Small old pension & St James' Place

Sea_Shell

Morning,

Going through my old pension papers yesterday, I noticed a letter stating that the original advisor (ex-employer) had sold their book of business to another firm back in 2006, and now, searching on line, find that this firm, although still in existance, are now part of the St James' Place umbrella. I've read some things about them....not good.

This is a small pot (c. £15,000) from an old Contracted out pension with Scottish Widows.

Should i be worried, should i DO anything? Will i need to have any interaction with them once i'm able to draw on this pot.

I don't think (??) they are creaming off any high charges or anything, but i'd rather not make contact with them, as i don't want them circling around for more business off me. They've never contacted me before, as, to them on the face of it, it appears i'm not worth it.:D

AnotherJoe

You'll have to make contact with them to start drawing it down.
It may not be possible to draw it down if it's an old pension so you may have to transfer it elsewhere. Dont be suckered into switching it to one of their high cost funds or schemes.

Brynsam

Sea_Shell wrote: »

This is a small pot (c. £15,000) from an old Contracted out pension with Scottish Widows.

Should i be worried, should i DO anything? Will i need to have any interaction with them once i'm able to draw on this pot.

I don't think (??) they are creaming off any high charges or anything,

Why aren't you getting annual statements if[(?) this is an old DC pension? Those would show charges.

Joey_Soap

Switching it to an SJP plan is likely to be a bad idea, I think. Be careful if they suggest that outcome.

Sea_Shell

I am getting statements. They make no reference to SJP. It's a "with profits" fund.

AnotherJoe

Sea_Shell wrote: »

I am getting statements. They make no reference to SJP. It's a "with profits" fund.

Probably a bit rubbish then unless it has associated benefits such as a guaranteed minimum pension (GMP) it will pay out, in which case it might the opposite, its gold dust so hang on to it.
Without understanding the details no way to know whats best.


For example I have £100k-ish in a fund which has terrible performance.

However, it will effectively pay me 8% pension (the pension is related to my leaving salary not the amount in the fund), inflation linked, from age 65. I'd be barking to transfer that fund then, even though if you looked at a graph of its performance you'd think it was mad to keep it as its barely tracking inflation.

dunstonh

SJP is a restricted distribution channel that only retails SJP products. It can not retail or service the products or investments issued by other companies.

So, you wont see a reference to SJP on anything. And the SJP sales rep (as he now is) cannot help you any more and you should not engage them to help you (as they are damned expensive and limited in choice).

Sea_Shell

I'm also a bit confused, as all my P60's dating back to 1989 (when I started work) all have NI cat A next to them.

Should these have a different code if I've been contracted out?