St. James' Place - Pensions - Am I stupid for being concerned?

wjr4

MakeItEasyAndClear said:

You are right to be concerned as others have pointed out.

As a holder of a SJP pension, I have just read their charging document today and it says nothing about ongoing charges for holders after six years.  It says a lot about in the first six years but there is nothing about after six years.  It isn't open about the charges and seems to want to hide them.  it may be stated on their website but the information sent out before the annual review says nothing about charges.  I am so fed up of stating this to them and if I wasn't near retirement, I would not have my pension with them.  This last year growth has been better but in previous years it has been dreadful with 2022 a loss of 9%!!  And they dodged that one...

Move it away then or at least stop the ongoing advice service? Stop contributing to it and open a different pension to contribute to if you still have an early withdrawal charge. 

dunstonh

MakeItEasyAndClear said:

You are right to be concerned as others have pointed out.

As a holder of a SJP pension, I have just read their charging document today and it says nothing about ongoing charges for holders after six years.  It says a lot about in the first six years but there is nothing about after six years.  It isn't open about the charges and seems to want to hide them.  it may be stated on their website but the information sent out before the annual review says nothing about charges.  I am so fed up of stating this to them and if I wasn't near retirement, I would not have my pension with them.  This last year growth has been better but in previous years it has been dreadful with 2022 a loss of 9%!!  And they dodged that one...

2022 was a negative year.   UK equity was the only area of equities to go up, and it was only just.    It was an atrocious year for bonds, especially gilts.

SJP were not responsible for that loss.   Markets will do what markets do.  Individual firms cannot change that.
9% loss that year is not bad.  The more cautious you were invested, the higher the loss was.