SJP exit fee guidance - 6 year rule query

merlotsmum

In brief, "encouraged" to consolidate my smaller pensions into a SJP pension in early 2020. All good until my advisor there moved on, I was assigned someone else and since then a number of issues have left a bad taste in my mouth.

I have been contributing a small amount each month to my SJP pension plan.

In reading other posts, I understand that as I have been actively contributing each month that the "Over 6 years exit to another plan without fees" will be void and I could be stung for exit charges if I transfer to another provider.

Has anyone got any clarity on this? I have done a search on the Forum, but not 100% sure of how updated the information is.

At this stage I don't want to alert SJP that I am looking to move by asking them until I have spoken to a couple of IFA's and weighed up my options going forward.

Thanks in advance 

El_Torro

I do know people who use SJP, though none of them do regular contributions. However a quick Google tells me that if exit fees do apply to you then they should only apply to the contributions you have made in the last year or so, not the total balance. Up to you to decide if this equals a significant fee or not.

The easiest thing of course is to ask SJP themselves what the implications are of you leaving now. Why don't you want to do that? Despite SJP having a bad reputation (mostly due to high fees) I can't see them throwing their toys out of the pram if you ask.

merlotsmum

https://forums.moneysavingexpert.com/discussion/comment/82122043#Comment_82122043

Thanks ever so much for this, I was a little confused with the regular contribution bit. From what you have mentioned aligns with what I understand.

BENNZ787

I'm paying a hefty exit fee to get rid of SJP and their advisory firm. They are worse than I could have imagined. Take what's written about them online seriously. Their advisors are borderline criminal for the fees they charge.

merlotsmum

https://forums.moneysavingexpert.com/discussion/comment/82122670#Comment_82122670

Thank you for input, it is appreciated. We have concerns with the every aspect of the plan and service, which we are investigating with some legal advice and currently putting together first stage response! You should not have to deal with this!

BENNZ787

Good luck because I'm in the process of doing the same. I was very lazy and uninterested in finance to begin with, but once I get going I gain my focus and go deep. I'm determined they don't get away with it, and I'm prepared to go as far as the law allows.