New Set For Life lottery draw offers winners a fat salary for 30 years instead of hard-to-handle lump sum
A NEW “lifetime lottery” launched this week to help those who dream of big wins – but couldn’t handle a vast fortune at once.
The Set For Life draw will pay the winner a £10,000-a-month “salary” for 30 years — £3.6million in total.
The prize is designed to appeal to players who want the “stability of regular payments”.
It also follows the disastrous revelations about lottery flops such as Michael Carroll, a former binman who blew his £9.7million win on drugs, parties and prostitutes.
Earlier this month, The Sun told of a string of unhappy winners, such as John McGuinness, who ended up destitute after spending £4million on a bad investment, and checkout girl Callie Rogers, who blew her £1.9million win on clothes, make-up and cars.
Had they have won Set For Life instead, their stories may have been happier ones.
Players pick five numbers from one to 47 and a Life Ball from one to ten for each line, which costs £1.50. To hit the jackpot, all numbers must match.
Getting five numbers without the Life Ball earns £10,000 a month for a year. Smaller prizes range from a fiver to £250.
The odds of winning the twice-weekly draw are slim — 15million to one of hitting the 30-year jackpot, but that’s still three times better than the Lotto’s 45million to one.
On its first ever draw on Monday, two ticket-holders won the second prize of a year’s worth of payouts. They have so far declined publicity.
On Thursday night, another winner took the year-long prize, but the lifetime jackpot remained unwon. Camelot declined to say how many punters bought tickets but said sales were in the millions.
Experts predict the game will mirror the success of similar draws in the US and Australia.
Sarah Burns, of the prize promotions agency Prizeology, says: “I can see this type of annuity-style lottery appealing to anyone who is even remotely financially savvy and can see the benefit of a regular large monthly payment rather than a huge jackpot that can often be very overwhelming.
“It can be easy to blow a large win if you don’t have the experience or support to spend wisely.
“Sure, you can’t buy a new house and a new car immediately, as you might with a one-time payout win, but a monthly sum of this size is still a life-changing amount of money and the winner might never need to work again.”
But others warned of the impact of inflation as payments are fixed and not adjusted to match rising living costs.
Andrew Hagger, of moneycomms.co.uk, says: “Based on the Bank of England’s inflation calculator, £10,000 in 1998 would be worth just £3,706 30 years later. This just highlights how much inflation can eat into your wealth over time.”
If a winner dies before 30 years is up, the value of the annuity goes to their estate.
Today Sun Money talks to a winner of a similar lottery in the US, and looks at the fortunes of some of the UK’s jackpot winners.
‘20 years of payments keeps me comfortable’
GRANDFATHER Joseph Corsello chose to receive his million-dollar (£760,000) prize from the New York State lottery over 20 years as he wanted to make “forced savings”.
The 64-year-old from Stormville, NY, could have taken the lot in one go in November 2017, but opted for £38,000 a year to avoid blowing it.
The fencing contractor says: “If you took one million dollars and put it in your bank account and looked at it in five years there would be half left.
“You’d think: ‘That’s a nice SUV, I’ll buy that’. People say that with a lump sum you could invest it in the stock market and earn more.
“With this I know what I’m going to get, it doesn’t go up and down.”
Mr Corsello, who had already paid off his mortgage before his win, says he didn’t expect to be particularly wealthy in his later years. But the extra income has made his family life more comfortable.
It meant he could help his 31-year-old daughter, a hairdresser, buy a house and also contribute towards her wedding.
He and his wife Carol, 63, a dental assistant, have also just finished doing up their kitchen with top-of-the-range appliances.
Mr Corsello says the decision to take an income depends on your age and your health, adding: “If you are a bit older than me then why not get the lump sum? If I was my daughter’s age I’d get a lump sum, too, because you have time to invest it. But, for me, this is right.”
Despite the win Mr Corsello is still working as he likes to keep busy . . . but he does now plan to retire at 67 rather than 70.
Winning isn’t everything
HERE is how some of the UK’s jackpot winners have fared over the years . . .
FRANCES and Patrick Connelly won £115million on EuroMillions in January this year.
The couple from County Down, Northern Ireland, said they had no plans to splash out on a massive new house, and were instead keen to move to a bungalow.
Frances, 52, and Patrick, 54, said they were going to share their winnings with 50 people, and help St Francis community football club in their former home town Hartlepool, where they used to volunteer for 25 years.
BARBARA and Ray Wragg, of Sheffield, won £7.6million on the lottery in 2000, but decided it was too much and gave away £5.5million.
They donated it to 17 local charities including funding a bladder scanner at Royal Hallamshire Hospital where Barbara used to work as a nurse, an MRI scanner for a children’s hospital and cash for a teenage cancer unit.
Barbara died in 2018 aged 77, but Ray, 80, said giving to others was their greatest pleasure.
RETIRED Royal Artillery gunner Peter Kyle, 66, from Plymouth, won £5.1million on the lottery in 2005 but, within three years, the money had all but dried up.
He was forced to go on the dole after he blew £4,600 a day on cars, cash handouts to his kids and building works on his home. After three years he was said to be living and working in a £15-a-night hotel.
JOHN Roberts, 51, a security guard from Edinburgh, won £3.5million in 1998, and lost it all on a series of ill-judged investments.
Purchases included 40 high-end cars, holidays and a mock Tudor mansion. Roberts’ marriage ended shortly after his win. He ended up living in a caravan in Yorkshire.
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DAVE and Angela Dawes, from Wisbech, Cambs, came up lucky on the lottery after just their third go and won £101million on EuroMillions in 2011.
Former factory supervisor, Dave, and Angela, who worked in a charity shop, set up their own charitable foundation and gave £1million each to around 30 relatives and close friends.
But their lottery win was tainted after a row with Dave’s son Michael, an ex-soldier, ended in a court dispute over cash, which they won.
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