[Misc] Retirement

[BrightonCottager]

Back on page 49 and 50 of this thread, there was a discussion about St James Place. Mrs BC had a recommendation from a friend and arranged for an 'IFA' to visit us because we've got dissatisfied with Ascot Lloyd of Worthing who bought out the company who bought out our original IFA. We get nothing from Ascot Lloyd except their generic emails.

When this potential new 'IFA' rocked up (having driven from Maidstone) it turns out his company are pushing SJP. I looked at the fees and they are more than AL. I remembered there'd been a discussion about them on here but it seems the jury's out. The most impressive thing he showed us was a model of how to meet retirement expenditure using a combination of pensions and savings drawdown.

What would people recommend- complain to Ascot Lloyd or jump ship to SJP? Cheers.

 

[dazzer6666]

Back on page 49 and 50 of this thread, there was a discussion about St James Place. Mrs BC had a recommendation from a friend and arranged for an 'IFA' to visit us because we've got dissatisfied with Ascot Lloyd of Worthing who bought out the company who bought out our original IFA. We get nothing from Ascot Lloyd except their generic emails.

When this potential new 'IFA' rocked up (having driven from Maidstone) it turns out his company are pushing SJP. I looked at the fees and they are more than AL. I remembered there'd been a discussion about them on here but it seems the jury's out. The most impressive thing he showed us was a model of how to meet retirement expenditure using a combination of pensions and savings drawdown.

What would people recommend- complain to Ascot Lloyd or jump ship to SJP? Cheers.

I’ve got one pension pot with SJP (indirectly, the advisor works for Wellesly and is very local) and one with AL (through someone formerly of the NSC parish and is presumably EVEN wealthier now he sold out to them - presumably the same firm Mrs BC was with). There’s not much between them in my experience - I can speak to them whenever I need to, and if I don’t for a while they will contact me anyway, and we have an at least annual full review. Investment performance from both has been very good, but that’s more about my portfolio asset allocation and risk tolerance than any genius on their part. I’m also using a combination of pension and savings drawdown, mostly worked out myself but validated by the IFAs. The SJP machine looks fancy but it’s easy to do a simple version on a spreadsheet

I know could potentially lump it all together and manage it myself in similar funds and save on charges but I have a bit of savings that I self-manage anyway, I do regularly ask for advice and I wanted local advisors in place in case I get hit by a bus so Mrs D and/or the kids have someone who’ll step in and help as they’re all clueless. Their platforms are very similar and easily accessible online. In summary I’m currently happy enough with both but do keep under review.

 

[A mex eyecan]

I was under the impression SJP were expensive for not overly much extra advice.

I haven’t taken out of my pot yet. My advisors are Argyle Consulting, based in Glasgow. I’ve known and used them for 30 years. We have 2 telephone reviews and 1 face to face each year plus they are readily available by phone or email at the drop of a hat.

I was advised by them to utilise TS platform.

Their fees are 0.5% and platform cost .45%. I don’t think that’s overly expensive but happy to be advised otherwise.
Last years performance of my pot was a little over 6.5% and Mrs 6.36% after costs last 12 months.

I think that’s pretty reasonable and quite happy with costs/performance.

Im certainly not smart enough or comfortable enough to manage my own investments myself so have to accept that I’ve got to pay for the experts assistance

 

[Driver8]

Back on page 49 and 50 of this thread, there was a discussion about St James Place. Mrs BC had a recommendation from a friend and arranged for an 'IFA' to visit us because we've got dissatisfied with Ascot Lloyd of Worthing who bought out the company who bought out our original IFA. We get nothing from Ascot Lloyd except their generic emails.

When this potential new 'IFA' rocked up (having driven from Maidstone) it turns out his company are pushing SJP. I looked at the fees and they are more than AL. I remembered there'd been a discussion about them on here but it seems the jury's out. The most impressive thing he showed us was a model of how to meet retirement expenditure using a combination of pensions and savings drawdown.

What would people recommend- complain to Ascot Lloyd or jump ship to SJP? Cheers.

