The news comes just days after M&G announced it would wind up its £565m M&G Property Portfolio Fund and sister fund, the M&G Feeder of Property Portfolio.

SJP said that it had halted redemptions in the Property Fund's life and pensions options as at 12pm on 20 October.

The company says the Property Fund's suspension was a “proactive measure” intended to protect the interests of clients and was due to a number of factors, including declining demand for commercial property.

It said that by instigating the suspension it aims to maintain the stability of the Property unit trust, life and pension funds.

The temporary reduction of 0.15% in the annual management charge will apply to the unit trust and “will remain under review,” the company said.

SJP said the temporary suspension and deferral was due to a number of challenges in the sector including a fall in demand for UK commercial property, office space remaining vacant post-Covid as employees continue to work from home and clients increasing withdrawals or limiting their investments.

Tom Beal, director of investments at St James’s Place, said: “We have taken this step to protect the interests of clients.

“A combination of factors has led to our decision to suspend dealings in the Property unit trust and defer payments in the pension and life funds. This action is also aimed at preventing the challenge of having to sell properties quickly to generate cash. Selling properties under such pressure may lead to the fund manager selling them for less than their actual market value, potentially resulting in financial losses for the fund and its investors.

“During this period of suspension, we will be assessing market conditions and closely monitoring valuations of properties within the fund. We are committed to resuming dealing as soon as we are satisfied that conditions are right.”