large amount is a lot of money.

Pete on the meaningful money podcast does paid financial advice and is probably the sort of person you want as he's not the type to recommend a load of products that you don't need because it makes him more money, because that's the very opposite of what he's about.

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