My ISA with St James Place

purplelavender

I have had a stocks and shares ISA since 2003. I haven't put any further sums in for a few years now. I suppose it's not much by some standards but it is to me, under 25k. I want the money to remain invested but should I be getting it out of where it is? I've read some adverse stuff about SJP! What shall i do with it? I don't want to play the market, I want it to sit somewhere gaining interested until I need it. Guess I should add I'm 61! Advice welcome

slowpoke_rodriguez

I would suspect (off the top of my head) that SJP aren't the cheapest place to keep your investments.
What are their ongoing charges and exit charges? What assets do you have in the ISA?

purplelavender

I have just under 25k. I don't know what the charges are or exit fees. Guess I ought to find out. It's money I had left over from my divorce settlement, I've just let it sit there going up and down in value over the years, fortunately up over last couple of years.

xylophone

I don't know what the charges are or exit fees.

It would be as well to check.

http://monevator.com/compare-uk-cheapest-online-brokers/

But "interest"? In a low cost SIPP this will be minimal - a "Full SIPP" could offer better but yours does not appear to be a case for a Full Sipp.

At all events, unless you plan to access the SIPP within the near future, then staying in cash might well not be your best option.

How much of your retirement planning depends on the SIPP?

Stubod

SJP do tend to be pricey. (We have just left them for pastures new).

They normally take 5% of whatever you put in and then about 1.5% per year. If you are not putting anything in you will already have paid the 5% on the initial investment. In the few years that we have been with them we averaged 5% per year growth (ie total after all charges for a "cautious" fund)...which I was relatively happy with. Just that we wanted to invest more in SS ISAs and found pretty much every other company charged a lot less "up front"...typically 1 to 2%.

NB I don't think they can charge exit fees for SS ISA's..(we haven't been).

I would check what your rate of return is..if you are happy with the return then it may be best to leave it where it is as you will incur costs if you move to another provider.

purplelavender

Not sure why SIPP mentioned, it's an ISA in stocks and shares.
Last year's growth approx 6.5%. Some years ago I did take some out but there were no charges.
I'm not planning to cash it in in the near future. I'm still paying into a private pension, it won't be worth much by the time I'm 66.

AnotherJoe

What are the investments in it.

FWIW 6.5% is pretty poor considering 20% bump to many investments just due to Brexit.

ColdIron

NB I don't think they can charge exit fees for SS ISA's..(we haven't been).

I seem to recall they had a tiered structure reducing over 6 years so the OP would be OK

purplelavender

As I expect you realise I'm no expert, looking at my most recent summary which shows the split of investments, shared between UK high income, Equity income, Multi asset, international equity and finally UK and general progressive.
It's bit meaningless to me!

xylophone

SIPP mentioned,

Sorry, my mistake.

It would still be as well to establish what charges are made for administering the S&S ISA.

You can check the Monevator link as above for platform charges.

brianh

FWIW there was a report on SJP in last Sunday Times Money Section. Glanced at it only as don't think it would alter my opinion of SJP but I don't think it can be regarded as positive.