So, you’ve just bought yourself a ‘lucky dip’ at Tesco’s and as you walk away from the counter clutching the winning ticket in your hand you allow yourself to briefly dream ‘what if’? I mean really. What happens when you win the lottery? We spoke to a National lottery representative and asked.
Well, first of all if you are lucky enough for your numbers to come up you first need to phone the number on the back of the ticket. You will get connected to a dedicated lottery call centre. If your winnings amount to more than £50k you can expect a visit by a lotto team. Less than £50k you will be asked to collect a cheque from your nearest Post Office.
When the ‘lotto team’ arrives at your front door it is a good idea to let them in (ha ha!). Make them a cup of tea even, they’ll be there some time. They will take you through all the paperwork and give you advice. That advice will include where and who you should go to for financial advice. It is generally a good idea to get yourself an IFA if the sum is large enough.
Your money usually gets transferred 48 hours after you have completed the formalities. It is best that you open a new account to receive your money (the lotto team can help with this) rather than an ordinary chequing or savings account. This is to keep it secret from bank employees. Many big lottery winners will open an account with a private bank such as Coutts or UBS rather than use their high street bank.
This then, is essentially what happens when you win the lottery….