Sitting pretty in Namche Bazaar
by Doug Brodie
Firstly let me just point out that you can fly from Heathrow to Kathmandu and spend a week trekking up to Namche and back down, having woken to Everest outside your bedroom window. Try Jagged Globe if you fancy a little bit more up there, or even skiing in Switzerland away from the crowds:
/1. Charges? A word on St James Place’s recent change
Most clients know Adrian, one of our senior client managers who has been caretaking client accounts for (hmmm) quite a long time. When St James Place announced a reduction in charges, Adrian wrote this little summary:
SJP charging structure changes
To (not so great) fanfare, SJP announced changes to its charging structure, with the aim of addressing the perception that they are expensive.
The changes can be broadly broken down into good news and ‘not so’ good news.
The good news -
· They are removing the exit fees from pension and investment bond business.
· They are dropping their initial product charges on pensions, investment bonds and ISAs.
The ‘not so’ good news –
· They are still charging high initial fees on both Pensions and Bonds (1-3% down from 6%) and ISAs (1-3% down from 5%). It should be noted that the range is dependent upon portfolio size, a £250,000 portfolio attracting a 3% charge.
· The ongoing fees for smaller pension and bond portfolios (c£250,000) are also materially higher (c1.67% as opposed to 0.92% in the first 6 years).
· Barely any change to the ISA ongoing charges (now around 1.59% from 1.61%).
It should be noted that in the old model, the ongoing advice charges on pensions and bonds rose after 6 years and then reduced again after 10. This was because the fees for the first 6 years always had the exit charges hanging over them, and therefore the ongoing fees for those initial years could be lower (as there was little chance that a client would risk leaving before the 6th year and have to therefore pay the exit charge!).
ISAs and unit trusts will be cheaper in the new regime; however, everything is relative and just because they are cheaper than they were, doesn’t make them cheap (like a Bentley with £500 off).
A fairly standard ongoing platform charge is 0.2% - 0.3% across the market and ongoing advice charges will frequently be found in the 0.75% - 1.5% bracket. Initial product/set up fees can usually be found in the 0.5% - 2% range.
Therefore, using a comparison on an ISA portfolio of £250,000, at SJP you will pay 4.59% in the first year and 1.59% in year two onwards. This compares to a typical alternative of about 1.95% in the first year and 1.2% in year two onwards. That equates to £6,600 more to pay in the first year alone.
Any way you slice it, SJP are still amongst the most expensive solutions in the market, and we should not forget that their advisers are tied to offering SJP products only, so they cannot advise on or use products that are not under the SJP umbrella. This limits their ability to be objective and stops them being able to call themselves independent.
The above costs and comparisons only cover the product and advice fees they charge, and do not take into consideration the actual investment fund costs that are charged on any investments made.
2/The Trump Effect on the markets
Some pictures say everything you need to know.
“Prioritize the downside of every investment. With limited downside, the upside will take care of itself.”
/3. The average age of a client is 62
Some clients are in their 30’s, and quite a number are a few years either side of 50, so Claire McDonnell, hitting the almost-there age of 49, has written about what the reality of retirement looks like through her filters.
“How the Hell Did My Parents Manage to Retire?
I mean seriously — how did they do it?
Like most of us Gen Xers, my childhood was all scratchy sheets, no duvets (were they even invented yet?) and Hollie Hobbie bedding. Mondays were for He-Man, Fridays for Grange Hill, Sundays were Last of the Summer Wine and Howards’ Way and the theme tune to Antiques Roadshow still triggers that ‘Sunday Night feeling of doom’ in all of us. Baths happened once a week, and we emerged lobster-red, courtesy of those rubber shower hoses that strapped onto the taps and attacked you if the water pressure changed.
We lived through poll tax, Thatcher, and Channel 4 being a blurry mystery at the far end of the TV dial. We weren't clueless about money — “no phone calls before 6!” was basically a national anthem — and purchasing penny sweets was a serious business - but pensions? Retirement planning? That was a conversation no one ever had.
And yet… here we are.
My parents are retired. Comfortably.
They travel. They eat out. They shop. They “can’t believe how expensive things are now,” as they book another holiday. They're telling me they are poor old pensioners — but somehow, still topping up their ISAs.
