Lottery launches new Set For Life game

 

Set For Life – WIN £10K every month for 30 years!

The National Lottery is launching a new game called ‘Set For Life’ on 15th March 2019 where the top prize is £10,000 per month for 30 years! So you won’t get the usual lump sum if you’re a winner, but the same £10,000 amount landing in your bank account every month for 30 years.

 

For just £1.50 per line, the lucky winners who match the 5 main numbers from 1 to 47 and a Life Ball from 1 to 10 will scoop the top prize. The odds of winning the top prize? Approximately 1 in 15.3 million, wow. If you only match the 5 main numbers you will win £10,000 every month for 1 year. Small prizes can be won for matching 2 main numbers or more with prizes from £5…enough to buy you that coffee and cake from Starbucks.

Camelot, the national lottery operator, is targeting the younger player with this game as they are attracted to receiving regular instalments over the long term, sufficient amounts to get them through university, to cover mortgage payments and to give them a jolly good lifestyle for years to come!

The prize is classed as an annuity payment which means that it is an income and therefore taxable. Camelot have taken this into account and regardless of your UK tax status, you will receive £10,000 per month as a minimum, as the annuity is taxed at source. However, the prize pay-out won’t be adjusted for inflation so will remain a fixed sum. £10K in 29 years won’t quite have the same buying power as £10K today.

What happens if the winner dies? Well, Camelot have covered this one too, as it is an annuity policy the winner’s estate will then benefit and receive a lump sum equal to the cost of the policy less any payments already made. All top prize winners will be offered a meeting with a Financial Advisor so whatever your financial circumstances, the best advice will be given.

So, how would you spend (or invest) your £10K per month for 30 years?

Photo by Jesse Schoff on Unsplash