The I in IFA is for independent. SJP are not, they only sell their own very expensive products. Go to an IFA.

You can find one at unbiased.co.uk

 

[dazzer6666]

I was under the impression SJP were expensive for not overly much extra advice.

I haven’t taken out of my pot yet. My advisors are Argyle Consulting, based in Glasgow. I’ve known and used them for 30 years. We have 2 telephone reviews and 1 face to face each year plus they are readily available by phone or email at the drop of a hat.

I was advised by them to utilise TS platform.

Their fees are 0.5% and platform cost .45%. I don’t think that’s overly expensive but happy to be advised otherwise.
Last years performance of my pot was a little over 6.5% and Mrs 6.36% after costs last 12 months.

I think that’s pretty reasonable and quite happy with costs/performance.

Im certainly not smart enough or comfortable enough to manage my own investments myself so have to accept that I’ve got to pay for the experts assistance

Mine are both up 16-18% over the last 12 months after costs, but as mentioned that’s in large part down to investment profile/choice.

 

[A mex eyecan]

Mine are both up 16-18% over the last 12 months after costs, but as mentioned that’s in large part down to investment profile/choice.

wow
We are set to low risk now we no longer have an income.

 

[dazzer6666]

wow
We are set to low risk now we no longer have an income.

Difference between high and low risk profile - and past performance may not be an indicator or future performance obviously I’ve been taking money out of my ISA recently as the performance has made me a bit nervous. So many aspects to consider……..despite working in the industry for ages I‘m still not entirely comfortable (hence using advisors for a large chunk of it). My only income is pension drawdown and savings until the state pension kicks in.

 

[Daddies_Sauce]

I too, like it seems a few on here, am currently with AL following the acquisition of our ‘original IFA’ last year, and also just receive the generic emails (no more Christmas or Birthday cards paid for from my fees) that tell you nothing new if, like me, you have an interest in keeping up to date’ish with some of this.

I read with interest the posts on SJP and their charges, exit charges, issues with fines etc. and discounted moving to them a long time ago, even though I have a relative who works for them and I could probably get some form of ‘mates rates’ on charges. However they are not independent FA’s.

I self-manage my S&S ISA which has done OK, but I lack the confidence in managing my own SIPP (crazy?).

@BrightonCottager - Complaining to AL? – not sure what they would do, refer you to their welcome glossy brochure which details their alleged service options?

I could look for an alternative IFA? but I don’t fancy facing more charges incurred for them performing a review of the current investments and then the changing and management of ‘their’ recommended portfolio.

I have discussed the possibility of self-managing my SIPP with its hosting company but have not yet made a decision. I am also monitoring the ongoing pensions and inheritance consultation that may affect SIPPs, IHT etc. I remain uncertain about my next steps.

 

[A mex eyecan]

Difference between high and low risk profile - and past performance may not be an indicator or future performance obviously I’ve been taking money out of my ISA recently as the performance has made me a bit nervous. So many aspects to consider……..despite working in the industry for ages I‘m still not entirely comfortable (hence using advisors for a large chunk of it). My only income is pension drawdown and savings until the state pension kicks in.

Regarding SP, I’ve not looked forwards to a birthday as much as my next one in May for ages, 66. hooray first income for 3 years

 

[dazzer6666]

Regarding SP, I’ve not looked forwards to a birthday as much as my next one in May for ages, 66. hooray first income for 3 years

Congratulations ! I’ve got about 9 more years to wait

 

[A mex eyecan]

Congratulations ! I’ve got about 9 more years to wait

yes and i think its now time to start trying to reconcile that having had decades long mind set to save and grow it’s now the time when its okay to start spending even if that means the pots go down a little each year. After all isn’t that what all the hard work and sacrifices have been for. Still hard to get your head round that though

 

[dazzer6666]

yes and i think its now time to start trying to reconcile that having had decades long mind set to save and grow it’s now the time when its okay to start spending even if that means the pots go down a little each year. After all isn’t that what all the hard work and sacrifices have been for. Still hard to get your head round that though

I found it a very difficult psychological hurdle……….took me a long time to get my head round it and had many, many discussions with colleagues going through the same process at the same time.

