Newbie - Pensions/ISAs and SJP

pigollo

Hi,
I've had an initial introduction to St James Place regarding tax free savings, pensions and ISA's.

Basically, I need some confidence it's the right way for me to go.
I have a Final Salary Pension and discovered the CETV is large. Basically I can manage on savings and ISA's without the pension so I'd be happy to move forwards if I know my money would be safe with SJP.

Any thoughts comments, risks, confidence would be appreciated please......


Thx

FIREDreamer

SJP is never the right way to go.

Me leaving an SJP meeting …

El_Torro

The money will be safe in the sense that they won't steal it. St James Place is a reputable company. 

The problem with SJP is that they are very expensive. They only invest in their own funds, which are all actively managed. This partially explains why they are so expensive. There is also no evidence to suggest that SJP funds perform better than much cheaper tracker funds. 

If you speak to an IFA or two you should find that they can take care of your money just as well as SJP can, at a much lower cost to you. 

Linton

Your money would be safe with SJP but would also be safe with companies that charge a lot lower fees.

What relevence is the high CETV on your DB pensions? SJP would not be involved with your DB pension.

Brie

The CETV for your DB pension is pretty meaningless as far as I'm aware.  The annual payout you can get from it is what counts.  (varied by with or without a tax free lump, guarantee period, etc)

Even if SJP could help you with your DB (and someone has said they won't) it would cost you about £8k up front for them to tell you that you shouldn't move it.  Which is obviously a waste of your money.  Set the DB to one side, find a nice IFA (not FA) who charges a reasonable amount for looking after your other stuff.  

Dazed_and_C0nfused

pigollo said:

Hi,
I've had an initial introduction to St James Place regarding tax free savings, pensions and ISA's.

Basically, I need some confidence it's the right way for me to go.
I have a Final Salary Pension and discovered the CETV is large. Basically I can manage on savings and ISA's without the pension so I'd be happy to move forwards if I know my money would be safe with SJP.

Any thoughts comments, risks, confidence would be appreciated please......


Thx

Why have you mentioned the CETV 🤔

If safe is a key factor then why would you consider leaving the safety of your DB pension in favour of a FA, not even an IFA!

QrizB

pigollo said:

I've had an initial introduction to St James Place regarding tax free savings, pensions and ISA's.
Basically, I need some confidence it's the right way for me to go.

This forum has strongly-held views on SJP. Practically no-one here would recommend going with them. They have high charges and middling-performance funds.

pigollo said:

I have a Final Salary Pension and discovered the CETV is large. Basically I can manage on savings and ISA's without the pension so I'd be happy to move forwards if I know my money would be safe with SJP.

As mentioned above, if you've got a Final Salary pension, SJP won't have any involvement with it.

What exactly have they suggested to you?

dunstonh

I have a Final Salary Pension and discovered the CETV is large.

But likely to be less than half what it was at the end of 2021.   
It is more likely now that the pension income and lump sum are more beneficial than the CETV.     

Basically I can manage on savings and ISA's without the pension so I'd be happy to move forwards if I know my money would be safe with SJP.

Safe in what respects?   They are a regulated company.  So, that side isnt an issue.
However, they are amongst the most expensive advice firms in the UK and not independent.  So, you are restricted into their product range and funds (which is not great)

Bostonerimus1

Do not go with SJP. Their fees and poorly performing in house funds will eat into your hard earned money! 
Think seriously about what to do about your Final Salary Pension and don't be blinded by the size of the CETV. Over a 30 year retirement the guaranteed income from a Final Salary Pension adds up to an equally impressive amount and can easily rival the CETV and it's gains organized for drawdown. And unlike CETV and gains the Final Salary Pension is guaranteed. This is a very important decision and SJP are not the right people to advise you on this as they want to manage your CETV. If you don't feel able to weigh the options then go to a good IFA.