In fact, they seem hell-bent on spending my inheritance — which, let’s be honest, they only have because their parents didn’t dream of spending theirs and they bought their house for £12.50 and it’s now worth £1million, or something equally as ridiculous, well maybe I’m exaggerating slightly!
(Just a light Boomer burn — no hard feelings. Maybe a bit.)
Meanwhile, I’m nudging 50, and it's probably time to admit that the “adult in the room” is…
…wait for it…
…it’s me.
Me, with my half-empty pension pots and drawer full of “important” paperwork I haven’t opened since The Gladiators was on the telly the first time around.
And now that I’m officially old enough to remember warm school milk, Rainbow Brite, and life even before dial-up internet, the big questions keep circling:
Am I ever going to grow up to be Jessica Fletcher?
Is it oestrogen or progesterone I’m supposed to be increasing… or decreasing?
Should I train for a marathon or just go and live ‘off grid’ in a field?
And how, in my current financial situation, am I supposed to save enough to retire without having to move back in with my parents? Can you imagine!!!!
I don’t have the answers to all of these — although I think we can all agree that I’m probably not going to become a super sleuth novelist living in Cabot Cove (most upsetting).
But one thing I do know is: it’s time to stop Livin’ on a Prayer and start some actual retirement planning.
Like many women my age, I stepped away from the paid workforce for 16 years to raise kids (and no, I will not be accepting comments on whether that counts as “real work”). During that time, my entire retirement strategy was to win the lottery.
Spoiler alert: I didn’t.
So here I am — staring down the barrel of a bunch of tiny pension pots that wouldn’t even keep me in Prosecco for a year, let alone fund a future. And the creeping realisation that my retirement won’t look anything like my parents’ has well and truly settled in.
It’s time to get adultier.
This series is for me — and for anyone else who’s spent the last 20 years feeding a family every. single. day. (It’s relentless), remembering assemblies, “wear something yellow” days, endless school WhatsApp messages, and never quite getting around to figuring out the money side of life.
We’re going to cover the basics — pensions, tax, income, what to do when your retirement plan is basically just vibes — and throw in some useful financial literacy along the way.
So, grab your giant Sports Direct mug, dunk a couple of custard creams, and get comfy.
Let’s finally figure this out — no jargon, no shame, and maybe just one more biscuit before we start.
/4. I’ve Got Random Pension Pots Everywhere – Now What?
A Gen X Guide to Sorting the Pile Before It Becomes a Problem
You know the ones.
The pension pot from that admin job in 2003.
The auto-enrolment scheme you joined for 18 months before switching jobs (again).
The “this will all make sense one day” paperwork stuffed in a folder marked “Important” — which hasn’t been opened since Beverley Hills 90210 graced our TV screens.
You’re not alone. Most of us Gen Xers have changed jobs more times than we’ve changed broadband providers. So it’s no surprise we’ve ended up with a scatterplot of random pension pots, none of which look remotely like “enough.”
So… what now?
This is it — our first mission on the road to financial freedom!
Well, maybe not freedom exactly... more like financial awareness, or at least not-full-blown denial.
Your only task for now is data collection. That’s it. You don’t need to understand pensions (yet). You just need to know what you’ve got.
The sums might feel so small you start Googling “how to sell pictures of your feet online”, but don’t panic. Don’t delay it just because it feels depressing — we survived the breakups of Take That and The Spice Girls.
We can survive this.
Let’s get started.
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Step 1: Channel Your Inner Jessica Fletcher and Track Them Down
We can stalk anyone online and find out what they had for breakfast by 9 a.m., so this should be a walk in the park.
Before you can sort, combine, or make sense of anything, you need to know what you actually have.
Here’s how to start your sleuthing:
Dig out any old paperwork — letters, job contracts, scheme names, provider logos. Anything helps.
Use the Pension Tracing Service to locate pension scheme contact details. It won’t give you the value, but it will tell you who holds the money and how to contact them.
Contact old employers’ HR departments and ask:
“Can you confirm whether I was enrolled in a pension scheme while I worked there?”Don’t panic if the pension provider’s name is unfamiliar.
Many schemes from 15–20 years ago have been bought out, merged, or rebranded. If you can’t remember which job the pot came from, ask the provider which years contributions were paid — you’ll usually be able to piece it together.
Claire’s Top Tip:
Start a simple spreadsheet or “master list” to keep track of everything.
