Having no experience in this field i would appreciate any advice given.
A better option might be to use the redress/compensation payment to pay down your mortgage or to increase contributions to your pension where applicable.
That's really the same thing as borrowing money to invest in shares - not generally a good idea outside of a tax advantaged pension vehicle.So I was hoping I could invest right and maybe increase this amount to payoff as a lump sum in the future, all going well.
Well maybe you should think about starting one!I don't have a pension.
Not looking for a debate but could you share your thinking on the subject?Ok thanks. I appreciate the advice but I don't believe in pensions (Not looking for a debate on the subject )
So @Sarenco you would recommend paying it off my mortgage balance, nothing else I could double my buck on (I know risk etc)? I've never had a lump sum before that I could possible make something on, I feel like i'd be missing the boat if I just gave it back to the bank. I can't see myself being in this position again. I don't have a pension.
I'd like to understand this as well. I'm Australian so a pension was compulsory for me, but I don't understand why somebody would say 'immediate tax relief of 40% and tax-free earnings? NO THANK YOU'.Not looking for a debate but could you share your thinking on the subject?
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