self employed pension

QrizB

db75 said:

im not exactly sure, its an individual that has his own company within sjpp

He's an FA then. A SJP sales rep.

db75

i wasnt aware of the distinction. im not saying anything about them, just merely due diligence before going ahead really

dunstonh

db75 said:

i wasnt aware of the distinction. im not saying anything about them, just merely due diligence before going ahead really

SJP are pretty much amongst the most expensive distribution channels going.  They only retail their own products and funds.  Hence the reference to being sales reps.

You should have been told this near the outset of your meeting.  Failure to do so is a regulatory breach.  They don't have to say they are sales reps.  They don't have to refer to themselves in the negative.  However, they should disclose what their restrictions are and that they represent SJP.

QrizB

db75 said:

i wasnt aware of the distinction. im not saying anything about them, just merely due diligence before going ahead really

From https://www.yodelar.com/insights/st-jamess-place-review

Independent reviews of St James’s Place over the past years have continuously highlighted that a large proportion of their funds perform poorly when compared to all other same sector funds. Combined with the poor performance of their funds, the costs to run their model has resulted in a fee structure that is among the most expensive in the industry.The majority of SJP clients are unaware of this poor long-term performance and high charges. Those that are aware are often tied in with hefty exit penalties or trust vehicles making it difficult to leave.

As dunstonh says, expensive to use and offering mediocre funds.

db75

thanks @QrizB I have read good things about vanguard for smaller pensions, seeminmgly better performing than sjp and with lower fees, I have no problem with higher fees if they get results but from what I hear they should be avoided so any reccomendations would be helpful thanks again