BestInvest for a SIPP?

tfc

Does anyone have any thoughts on the use of BestInvest for a SIPP?

The SIPP is already in drawdown and would have to be transferred to them. The attraction of BestInvest is the absence of any charges (Apart from dealing fees for funds not paying them any commission, and transfer out fees) + loyalty bonus.

There seems to have been some turmoil in the company over the past few years (e.g. staff leaving, MD? resigning, returning, leaving again then returning again), if the reports I have read are accurate

Who are they? The website says they are independent. Are they safe financially? I couldn't find any financial reports about them.

I see there are some references to BestInvest in the forums here, but there doesn't seem to be much detail on the company at all. Nothing bad, nothing good.

Thanks

Iancfp

There is not really enough info to give an opinion on

Best invest like HL offer a package price - depending on size of fund and what you intend to invest in package may be right or not. If your fund is large then packages tend to be more expensive as they often need your income to supplement Mrs Miggins who only has £500

They are authorised and therefore shouldnt run off with your money

How good bad or indifferent their service is and how it will change over time is another question

tfc

Hi Adrian,

Thank you for your information. It's useful to see it all together, rather than the disjointed individual press reports. It will help me come to a decision.

Thanks

financialdoll

Hi

You need to be careful moving sipp in drawdown as your benefits will be recalculated and if you are taking maximum income which was set up pre April 2011, you are likely to see a reduction in income.