Thinking of leaving SJP. Where do people take their funds?

BENNZ787

I'm thinking of leaving next year when the lock-in period and penalties for transferring end.

Where do people take their funds following such a decision?

What are the sensible options to consider?

Many thanks in advance.

MallyGirl

it depends on whether you are interested in managing it yourself. If you have some skills or are interested in learning then you can transfer to a DIY SIPP and select your own investments. If not then you could look at finding a local IFA who would be cheaper and likely to get better results.

The value you hold might influence your choices, as would whether this is your main retirement fund or do you also have a DB pension and this is an added extra

Stubod

DIY with Hargreaves L or similar…

GunJack

Isnt the right answer "pretty much anywhere else?" 🤣🤣

OldScientist

If you want to DIY (which can be as simple or complex as you like), then https://monevator.com/compare-uk-cheapest-online-brokers/ may be a good place to start. The 'best' platform does depend on a number of factors (not least the amount invested).

Aminatidi

The sensible options are anything from DIY and save a fortune through to find an IFA and do what you're doing now but run by someone else.

A bit of context helps around how you're invested, how much, your confidence levels around managing your own investments etc.

Mutton_Geoff

Your SJP advisor may well have spent some time building a portfolio for you (out of SJP funds) that matched your attitude to risk etc.

It's a fairly easy task to set up a free Trustnet account, load in your SJP holdings then press the "X Ray" button that then shows a pie chart and list of what sectors your holdings cover.

Then shop around for one, two or three (at most) trackers that you can purchase in the appropriate % to closely match your existing SIPP.

Depending on the value of your pot, you can choose a %, or % capped or fixed fee platform. Interactive Investor, HL, AJ Bell are just three.

My personal choices (I'm already retired in drawdown) are two years needs in Money Market Fund, next 4 years in "Lifestyle 50" type fund (there are many) and the balance in global tracker.

My pot is a healthy amount yet I pay just c 0.2% fund fees and £180 a year fixed with II for a SIPP, GIA and ISA.

BENNZ787

Thanks everyone.

I've got just under a million being managed. I do live overseas and the chap I've been using I thought was pretty decent and some trust had been built. To my surprise I received an email saying he'd already left for Dubai and I would be hearing from the new guy. Not even as much as a personal call and meetup to explain things and support the changeover. That broke any loyalties so I'm looking for an alternative. I know all about the negative press on SJP and so I'm ready to move.

Not sure he's move to Dubai will be considered as being such a good idea.

eskbanker

I do live overseas

Probably worth being less vague about exactly where, as this is likely to influence your options….

poseidon1

If OP lives overseas, this probably excludes most of the UK DIY investment platforms that require UK tax residency status.

This is by no way an endorsement of the company, but If OP looking for a replacement for SJP and he is based in Europe, Blevin Franks might be worth a look -

https://www.blevinsfranks.com/