WIN £10K A MONTH FOR 30YRS
LOTTO chiefs are launching a game that pays a £10,000-a-month “pension” for 30 years in a bid to pull in additional younger players.
Set for Life, which begins on March 15, costs £1.50 a line – £1 cheaper than Euromillions and 50p less than Lotto.
And although its odds of 15 million to one are still pretty steep, they are a lot better than Euromillions’ 140 million to one or Lotto’s 45 million to one.
Nigel Railton, boss of lottery operator Camelot, said the new game met “a different set of consumer needs, especially among younger people” and helped them manage a big win in smaller lump sums.
Camelot said its research showed millennials would rather have dream “life experiences” such as travelling the world or jetting to top restaurants than splashing out on cars and mansions. A Punters line up to enter draw Rod’s photo of his wife Camelot’s Nigel Railton added: “Annuity games really appeal to a growing number of people who like the idea of winning a prize paid out in regular instalments over the long term.” Winners will be able to insure their windfall – worth a total £3.6million – so if they die before the 30 years is up Camelot will pay the outstanding balance to their estate. However the £10,000 a month will not be inflation-linked as Camelot claimed that would affect other prizes. After 30 years, the monthly sum would almost halve to £5,454.84 in real terms if inflation remains at the Government’s 2% target rate.
Set for Life follows last year’s revamp of Lotto and Euromillions. Camelot, now in its 25th year, said it wanted to make its games “more relevant and visible”.