Switch from Best Invest to Cavendish

ChopperST

I need to switch both mine and my wife's SIPPs to Cavendish as the new fee structure for our small amounts will weigh heavily on the returns. However both are smaller than the £50k minimum to transfer the funds directly so we will have to sell both into cash and transfer that way.

Any personal experience recently on how long this takes and how long we'll be out of the market for?

Thanks.

Deneb

Where does the £50K restriction come from? My wife transferred an ISA valued at about £24K from CSD to Fidelity/Cavendish earlier this year. The funds within the wrapper were transferred in specie and I was very surprised that the whole process was completed in about 10 days.

ChopperST

Deneb wrote: »

Where does the £50K restriction come from? My wife transferred an ISA valued at about £24K from CSD to Fidelity/Cavendish earlier this year. The funds within the wrapper were transferred in specie and I was very surprised that the whole process was completed in about 10 days.

I wonder if the rules for ISA are different;

Transfer existing pensions to the FundSupermarket Pension:

Please note that the minimum contribution amounts are as follows;

Lump sum = £1,000 gross
Monthly regular contribution = £50 gross per month
Pension transfer (as cash) = £10,000
Pension transfer (fund re-registration) = £50,000

Deneb

Ah, I see. Having visited the Cavendish pension page it would seem that is the case. Sorry!

ChopperST

Its a difficult quandary to be in as I don't want to miss out on any recovery that takes place while the cash is being transferred.