A SIPP (Self-Invested Personal Pension) gives you pension tax relief with full control over where your money is invested. Choosing the right provider can save you thousands in fees over a decade. Here is how the main UK SIPP providers compare in 2026 — note that several major platforms changed their pricing structures during 2026, so always check the provider’s own charges page before applying.
What Makes a Good SIPP Provider?
Before comparing providers, understand the four factors that matter most:
| Factor | Why it matters |
|---|---|
| Annual platform charge | Compounds over decades — 0.1% more per year on £200,000 costs £200/year, every year |
| Investment range | Funds-only vs full market access including shares, ETFs, investment trusts |
| Drawdown charges | Some providers charge extra to access your pension flexibly at retirement |
| Platform quality | App, customer service, reporting tools — you will use this for 30+ years |
SIPP Fees Compared — 2026
Platform charges are either percentage-based (cheaper for smaller pots) or flat fee (cheaper for larger pots). Several providers changed their charging structures in early 2026 — figures below reflect published rates as of September 2026; always confirm current terms directly with the provider before opening an account.
Percentage-Based Platforms
| Provider | Annual charge | Cap | Best for |
|---|---|---|---|
| Vanguard Investor | 0.15% | £375/year (SIPP) | Passive investors using Vanguard funds only |
| AJ Bell | 0.25% on funds (tiering to 0.10% between £250k–£500k, no charge above £500k) | 0.25% on shares/ETFs capped at £10/month (£120/year) | Balanced investors wanting fund + share access |
| Fidelity | 0.35% (£25k–£250k), 0.20% (£250k–£1m); flat £90/year if under £25k with no regular savings plan | £7.50/month (£90/year) on shares/ETFs | Broad fund range with good research tools |
| Hargreaves Lansdown | 0.35% (up to £250k), 0.25% (£250k–£1m), 0.10% (£1m–£2m), no charge above £2m — reduced from 0.45% from 1 March 2026 | £12.50/month (£150/year) on shares/ETFs | Wide investment range, best-in-class platform |
| Bestinvest | From 0.20% on Ready-made Portfolios, 0.40% on other funds/shares (tiering down above £250k) | Minimum £10/month (£120/year) | Research-focused investors |
Flat-Fee Platforms
| Provider | Monthly fee | Annual cost | Best for |
|---|---|---|---|
| Interactive Investor | Core £5.99 (portfolios up to £100,000), Plus £14.99 (over £100,000), Premium £39.99 (frequent traders) — one fee now covers ISA, SIPP and trading account together, since the February 2026 repricing | ~£72–£480/year depending on plan | Pots over £50,000 where percentage fees become expensive |
| iWeb | One-off account opening fee | Low per-trade cost | Passive investors wanting minimal cost — confirm current opening fee before applying |
Simplified / Consolidation-Focused
| Provider | Annual charge | Best for |
|---|---|---|
| PensionBee | 0.50%–0.95% (plan dependent), halved on the portion of your pot above £100,000 | Consolidating multiple old pensions simply |
| Freetrade | From £4.99/month, depending on subscription tier | Very small pots or beginners, limited fund range |
Where Percentage vs Flat Fee Crosses Over
The crossover point where a flat-fee platform becomes cheaper than a percentage platform depends on your pot size and which plan tiers you compare. As an illustration using Hargreaves Lansdown’s current 0.35% rate (on the first £250,000) against Interactive Investor’s Core plan (£5.99/month, £71.88/year, available for combined portfolios up to £100,000):
| Pot size | HL annual cost (0.35%) | Interactive Investor Core (flat, £71.88/yr) |
|---|---|---|
| £10,000 | £35 | £71.88 |
| £20,537 | £71.88 | £71.88 |
| £50,000 | £175 | £71.88 |
| £100,000 | £350 | £71.88 (Core) or £179.88 (Plus, if applicable) |
Below ~£20,000: percentage platforms generally cost less on this comparison. Above ~£20,000: a flat-fee platform like Interactive Investor’s Core plan typically becomes cheaper, though this depends on which plan tier and provider you compare.
This is illustrative only — pricing structures and tiers change. Confirm current charges directly with each provider before deciding.
Investment Range Compared
Not all SIPPs give you the same investment options.
| Provider | Funds | UK shares | US/global shares | ETFs | Investment trusts |
|---|---|---|---|---|---|
| Hargreaves Lansdown | ✓ 3,000+ | ✓ | ✓ | ✓ | ✓ |
| Interactive Investor | ✓ 40,000+ | ✓ | ✓ | ✓ | ✓ |
| AJ Bell | ✓ 2,000+ | ✓ | ✓ | ✓ | ✓ |
| Fidelity | ✓ 3,000+ | ✓ | ✓ | ✓ | ✓ |
| Vanguard Investor | ✓ Vanguard only | ✗ | ✗ | ✓ (Vanguard) | ✗ |
| PensionBee | ✓ Ready-made plans | ✗ | ✗ | ✗ | ✗ |
Vanguard’s limitation: You can only invest in Vanguard’s own funds and ETFs. For pure index fund investors this is often sufficient — and the low fees compensate. If you want individual shares or non-Vanguard funds, you need a different provider.
Which SIPP Type Suits You?
If you are self-employed with no workplace pension
You need a SIPP that makes regular monthly contributions easy. Look at AJ Bell, Fidelity, or HL for a combination of low fees, wide choice, and a reliable direct debit setup. PensionBee is a simpler option if you want less involvement.
If you are consolidating multiple old workplace pensions
PensionBee specialises in this — they handle all the transfer paperwork. HL and AJ Bell also offer straightforward transfers. Compare their charges at your expected consolidated pot size.
If you want to invest passively in index funds
Vanguard is the lowest-cost option for a Vanguard-fund portfolio. If you want other index funds (iShares, Invesco, etc.), Fidelity or AJ Bell offer wide passive fund ranges at competitive prices.
If you have a large pot (£100,000+)
Compare a flat-fee platform such as Interactive Investor against a percentage-based platform at your actual pot size — since several providers repriced in early 2026, the crossover point has moved. Get current quotes rather than relying on older comparisons.
If you want to access drawdown at retirement
Check drawdown charges carefully. Some providers charge additional fees to enter income drawdown; others now bundle this into a single monthly subscription. Confirm current drawdown terms directly with the provider.
SIPP Tax Rules in 2026/27
| Rule | Detail |
|---|---|
| Annual allowance | £60,000 per tax year (or 100% of earnings if lower) |
| Tax relief | 20% at source (claimed by provider); 40%/45% via Self Assessment |
| Money Purchase Annual Allowance | £10,000/year if you have already accessed pension flexibly |
| Tapered annual allowance | Reduces by £1 for every £2 of adjusted income above £260,000 (where threshold income exceeds £200,000), down to a £10,000 floor at £360,000 adjusted income |
| Lump sum allowance | £268,275 tax-free total across all pensions |
| Pension access age | 55 (rising to 57 from 6 April 2028) |
| Carry forward | Unused allowance from previous 3 tax years can be added |
For more on tax relief, see the pension tax relief guide and SIPP contribution rules.
Before You Choose a SIPP — Checklist
- Check your current workplace pension first — always take the full employer match before opening a SIPP
- Calculate your pot size now and in 10 years — use this to choose percentage vs flat fee
- Decide your investment approach — passive index funds vs active fund selection vs individual shares
- Check the transfer process if consolidating — some providers are significantly faster than others
- Review drawdown charges — relevant now if you are within 10 years of retirement
- Confirm FSCS protection on your cash holdings
For broader retirement planning, see the pension planning hub and SIPP vs workplace pension comparison.