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.
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).
Percentage-Based Platforms
| Provider | Annual charge | Cap | Best for |
|---|---|---|---|
| Vanguard Investor | 0.15% | £375/year (SIPP) | Passive investors using Vanguard funds only |
| AJ Bell Youinvest | 0.25% | £3.50/month on shares/ETFs | Balanced investors wanting fund + share access |
| Fidelity | 0.35% (first £250k) | £45/month | Broad fund range with good research tools |
| Hargreaves Lansdown | 0.45% (first £250k) | £45/year on shares/ETFs | Wide investment range, best-in-class platform |
| Bestinvest | 0.2% | None on funds | Research-focused investors |
Flat-Fee Platforms
| Provider | Monthly fee | Annual cost | Best for |
|---|---|---|---|
| Interactive Investor | From £9.99/month | ~£120–£240/year | Pots over £50,000 where percentage fees become expensive |
| iWeb | £100 one-off account opening | Low per-trade cost | Passive investors wanting minimal cost |
Simplified / Consolidation-Focused
| Provider | Annual charge | Best for |
|---|---|---|
| PensionBee | 0.25%–0.95% (plan dependent) | Consolidating multiple old pensions simply |
| Freetrade | Low/free tier available | 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.
| Pot size | HL annual cost (0.45%, capped) | Interactive Investor (flat, ~£240/yr) |
|---|---|---|
| £10,000 | £45 | £240 |
| £30,000 | £135 | £240 |
| £53,000 | £240 | £240 |
| £100,000 | £450 (or capped) | £240 |
| £200,000 | £900 (or capped) | £240 |
Below ~£50,000: percentage platforms generally cost less. Above ~£50,000: flat-fee platforms like Interactive Investor typically become cheaper.
Note: HL caps charges on shares and ETFs but not on funds. Actual crossover point depends on how you invest.
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 Youinvest | ✓ 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+)
Move to a flat-fee platform. Interactive Investor at £9.99–£19.99/month becomes significantly cheaper than a percentage-based platform once your pot exceeds £50,000. On a £200,000 pot, the difference between 0.45% (HL) and a £200/year flat fee is potentially £700/year.
If you want to access drawdown at retirement
Check drawdown charges carefully. Some providers charge additional fees to enter income drawdown. Interactive Investor includes drawdown in its monthly fee. HL charges a separate drawdown fee.
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 |
| Lump sum allowance | £268,275 tax-free total across all pensions |
| Pension access age | 55 (rising to 57 in 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.