Moving To SJP!

mot2024

Hi
I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Marcon

mot2024 said:

Hi
I'm new to the forum. Just taken advice from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Any reason why you didn't choose an independent financial advisor?

Dazed_and_C0nfused

mot2024 said:

Hi
I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Why do you choose a FA over an IFA?

Have you signed anything with SJP?

Stubod

....you can borrow my bargepole if you like....

ColdIron

mot2024 said:

Hi
I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP.

Much of the feedback is well deserved. SJP are expensive with very average funds

SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years!

These sort of exit fees (tiered or otherwise) are almost unheard of elsewhere. You should probably know that SJP are bowing to pressure and will be removing them but not until the second half of 2025

xylophone

You could try

https://adviserbook.co.uk/

Tick "confirmed independent" and other options required when the menu comes up.


Otherwise you could first book an appointment for guidance on taking your pensions

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/book-a-free-pension-wise-appointment

then consider a transfer of both pensions to a SIPP.



The big players are Hargreaves Lansdown, Fidelity, AJ Bell. Interactive Investor.


Or you could consider a transfer into a modern Aviva plan.

https://www.aviva.co.uk/retirement/income-drawdown/

dunstonh

I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place.

One of the first things an adviser is meant to disclose to you is their status (independent or not) and if not independent, what their restrictions are.  i.e. who they represent.     So, you should never be in a "turns out that..." situation.

SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! 

SJP are known to be one of the most expensive distribution channels.

Any advise would be appreciated 

The choice should be to either DIY or use an IFA.  Never use an FA/sales rep.

If you are still within the cancellation rights period, then exercise that and restart the process either DIY or find a local IFA.

mot2024

Dazed_and_C0nfused said:

mot2024 said:

Hi
I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Why do you choose a FA over an IFA?

Have you signed anything with SJP?

As i said she was recommended to me. No i've signed nothing

Dazed_and_C0nfused

mot2024 said:

Dazed_and_C0nfused said:

mot2024 said:

Hi
I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Why do you choose a FA over an IFA?

Have you signed anything with SJP?

As i said she was recommended to me. No i've signed nothing

By who?  Your op didn't refer to a recommendation.

mot2024

Marcon said:

mot2024 said:

Hi
I'm new to the forum. Just taken advice from a financial advisor and turns out they are attached to St James Place. Now i'm seeing some not so good feedback on here for SJP. I've 2 personal pension policies both are with profit funds. One is with Aviva and the other is scottish widows. They both come with large bonus's attached to transfer value. I've been advised to get them out of there and into a draw down policy. SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! I'm 55 and looking to retire as early as possible. Not sure what i should do..Any advise would be appreciated 

Any reason why you didn't choose an independent financial advisor?

They recommended to me by a friend when i asked if anyone new a financial advisor 

mot2024

dunstonh said:

I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place.

One of the first things an adviser is meant to disclose to you is their status (independent or not) and if not independent, what their restrictions are.  i.e. who they represent.     So, you should never be in a "turns out that..." situation.

SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! 

SJP are known to be one of the most expensive distribution channels.

Any advise would be appreciated 

The choice should be to either DIY or use an IFA.  Never use an FA/sales rep.

If you are still within the cancellation rights period, then exercise that and restart the process either DIY or find a local IFA.

dunstonh said:

I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place.

One of the first things an adviser is meant to disclose to you is their status (independent or not) and if not independent, what their restrictions are.  i.e. who they represent.     So, you should never be in a "turns out that..." situation.

SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! 

SJP are known to be one of the most expensive distribution channels.

Any advise would be appreciated 

The choice should be to either DIY or use an IFA.  Never use an FA/sales rep.

If you are still within the cancellation rights period, then exercise that and restart the process either DIY or find a local IFA.

dunstonh said:

I'm new to the forum. Just taken advise from a financial advisor and turns out they are attached to St James Place.

One of the first things an adviser is meant to disclose to you is their status (independent or not) and if not independent, what their restrictions are.  i.e. who they represent.     So, you should never be in a "turns out that..." situation.

SJP charge 2% a year plus early exit of 6% which is reduced 1% every year for 6 years! 

SJP are known to be one of the most expensive distribution channels.

Any advise would be appreciated 

The choice should be to either DIY or use an IFA.  Never use an FA/sales rep.

If you are still within the cancellation rights period, then exercise that and restart the process either DIY or find a local IFA.

I haven't signed anything yet.