Tooglebut456

Tooglebut456

Hi everyone – I have a Maxi ISA holding managed by a company called St. James’s Place and pay monthly contributions (£47.50) into the Greater European Progressive Trust via that company and on the whole they appear to have been doing quite well.
However I wish to make a lump sum additional contribution to this fund for this tax year, around £6400, which would also take into account the monthly premium of £47.50 paid by direct debit to St. James’s Place till next April 04 or whatever it takes to take me up to the £7000 maximum tax free allowance.

Is it possible to top this up directly via a fund supermarket or some other means and thereby avoid charges and interest etc. from St. James’s Place to do this or is it better to carry on through them, pay the charges and then carry on directly myself from the next tax year. I have had no problem what so ever myself with the company but obviously want to do it independently if it’s more cost effective to do so – thanking any kind soul in advance TB 456

dunstonh

St James Place is Allied Dunbar with a new name. Expensive products and slick sales force. Wouldnt touch them with a barge pole.

You should investigate transferring and redirecting contributions to a fund supermarket with appropriate funds to suit your risk profile (which appears to be medium to high risk at present).

moneytroll

their flagship pension funds seem to be top class though (and most are not available through funds supermarkets or other pension companies). while the charges are slightly higher, the funds' performance should (in theory) compensate. maybe they are too expensive for other services though (lika ISAs)
i would say they are best known for their excellent pension services.

Tooglebut456

A million thanks dunstonh and moneytroll for the advice, I just have the Maxi ISA with St. James and no pension with them (food for thought though), so from your collective advice it seems to make sense to switch. Admittedly I'm new to funds, stocks and shares etc so forgive me if I seem a bit inept and ask stupid questions. I have been left some money from my Mother which is almost all in a high internet ac., but some of the rest will top this ISA up and maybe a couple of investigations into shares etc. Any advice on actually doing any of this or any recommendations re - fund supermarkets or shares would be greatly appreciated – thanks once again for advice given TB456.

dunstonh

We cant give specific advice on the forums. Against board rules.

There are a number of fund supermarkets and each has pros and cons depending on what you want to get out of them. Fund selections are based on personal risk profiles and everyone is different. Same with individual shares. Hot tips with shares are usually best avoided anyway.

EdInvestor

Re shares, you may like to consider the High Yield Portfolio concept. It's a comparatively low risk way of investing in shares.

Tooglebut456

Thanks again dunstonh and Edinvestor, I think I just need to get on with it before too much more time lapses, thanks again TB456