Trapped at St James place

Albermarle

Scrounger said:

HAYDAN2002 said:

He is not so keen on selling all his pension for cash and not be invested for the 4-8 weeks a transfer takes in case the stock markets go up a lot (as his whole reason to transfer is to save money )

I was just wondering is there was another option.

Some platforms offer to pay towards exit fees for pension transfers - eg Fidelity:

http://www.fidelity.co.uk/pension-transfer/

Also currently a lucrative cashback offer of up to £2000 

Platform charges are capped at £200/pa for ETF's.


Scrounger

Cap is £90 pa at Fidelity for the whole platform

Scrounger

Albermarle said:

Scrounger said:

HAYDAN2002 said:

He is not so keen on selling all his pension for cash and not be invested for the 4-8 weeks a transfer takes in case the stock markets go up a lot (as his whole reason to transfer is to save money )

I was just wondering is there was another option.

Some platforms offer to pay towards exit fees for pension transfers - eg Fidelity:

http://www.fidelity.co.uk/pension-transfer/

Also currently a lucrative cashback offer of up to £2000 

Platform charges are capped at £200/pa for ETF's.


Scrounger

Cap is £90 pa at Fidelity for the whole platform

Amazing value! 

What's not to like.

Scrounger

gm0

Last I checked
Fidelity platform fee is for ETF.  (and other exchange traded instruments)
While funds is % which is tiered (down) with bigger pot size.

But yes - Fidelity is good for a large portfolio with ETF.  Trading costs are not the cheapest.  They ALL need to make some money somewhere so your size, behaviour etc. make one or another best - for you.

EdSwippet

Pat38493 said:

I would have thought that statistically you are just as likely to gain during a short out of market window as to lose out?

Pedantically ... I think that you are statistically ever so slightly more likely to lose than to gain. This is because markets rise over the longer term.

Of course, to experience this statistical average for yourself you would have to run this thousands of times. In practice, you run it just a handful of times over a lifetime, if that.

(Personally, I always seem to be on the losing end every time I'm forced into cash for a period. I should probably sell advance notice of my plans as a "market movement forecast"!).

Scrounger

gm0 said:

Last I checked
Fidelity platform fee is for ETF.  (and other exchange traded instruments)
While funds is % which is tiered (down) with bigger pot size.

But yes - Fidelity is good for a large portfolio with ETF.  Trading costs are not the cheapest.  They ALL need to make some money somewhere so your size, behaviour etc. make one or another best - for you.

I am tending more to ETF's these days (eg VWRP & VHVG) over funds (eg Lifestrategy 100) for the lower fees.

Is there any advantage of holding funds (over ETF's) that justify the higher platform fees?


Scrounger

Diana_Mackintosh

If any of your dad’s pension is in SJP’s property fund, which is currently suspended INDEFINITELY, he will not be able to get that part of his money.    I am well and truly trapped and furious that I cannot get any timescale from SJP for the lifting of the property fund suspension, except  2 years!

dunstonh

Diana_Mackintosh said:

If any of your dad’s pension is in SJP’s property fund, which is currently suspended INDEFINITELY, he will not be able to get that part of his money.    I am well and truly trapped and furious that I cannot get any timescale from SJP for the lifting of the property fund suspension, except  2 years!

You are asking for something that they cannot realistically give you.

Diana_Mackintosh

Dunstonh - why not? For example SJP said that they are taking ISAs and Unit Trusts  first. Why not Bonds and Pensions?  Why do they not communicate with clients/ partners? Would you as a IFA? 

TheGreenFrog

Diana_Mackintosh said:

Dunstonh - why not? For example SJP said that they are taking ISAs and Unit Trusts  first. Why not Bonds and Pensions?  Why do they not communicate with clients/ partners? Would you as a IFA? 

I think they have communicated (or are in the middle of doing so) - they have said that they are winding down their property funds and will pay out as and when they sell the investments in them.  That is one of the downsides in an open ended fund that invests in illiquid assets.  I would think that everyone who has invested in those funds, whether through an ISA, pension or otherwise, is affected in the same way even if the detail differs. In particular the different funds will own different properties.

https://www.sjp.co.uk/individuals/fund-prices/about-your-investments-with-us

dunstonh

Diana_Mackintosh said:

Dunstonh - why not? For example SJP said that they are taking ISAs and Unit Trusts  first. Why not Bonds and Pensions?  Why do they not communicate with clients/ partners? Would you as a IFA? 

I had all my clients out of property by the end of 2019 after my research company gave warnings about liquidity.   So, managed to avoid the suspensions.

ISAs and unwrapped tend to be lower value and shorter term.  Bonds and pensions tend to be higher value and very long term.  So, they can handle a longer period.

Their partners are sales reps of SJP.    They are tied to whatever SJP does and have no say in it.   its one of the reasons people are told to avoid FAs and select IFAs instead.

SJP are not alone most physical property open ended funds are suspended and in the process of wind down and closure.