2025 in review

2025 was a year defined by delivery. We entered the year with clear priorities and the conviction to keep driving good outcomes for the more than one million clients who rely on our advice. We exit the year stronger having delivered growth in new business and funds under management (FUM) alongside making strategic progress. We are well positioned to further our leadership as the home of financial advice. 

Operating performance 

We achieved strong operating performance in 2025. Gross inflows of £21.9 billion were 19% higher than 2024, reflecting strong underlying demand for financial advice and a healthy level of engagement between our advisers and clients. Retention improved to 94.9%, despite being impacted in the latter part of the year by heightened short-term withdrawals linked to pre-Budget speculation around pensions tax-free cash allowances. Net inflows were £6.2 billion for the year, representing 3.2% of opening FUM. 

Investment outcomes 

Our investment approach continued to deliver for clients. In 2025, performance across our range of funds represented an investment return of 12% of opening FUM net of all charges. 
The past year marked the third anniversary of our flagship £94 billion Polaris range, which is a great example of our capability to deliver at scale. From their launch to the end of 2025 the four risk-rated funds (1-4) have delivered annualised returns of 8%, 10%, 12% and 14%, respectively, net of fund charges. We’re delighted at the positive impact these funds, which are exclusively available to SJP clients, have had on clients’ financial wellbeing.
 

In line with our 2025 shareholder returns guidance, the Board intends to return 50% of the Underlying cash result to shareholders for 2025. This equates to £231.2 million and is made up of 18.00 pence per share in dividends, subject to shareholder approval of the final dividend at the AGM, with the balance returned through share buy-backs.

In addition to these ordinary shareholder returns, for 2025 we have also returned £63.4 million through share buy-backs following the release from our Ongoing Service Evidence provision at the time of our half-year results in July 2025, and we will return a further £18.7 million following an additional release from that provision at year-end. This means the share buy-back programme which will commence in March 2026 will be for £122.6 million.

For the 2026 financial year and beyond, the Board intends to return 70% of the Underlying cash result to shareholders. For more information visit here.
 

To read the full version or specific sections of the Annual Report and Accounts 2025, download the following PDFs: