SJP Retirement plan
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sundance_kids
Posts: 9 Forumite
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
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
0
Comments
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You should be able to get it moved for1- 1.5% and .5% ongoing is common
Speak to some more IFA s0 -
Thanks. I agree. Seeing another Ifa tomorrow. It is such a minefield.0
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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 asking0 -
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.0
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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.0 -
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/showthread.php?p=75049267#post750492670 -
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 2007.0
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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-sipps0 -
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.0 -
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.Not an expert, but like pensions, tax questions and giving guidance. There is no substitute for tailored financial advice.0
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