SJP Retirement plan

coyrls · 11 December 2018 at 12:11PM

[FONT=&quot]I am also living off a DC only pension and would swap to having a DB pension as a base, supplemented by a DC top-up at the drop of a hat.[/FONT]

sundance_kids · 12 December 2018 at 2:03PM

I have after a lot of thought & research decided to leave my Barclays DB pension where it is.
I am not sure what to do with my SJP retirement fund. The 2 IFA, s I have consulted said it was a no brainer & I should transfer it. The cost to do this would be 3%

jaybeetoo · 12 December 2018 at 2:10PM

...or you can do it yourself for nothing. Some SIPPs will give you cash back (e.g. Intractive Investor) or offer to cover your costs.

Are there any penalties imposed by SJP to transfer out?

sundance_kids · 12 December 2018 at 2:20PM

Don't think so but will of course check. I do not want the responsibility of a Sipp as I don't have time or Knowledge of investment

xylophone · 12 December 2018 at 3:13PM

Don't think so but will of course check. I do not want the responsibility of a Sipp as I don't have time or Knowledge of investment

https://monevator.com/vanguard-lifestrategy/ may be worth a look.

https://www.cavendishonline.co.uk/pensions/personal-pensions/

dunstonh · 13 December 2018 at 6:51PM

Moving away from SJP is a no brainer. That bit is not in doubt.

Your fund at £130k is not large. Some IFAs will see that as small value and will either refuse to transact or will have a higher fee (often to act as a passive blocker). 0.5% pa ongoing is the most common IFA ongoing charge but many charge 1% for amounts under £xxx (often £100k-250k).

For reference, purely on the financials and not circumstances, a transfer out of Barclays would not raise eyebrows. We had one recently and the multiplier was attractive (and the person was an experienced investor with Govt D schemes being retained to give more than enough secure income).

SJP Retirement plan

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