Leaving St James’s Place in 2026: Exit Charges, What Moves and When to Stay

Most people who ask us for a second opinion on St James’s Place start with the same question: what will it cost me to leave? SJP changed its charges in August 2025. That changed the answer for new money, but not for money you already had invested.

This guide explains where you stand, using SJP’s own published documents. It matters most for larger pots. On £750,000, a charge of a few per cent is tens of thousands of pounds. So the timing of a move can matter as much as the decision.

Has St James’s Place scrapped its exit fees?

Partly. In July 2025 SJP confirmed that, from 26 August 2025, the early withdrawal charge “will no longer apply for new investments”.

The early withdrawal charge applied to SJP pensions and investment bonds. Under the old structure there was no upfront charge on these. Instead, you paid a charge if you took money out in the first six years.

New money now pays an upfront initial advice charge instead. Our guide to St James’s Place charges shows what that costs in pounds.

Money that was already invested keeps its original terms. SJP says existing clients move onto the new charges once the early withdrawal period ends for their bond and pension money.

Do you still have an early withdrawal charge?

Check three things for each plan: the type of account, when each payment went in, and whether that was before 26 August 2025.

How the early withdrawal charge falls

Time since that payment went in		Charge
Less than 1 year		6%
1 to 2 years		5%
2 to 3 years		4%
3 to 4 years		3%
4 to 5 years		2%
5 to 6 years		1%
More than 6 years		None

Each payment has its own clock. If you paid in every year, part of your money may be free of any charge while a newer part still carries 5% or 6%.

Here is an example, for illustration only. You moved £400,000 into an SJP pension in March 2022. In November 2026 that money is in its fifth year, so the charge is 2%, or £8,000. From March 2027 it falls to 1%, or £4,000. From March 2028 there is no charge.

The quickest way to get your exact figure is to ask SJP for the current transfer value of each plan. Ask them to show any early withdrawal charge included in it.

Which SJP accounts are affected?

• Pensions, including the SJP Retirement Account: yes, on money paid in before 26 August 2025.
• Investment bonds: yes, on the same basis.
• ISAs and unit trusts: no early withdrawal charge. Under the old structure you paid an initial charge of up to 5% when you invested instead.
• Older plans that are closed to new customers: these have their own terms. Check your plan documents.

What happens to your charges if you stay

Once a payment passes its six-year point, it moves onto SJP’s current charges. You pay an ongoing advice charge of 0.80% a year, a product charge and a fund charge.

SJP’s own example is its Polaris 3 fund. The total ongoing charge is 1.67% a year in a pension, or 1.59% in an ISA. So staying does not mean paying the old charges forever. It is worth knowing what you will pay from the date the charge ends, as well as today.

What moving actually involves

Your funds will usually be sold

Many SJP funds are SJP’s own range. Moving to another provider therefore usually means selling them and moving the money as cash. Ask SJP whether any holding can be transferred without being sold.

Inside a pension or ISA, selling is not taxed

There is no tax to pay when funds are sold inside a pension or an ISA. Move an ISA by transfer, not by taking the money out. If you withdraw it, the money loses its tax-free status.

Outside a pension or ISA, selling can create a tax bill

Selling unit trusts can create capital gains tax, the tax on the profit when you sell. In 2026/27 the first £3,000 of gains is tax-free. Above that, the rate is 18% or 24% depending on your income. Our capital gains tax calculator gives a quick estimate.

Cashing in an investment bond is taxed differently. The gain counts as income, not as a capital gain. A relief called top-slicing can reduce the bill, so it is worth working out before you act.

You may be out of the market for a short time

While money moves as cash, it is not invested. Transfers usually take a few weeks, depending on the providers. A good adviser plans the timing so this gap is as short as possible.

Who does the paperwork

Your new adviser or provider usually requests the transfer for you. You sign the forms, but you do not normally need to deal with SJP yourself.

It can be worth asking SJP to waive the charge

We have helped clients negotiate with SJP when they moved, and some have had their exit fee waived completely. We cannot promise the same result for you, because the decision is SJP’s. It is still worth asking before you pay the charge.

When staying put is the right answer

Leaving is not always the right move. Staying, at least for now, may be better when:

• a large payment still carries a 5% or 6% charge, and waiting a year or two costs less than leaving now;
• an investment bond has large gains, and cashing it in now would push you into a higher tax band;
• you value your adviser, and the service is worth what you pay;
• you are about to start drawing from the plan, and a move would disrupt your income.

A good review compares the cost of leaving with the cost of staying, year by year. Sometimes the best answer is to wait for a charge to fall, then move.

How to decide: a five-step check

1. List each plan and when the money went in.
2. Ask SJP for the transfer value of each plan and any early withdrawal charge in it.
3. Work out what you pay each year now, and from the date the charge ends. Our guide to SJP’s charges shows how.
4. Compare that with what another adviser would charge, in pounds. Include the platform and fund costs, not just the advice fee.
5. Check the tax before selling anything held outside a pension or ISA.

Frazer James is an independent firm and is not connected to St James’s Place. SJP figures are taken from SJP’s published documents as at 2 November 2026 and may change. This guide is general information, not personal advice. The value of investments can fall as well as rise.

Sources

• St. James's Place, "St. James's Place confirms implementation date of its simple, comparable charging structure", 15 July 2025
• St. James's Place, "Our charges explained" (SJP approved 2 April 2026)
• St. James's Place, Retirement Account charges summary 2024
• St. James's Place, "Simplifying client charging" presentation, 2023

About The Author

About The Author