It’s brilliant once you get comfortable with it though

 

[A mex eyecan]

I found it a very difficult psychological hurdle……….took me a long time to get my head round it and had many, many discussions with colleagues going through the same process at the same time.

It’s brilliant once you get comfortable with it though

it would be a lot easier if only you knew how many years you’ve got left.

In the past 3 years I’ve lost 3 mates and 1 BIL all aged 71-73.
Average life expectancy for a man is 83(?)
My Dad just passed a week back 94
so what do you plan your finances for? Crystal ball time eh

 

[dazzer6666]

it would be a lot easier if only you knew how many years you’ve got left.

In the past 3 years I’ve lost 3 mates and 1 BIL all aged 71-73.
Average life expectancy for a man is 83(?)
My Dad just passed a week back 94
so what do you plan your finances for? Crystal ball time eh

Ain’t that the truth (sorry about your dad, but that’s a heck of an age).

My approach was simplistic - worked out our approx ‘essentials’ budget, and that's more or less funded through pension drawdown and should be sustainable, everything else - which we don’t have to do if money runs out - is funded from savings.

 

[A mex eyecan]

Ain’t that the truth (sorry about your dad, but that’s a heck of an age).

My approach was simplistic - worked out our approx ‘essentials’ budget, and that's more or less funded through pension drawdown and should be sustainable, everything else - which we don’t have to do if money runs out - is funded from savings.

and I expect you’re budgeting to reach 110

 

[South Stand Bonfire]

I’m planning retirement in 2/3 years at 62. I have an old pension with the PPF of about £12k pa based on prices now if no lump sum is taken, which kicks in when I’m 65 and the full state pension at 67. I also have a separate fund with Aviva managed by my long term IFA based in Steyning and my plan is to take the full tax free element from that fund when I stop work and put it into a low risk investment/savings/isa to then live off for 4/5 years until my state pension kicks in and also then use drawdown from the remaining taxable element of my Aviva fund when I’m 67. When I do the drawdown element can I effectively just leave it in my Aviva fund with a lower risk profile and just dip into it as and when I need it, or do you physically have to move it to a different account? I will obviously ask my IFA nearer the time but I’m just trying to plan ahead.

 

[dazzer6666]

and I expect you’re budgeting to reach 110

No need with my habits

 

[Sirnormangall]

If your IFA charges you an ongoing fee for advising on and managing your assets they should provide you with a formal annual review (not just general emails). If you don’t get a formal review you should demand a refund of your fees - and if you don’t get that you should complain to the Financial Ombudsman Service (it’s free). IFA fees are a hot topic with the regulator so don’t be afraid to complain if you don’t think you’re getting what you’re paying for.

 

[dazzer6666]

I’m planning retirement in 2/3 years at 62. I have an old pension with the PPF of about £12k pa based on prices now if no lump sum is taken, which kicks in when I’m 65 and the full state pension at 67. I also have a separate fund with Aviva managed by my long term IFA based in Steyning and my plan is to take the full tax free element from that fund when I stop work and put it into a low risk investment/savings/isa to then live off for 4/5 years until my state pension kicks in and also then use drawdown from the remaining taxable element of my Aviva fund when I’m 67. When I do the drawdown element can I effectively just leave it in my Aviva fund with a lower risk profile and just dip into it as and when I need it, or do you physically have to move it to a different account? I will obviously ask my IFA nearer the time but I’m just trying to plan ahead.

Anything taken out needs to be segregated but no reason why you can’t leave it with the same provider. I took the max 25% from my funds at 55 and shifted into ISAs over a period (I was still working at the time), so now have a completely tax-free pot of money to draw from.

 

[South Stand Bonfire]

Anything taken out needs to be segregated but no reason why you can’t leave it with the same provider. I took the max 25% from my funds at 55 and shifted into ISAs over a period (I was still working at the time), so now have a completely tax-free pot of money to draw from.

That’s kind of my plan too hopefully. Take the tax free element early, invest it but leave the rest to grow and only start to use it when I’m post 67 if I need to.