Ok New to this..I have a SIPP ...and it has grown too much

[Shelsleyf2]

Ok First of all it is safe to assume I know nothing.
The background
I fall into the 60 in this tax year loophole I was 60 in September and paid in two £8000 lump sums. I have had the HMRC relief credited and now want to cash in. Unfortunately one of the companies does not charge for encashment and my cash deposit has grown to £10,001.15 which means I cannot encash. I now have to invest in a fund that has a buy and sell price and loose the £1.15. The SIPP provider says my plan is acceptable but now I need to actually find a fund and invest an amount then sell. As the sums involved are minute and there may be compliance issues they pointed me to their online dealing site and told me that was all the help they could provide.

If this made any sense you obviously know more than me...Can anyone Help please and identify a suitable fund..talk me through the process.

Thanks in advance

[Ginge R]

Without knowing which provider you're using, is there a charge to switch?

Either that, or invest in something likely to see a drop in the next couple of weeks. I could give you an idea, but out of principle, I can't bring myself to do it! Failing that, higher frequency switching should bring about a drop pretty soon if you think that that's the right thing to do.

Funnily enough, I saw a client in a similar situation to you today; who, with partner, now has 5 DC pots sitting at between £9750 and £9820 or so, and now very definitely and firmly parked in cash.

See if by doing nothing the value drops sub £10k and then do the same - have a look at switching to something like the Black Rock cash fund if you think it's the right thing to do.

http://www.trustnet.com/Factsheets/Factsheet.aspx?...