St. James’s Place (SJP) is the UK’s largest wealth manager, overseeing more than £180 billion for nearly one million clients. Unlike execution-only platforms where you make your own decisions, SJP is a high-touch, advice-led business. You cannot typically invest with them without a dedicated SJP Partner (adviser).
In late 2025 and moving into 2026, SJP has undergone the most significant structural change in its history. Following regulatory pressure and a shifting market, they have scrapped their controversial exit fees for new customers and moved to a tiered, transparent charging model.
Get 100% independent pensions advice today
Our independent financial advisers have a deep working relationship with pension providers across the UK, including St. James's Place.
Whether you want to transfer your pension to St. James's Place or have an existing pension with then that you want to get the most out of, we can help.
The IFA's we work with can provide independent advice about pension transfers, reviews, drawdown, annuities and much more. Book your free initial consultation with them below:
The New 2026 Fee Structure
The biggest headline for SJP in 2026 is the Simple, Comparable Charging Structure that went live on August 26, 2025. This replaced the old bundled fees with a transparent breakdown:
1. Initial Advice Charge (Tiered)
When you first invest your pension or top it up, you pay an advice fee. This is now capped at £30,000 for the initial advice.
-
First £250,000: 3%
-
Next £250,000: 2%
-
Amounts over £500,000: 1%
2. Ongoing Charges
Your total annual cost is now roughly split into three parts, totaling around 1.60% to 1.70% for most pension clients:
-
Ongoing Advice: 0.80% p.a. pays for your regular reviews with your Partner
-
Product Charge: Tiered starting at 0.35% for pensions (dropping to 0.25% for portfolios over £3m)
-
Fund Management: Typically 0.09% – 0.69% (Average approx. 0.52%)
Putting an SJP Pension into Drawdown
SJP is a specialist in lifestyle planning—ensuring you don't just save money, but spend it sustainably.
-
Flexi-Access Drawdown: From age 55 (rising to 57 in April 2028), your Partner will help you move into drawdown. You can take your 25% tax-free lump sum and set up regular taxable income
-
Crystallisation Strategy: Because SJP charges are now unbundled, your Partner can more effectively shape your withdrawals to minimize your income tax liability
-
Polaris & Sky Funds: Most drawdown clients are moved into one of the Polaris (Growth) or Sky (Income) fund ranges, which are actively managed to stay within specific risk boundaries during your retirement
-
UFPLS: If you prefer, you can take one-off lump sums where each chunk is 25% tax-free
The Legacy Exit Fee Warning
While SJP scrapped exit fees (Early Withdrawal Charges) for new investments made after August 2025, legacy rules still apply.
Important: If you invested in an SJP pension or bond before August 26, 2025, you are likely still subject to a 6-year exit fee schedule. This starts at 6% in year one and drops by 1% each year. Because this applies to "top-ups" made before the change, some clients may still face exit fees as late as 2031 or 2036.
Pros, Cons, and Customer Reviews (2026)
The Pros
-
Personal Relationship: You have a named person to call who knows your family and goals
-
Financial Strength: A FTSE 100 company with massive security for your capital
-
Tax Planning: SJP Partners are often excellent at complex Inheritance Tax (IHT) and trust work
-
Simplified Admin: One platform for your Pension, ISA, and Bonds
The Cons
-
Cost: Even with the new fees, SJP remains significantly more expensive than DIY platforms like Vanguard or AJ Bell
-
Restricted Advice: SJP Partners can only recommend SJP’s own funds and products
-
Legacy Ties: The multi-year exit fees on old pots still frustrate many long-term clients
Customer Consensus
The feedback on major review platforms like Trustpilot and VouchedFor in early 2026 reveals a distinct split. The consensus is that the individual advisers are highly valued for their patience, accessibility, and ability to simplify complex topics. However, there is a recurring undercurrent of frustration regarding SJP's central administration, the historical opacity of fees, and the feeling that performance, while steady, often lags behind lower-cost market-tracking alternatives.
"My adviser is worth his weight in gold. He’s seen us through house moves and health scares, and I trust him implicitly. Yes, it's not the cheapest, but the peace of mind of having a pro handle the markets for me is what I pay for." — Trustpilot Review, Feb 2026
"SJP as a company can be very slow with the paperwork. It took weeks to get my drawdown started. My specific adviser is great, but the 'machine' behind him feels a bit outdated compared to modern banking apps." — Member Review, Jan 2026
How Our IFA Service Can Help
At Money Help Desk, we connect you with Independent Financial Advisers (IFAs) who provide a Whole-of-Market perspective. Unlike an SJP Partner, our IFAs are not restricted to one company's funds.
Our IFA service helps you by:
-
Independent Fee Audit: We calculate exactly what you are paying at SJP and show you how it compares to the wider 2026 market
-
Performance Check: We analyse whether SJP’s active management is truly beating a low-cost passive tracker after all fees are deducted
-
Exit Strategy: If you have a legacy pot with exit fees, we help you calculate the break-even point of staying versus paying the fee to move to a cheaper provider
-
Unrestricted Advice: We can recommend funds from any specialised SIPP providers
To speak to an IFA with experience with whole-of-market access, get started here.