Bestinvest SIPP charges misleading on MSE?

hiyaitsme

I just closed a 'low cost' SIPP with Bestinvest, (£10000 in cash fund), and they charged me £400 in closure fees!. It is very hard to see these charges in the Bestinvest literature when you first buy the thing, and I think that BestInvest choose their wording so as to hide these charges away as best they can.(e.g. Annual charge for income payments (£100), Calc of income limits (£100), Ad hoc income payments (£100), account closure (£125))

Also no mention of these high charges (4% of my cash fund) on MSE, whose advised I used when selecting this SIPP.

MSE really need to change what they are saying about BestInvest.

Best invest also told me it would take me 7 weeks to receive most of my cash, because I had missed a 'monthly payment run' that their admin team does.

I would recommend you go with another company if you want a low cost SIPP.

dunstonh

Also no mention of these high charges (4% of my cash fund) on MSE, whose advised I used when selecting this SIPP.

MSE does not give advice. You should not rely on it as such.

Best invest also told me it would take me 7 weeks to receive most of my cash, because I had missed a 'monthly payment run' that their admin team does.

Not uncommon for those providers that do not prefund.