SJP Exit Fees for Pensions

DMC67

I’m considering removing my pension pot from SJP after boosting it in Nov 20 by circa £1m. Based on sliding scale of exit fees they’d charge 2% this year, 1% next year and nothing in 26. Given that they have removed this for new customers from mid 25 is there any likelihood of this being waived or negotiated??

Trying to balance out reduced costs of other providers to determine whether moving before Nov 26 is viable? 

I’ve been with SJP for 10 years but not happy with performance and costs and feel a fresh view would be beneficial

dunstonh

Given that they have removed this for new customers from mid 25 is there any likelihood of this being waived or negotiated??

Can't see why they would when you are leaving them.

Trying to balance out reduced costs of other providers to determine whether moving before Nov 26 is viable?

Personally, I haven't found an SJP pension yet which is worth waiting for the charges free exit point to arrive. Mainly as the alternatives as so much cheaper and what you pay in lower annual charges saves you more than the exit charge and that doesn't take into account SJPs  usually middling to poor fund performances.

DMC67

dunstonh said:

Given that they have removed this for new customers from mid 25 is there any likelihood of this being waived or negotiated??

Can't see why they would when you are leaving them.

Trying to balance out reduced costs of other providers to determine whether moving before Nov 26 is viable?

Personally, I haven't found an SJP pension yet which is worth waiting for the charges free exit point to arrive. Mainly as the alternatives as so much cheaper and what you pay in lower annual charges saves you more than the exit charge and that doesn't take into account SJPs  usually middling to poor fund performances.

I guess I need to look at the longer term view it is just that paying circa £50k to exit is a bit painful, annual fees of closer to 1.5% will be better and others will offer sweetners but it will take some time I think to get back to parity - depends of course on better portfolio performance