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Pension Pot drop.
Comments
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My accountant recommended someone for my pension when i said i wanted to pay a lump sum in to bring my tax bill down a bit , SJP wasn't even mentioned at that stage he was just a wealth management advisor who must be a broker for them , like i said i'm not very good with all this sort of stuff hence coming on here hoping to be pointed in the right direction.It wasnt that many years ago that accountants would only recommend IFAs. Now they have got into bed with sales reps and wealth managers. The only reason I can think of to do that is backhanders between the sales rep and the accountant as using an IFA is best advice for an accountant to give. Or perhaps it was a friend or family member and he was helping push business to them.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
6 % is pretty hefty, so might be better to wait.orbitalforest said:Looks like they charge 6% for exit within 1 year , dropping 1 % each year until no fee at 6 years , am i better off leaving it for now or still getting out ?
Not really sure i want to be putting too much more money in that fund to be honest after hearing about their fees.
You can console yourself with the fact that at least SJP will not run off with your pension like a scammer.
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Really appreciate all the comments and advice
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Nothing stopping you opening an other pension account with another provider or platform, and using that new account for any future contributions. Then you can weigh up the cost implications of transferring from SJP now vs some to e I the future.orbitalforest said:Looks like they charge 6% for exit within 1 year , dropping 1 % each year until no fee at 6 years , am i better off leaving it for now or still getting out ?
Not really sure i want to be putting too much more money in that fund to be honest after hearing about their fees.2 -
That's a great idea ! Think i'll be looking at that option . Thanks.Qyburn said:
Nothing stopping you opening an other pension account with another provider or platform, and using that new account for any future contributions. Then you can weigh up the cost implications of transferring from SJP now vs some to e I the future.orbitalforest said:Looks like they charge 6% for exit within 1 year , dropping 1 % each year until no fee at 6 years , am i better off leaving it for now or still getting out ?
Not really sure i want to be putting too much more money in that fund to be honest after hearing about their fees.0
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