Is SJP a good place for my pension?

spendulix

I've seen a rather alarming article in the ST saying that SJP are a very non-transparent wealth management companey, charging one client a total of 35% in charges over a period of six years. Seems tad high to me, should I look elsewhere?

Thank you qw

ischofie1

All I know is they do have a reputation for being very pricy.

dunstonh

SJP are one of the most expensive distribution channels going. IFAs love coming across SJP clients as we can save tens or even hundreds of thousands of pounds. I had one where the pension comparison showed SJP were over 300k higher in the effect of charges over the term.

Their method of charging does not play to the spirit of the rules. They get away with it as they only retail via their reps.

should I look elsewhere?

yes.

The alternatives may not be a slick in marketing or presentation but given the charges paid, you will no doubt accept that!

ianthy

I just read this article and thought wow! Did you notice the high number of comments were posted from satisfied clients?

dunstonh

Buyers remorse?

Many online reviews/comments see buyers who dont want to believe that what they have bought is expensive or low quality.

Stubod

We have just left SJP been with them for about 3 yrs. (Mainly "low/medium risk" SS ISA's), and overall have made about 4.5% pa, (after all charges). However decided to change after reading about their high costs (5% on everything put in and 2% annual), and they seemed to be reluctant to give any practical advice regarding our retirement planning questions. I guess will have to wait a year or so to see if we have made the right decision.

soulsaver

Exit fees ('up to' 6%?) in the first 6 years were one of the big issues, recovering the cost of initial kick backs to financial dvisers.
In addition SJP took 3 years to come clean on what its charges actually were in the period according to the piece.

dunstonh

Exit fees ('up to' 6%?) in the first 6 years were one of the big issues, recovering the cost of initial kick backs to financial dvisers.

But SJP have an initial charge and they do not put the initial charge or the exit charge as recovering an advice charge. Adviser charges cannot be longer than 12 months for regular premium or up front for single premium.

The whole thing with SJP stinks.

bigadaj

dunstonh wrote: »

But SJP have an initial charge and they do not put the initial charge or the exit charge as recovering an advice charge. Adviser charges cannot be longer than 12 months for regular premium or up front for single premium.

The whole thing with SJP stinks.

And yet 20 years ago......