Keeping pension in cash

MDMD

I need to make a pension contribution this year and I haven't signed up for my employer scheme as a) they are too small to be in the auto enrolment rules yet so don't make any contributions themselves and b) the fees are very high.

I'm expecting to change jobs in the next year or so, and I was therefore thinking of putting in enough into a SIPP to get the 40% relief that I am due but keeping it in cash to avoid any volatility (but sacrificing any growth). I can then transfer to my new employer scheme at the appropriate point.

I saw that HL have a SIPP which seem to have no fees for this process except for a £25 transfer out fee, which I think makes it marginally better than using Cavendish (their fees would be 0.3% on my planned £9k contribution).

Any flaws in this plan? Or have I missed anything crucial? Appreciate any thoughts.