St James’ Place (SJP) Pension Mis-selling

St James’ Place (SJP) compensation example NHS Doctor advised to invest in personal pension rather than purchase added years in the NHS scheme.

An adviser has helped his client claw back more than £320,500 in compensation after he questioned pension advice given by St James’s Place.

Dennis Hall, chartered financial planner at Yellowtail Financial Planning, recommended his client to complain to SJP as he was unsure the pensions advice given was appropriate, in particular, that the lifetime allowance was not taken into account.

The client was advised by SJP to fund personal pensions rather than topping up existing benefits within the NHS Pension Scheme, of which the client was already a member.

Information source – Financial Adviser June 2021

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