Include:
Pension provider
Approximate balance
Contact details
Type of scheme (Defined Contribution, Defined Benefit, etc.)
Which job it came from
Even if the numbers aren’t exciting yet, the spreadsheet will be your new best friend when it comes to feeling in control.
Because what’s scarier than pensions? Not knowing where they are.
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Step 2: Look at What You’ve Got
Now that you've tracked down your various pots, it’s time to actually look inside them. This is the moment where you move from mystery to mild clarity.
Here's what to do next:
Request annual statements or set up online access for each pension pot
Note down the current value, any fees, and whether the pot is invested
If the admin charges made your jaw drop (they did mine), use that fury to fuel you through the rest of the task.
Check the type of pension
Is it a Defined Contribution (DC) scheme (most common)?
Or a Defined Benefit (DB) pension (e.g. from public sector work)?
There’s more info about pension types elsewhere on the site, don’t worry.
Add all this to your spreadsheet or tracking list from Step 1
Some pots might only be worth a few hundred quid, others a few thousand. On their own, they won’t feel like much — but together? They might actually be the start of something useful.
We might not be living the Parklife just yet…
But at least we won’t be rudely awakened by the shocking reality of what’s (not) in our pension pots.
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Step 3: Add Them All Up
This is it — the moment of truth. Add all your pension pots together and see what you’re working with.
It might feel underwhelming (cue existential sigh), but now you’ve got a number — and that number gives you power. You can’t make a plan without it, and now? You’ve got a starting point.
Remember: It’s not about what you “should” have — it’s about starting from where you are.
You’ve made it through the wilderness (and yes, we’re quoting Madonna) — and you’ve got a much better chance of building something solid now than if you ignore it for another five years.
If it helps, I’ve added all mine up and I can currently afford to retire for about four years!
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Step 4: Should You Combine Them?
This is known as consolidation — and for many people, it’s a smart move.
Why consolidate?
Easier to manage
Fewer annual charges
One pot to track, one set of investment options
May help you feel more in control
BUT… before you do:
Check for exit fees
Make sure you’re not losing any valuable benefits, such as guaranteed annuity rates
Don’t touch Defined Benefit (final salary) schemes unless you’ve had very specific advice
You are remembering to put all of this on your spreadsheet, aren’t you?
If you’re unsure, you can speak to Pension Wise for free guidance or speak to an adviser before transferring anything.
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Step 5: Make a Plan From Here
Even if your combined pot isn’t huge right now, knowing the total means you can:
Add to it more efficiently
Use pension calculators to estimate your retirement income
Plan when and how you’ll access it (see our upcoming guide: Do I Take the Lump Sum, the Income or Just Cry?)
Track its growth over time
And most importantly: you can stop pretending it doesn’t exist.
/5. The Gen X Takeaway
We might not have one perfect pension — but we do have options.
We’re the mixtape generation, remember? Why wouldn’t our pensions be a little bit all over the place too?
You don’t need to feel bad that you didn’t start earlier, or that you’ve got ten tiny pots instead of one big one. What matters is that you’ve started now.
To-Do Checklist
Use the Pension Tracing Service
List all your known pensions
Get a recent statement or login for each
Add up the current value
Explore consolidation (but check for risks)
High five yourself for finally sorting it out 🎉
You’ve got a spreadsheet. You’ve got numbers. You’re basically a financial grown-up now.
We’ve still got a long way to go — but the hardest part is starting, and you’ve done it.
Now, if you’ll excuse me… I’m just off to buy a lottery ticket.
That off-grid field isn’t going to pay for itself.
/6. Can I Retire Without Selling a Kidney?
A reality check (with options) for those of us hoping to slow down without starving
Let’s be real: the phrase “planning for retirement” makes it sound like a thing you’re supposed to have done by now.
Like you’ve got spreadsheets, investments, and a second home in Cornwall.
But if you’re somewhere in your late 40s or early 50s, chances are your retirement “plan” has mostly been:
Win the lottery
Inherit something from Aunt Carol
Hope for the best
And while that worked out fine for the Boomers (how??), Gen X has been busy riding out recessions, job market chaos, and raising kids through a cost-of-living crisis.
So here we are. And you’re asking:
Can I retire one day — without selling a kidney, marrying rich, or moving into my car?
The answer is: maybe not yet, but it’s not too late.
(And yes, Claire was so good we hired her!)