Transferring between SIPP Providers

[MidLifeCrisis007]

I've just transferred out of a DB scheme and the cash is now in a SIPP. The SIPP provider fees are not insignificant and I know there are much cheaper options available but am happy to pay a premium for good advice at this stage as the markets are volatile.

I'm 55 next month and have the option to withdraw up to 25% tax free - although I'm undecided at this stage whether I will withdraw money from the SIPP and go into drawdown mode before hitting 60.

If I do withdraw any cash from the SIPP does it make it harder to move to a cheaper provider in the future? Basically I was thinking of giving this guy 5 years to prove that his investment advice is worth paying a premium for (a friend uses him and claims his returns have been well above market averages). If he's not covering his costs, then I'll make my own investment decisions and move the SIPP to Hargreaves Lansdown or similar in 2027....if that's possible.

How much are the SIPP provider fees without the ongoing advice? You could just switch off the ongoing advice fee and leave your pension where it is.

I didn't time it very well did I @Sunseed?!

Am beginning to wish I'd held off for a week or 2 due to uncertainties in Ukraine. My pension got invested in the markets at the end of last week. Sigh.

I'll remind you of the old cliche: It's about time in the market, not timing the market. But yes, it's dispiriting when it drops straight away.... I've got a couple of clients who have also just transferred so you're not alone!

hijack
@MidLifeCrisis007, can I please pick your brains on your experience of transferring the DB pension? So many stories around people trapped and unable to.

Is it ok to PM u?

@Sunseed, could I also PM u with some questions?

@YogaLite Yes, happy to help if I can.