SJP Retirement plan

sundance_kids

I divorced in 2007 & was awarded £83000 from my ex husbands Company scheme with Barclays. I put it Into a retirement plan with SJP. 14 years on it is now valued at £137000. I did not make any further payments into the fund. I am 57 years old.
I am now reading that SJP are not the best performers & their charges are high.
I have taken advice from an IFA who suggests he could make more money if I moved it to him. His fees are 3% of the value of the plan & 1% ongoing fees.
I am Confused as to what is the best thing to do. I feel these fees are very high for such a small fund.
A advice is much appreciated.
Karen

whatsup7

You should be able to get it moved for1- 1.5% and .5% ongoing is common
Speak to some more IFA s

sundance_kids

Thanks. I agree. Seeing another Ifa tomorrow. It is such a minefield.

whatsup7

Is it in a sipp, I transferred mine on my own. Couple of forms.
What do sjp charge you if you don’t mind me asking

sundance_kids

I have been extremely naive where my pension is concerned & have no Idea. Its only now that I have realised. I trusted SJP & just left it in their hands. The Ifa I have seen did a chart showing it could have grown another £9000 if he had invested it.

whatsup7

Don’t beat yourself up about that, it’s done now and you will get some good advice from other members on here who know a good deal more than me.
Take the ifa s chart with a pinch of salt, he’s just trying to get your custom so he can charge you high fees imho.

xylophone

Had you considered transferring to a SIPP/other personal pension and continuing to contribute?

What other pension provision do you have?

Have you checked your state pension position?

https://www.gov.uk/check-state-pension

Reading here (post 4) may help

https://forums.moneysavingexpert.com/discussion/comment/75049267#Comment_75049267

sundance_kids

Not sure what a Sipp is & if it is possible to transfer into one. I have not contributed any monies to the SJP fund since its start in 2007.

xylophone

Not sure what a Sipp

Get hold of a copy of the book mentioned in post 4.

See also https://www.hl.co.uk/free-guides/free-guide-to-sipps

Brynsam

sundance_kids wrote: »

I have been extremely naive where my pension is concerned & have no Idea. Its only now that I have realised. I trusted SJP & just left it in their hands. The Ifa I have seen did a chart showing it could have grown another £9000 if he had invested it.

Hindsight is wonderful...ignore this sort of nonsense.

His fees are double the sort of level being charged; go somewhere else.

Pension_Geek

Brynsam wrote: »

Hindsight is wonderful...ignore this sort of nonsense.

His fees are double the sort of level being charged; go somewhere else.

Indeed, his fees are comparable with SJP.