XPS Group Pension Reviews, Transfers, Drawdown and More

XPS Group (XPS Pensions Group PLC) is one of the UK’s largest independent pension consultancies. Unlike "retail" providers who primarily sell to individuals, XPS is an institutional giant that works behind the scenes to provide administration and advisory services to over 1,300 pension schemes, including major public sector schemes (like those for the Police and BAA) and massive Defined Benefit (DB) schemes.

In 2026, XPS is a critical player in the UK's "Pension Schemes Bill" landscape, specifically helping employers manage the record-high surpluses in their pension pots and navigating the "McCloud Remedy" for public sector workers.

If you are wondering whether XPS Group are the right option for your pension needs, get in touch below and one of our independent pension advisers will review this for you.

Products and Specialist Administration

XPS is often the "engine" behind your pension rather than the name on the front of the fund.

• DB & DC Administration: They handle the complex calculations, member communications, and payroll for some of the UK's largest pension schemes. If you are a former public sector employee, XPS likely manages your monthly pension payments.

• XPS Self-Invested Pensions (SIPP): For individuals, they offer specialised SIPPs (including the SimplySIPP and Full SIPP). These are designed for those who want more than just basic funds - supporting commercial property, unquoted shares, and discretionary management.

• Investment Consulting: They provide the strategy (via their Radar tool) that determines how billions of pounds are invested on behalf of scheme members to ensure they can meet their long-term liabilities.

Putting an XPS Pension into Drawdown

Because XPS manages complex schemes, their drawdown options are technically robust but often require more formal "paperwork" than a simple digital-first app.

• Flexi-Access Drawdown: Available from age 55 (rising to 57 in April 2028). You can take your 25% tax-free lump sum and set up a flexible taxable income.

• Drawdown Fees: As of September 2025, the standard Annual Drawdown Fee for an XPS SIPP is £235, plus a £205 charge for setting up the drawdown and paying the initial lump sum.

• Complex Assets in Drawdown: A unique advantage of XPS is their ability to manage drawdown that is funded by commercial property rent. They are one of the few providers with the technical team to handle these complex income streams for retirees.

• UFPLS: You can take one-off "uncrystallised" lump sums, though XPS typically charges a higher per-event fee (approx. £435) for this compared to regular drawdown.

Reviewing and Transferring Your XPS Pension

Reviewing Your Pot (The Member Hub)

In 2025/2026, XPS has significantly upgraded its "Member Hub" portal. A pension review is essential to ensure you are utilizing these new tools:

1. Digital Registration: Many members still receive paper statements. Registering for the hub allows for real-time tracking and easier "Expression of Wish" (beneficiary) updates.

2. McCloud Remedy Check: If you are a public sector member, your 2026 statement will likely include "remedy" figures following the McCloud court case. It is vital to review these to ensure your service years are calculated correctly.

Transferring To and From XPS

• Transferring IN: XPS accepts transfers into their SIPP products. They charge approximately £96 per transfer-in.

• Transferring OUT: For their SIPP, transferring out of the whole fund costs £710 (as of the 2025/26 fee schedule). This is significantly higher than retail platforms like Vanguard (which is usually free), reflecting the manual "due diligence" XPS performs on institutional pots.

• Safeguarding: XPS is known for being extremely cautious with transfers to prevent scams, which can sometimes lead to longer wait times for outgoing funds.

Pros, Cons, and Customer Reviews (2026)

The Pros

• Institutional Security: A FTSE-listed company with massive technical expertise in complex pension law.

• Specialist SIPP Features: One of the best for holding a business premises (commercial property) in your pension.

• Human Support: Despite being a large firm, 2026 reviews frequently praise the "friendly and knowledgeable" staff once you get through to them.

The Cons

• High Fees for Individuals: Compared to mass-market SIPPs, the £710 exit fee and £235 drawdown fee are high.

• Admin Speed: Historical reviews have noted "bottlenecks" in processing public sector transfers, though this has improved with the 2026 portal upgrades.

• Complex Interface: The "Member Hub" is more functional than "beautiful" compared to modern fintech apps.

Customer Consensus in 2026

The consensus among customers in 2026 reflects a business that is catching up on its digital debt. On platforms like Trustpilot, reviews from early 2026 show a "triumph of staff over system." While many users initially complain about difficulties logging into the portal or long wait times on the phone, there is a strong para-consensus that the individual call handlers (often named personally in reviews) are "breath-of-fresh-air" professionals who patiently guide members through complex retirement forms.

However, there remains a persistent undercurrent of frustration from members trying to move money away from XPS. These users often describe the process as "jumping through hoops," citing extensive security checks and slow email response times as major hurdles.

"I had a nightmare trying to register for the Police Pension portal, but Mandy on the helpline was absolutely brilliant. She stayed on the phone for 20 minutes until I was set up. Great service once you get a human!" — Trustpilot Review, Jan 2026

"Transferring my pot out was a saga. They are so careful about scams that it feels like they don't want to let the money go. It took three months, but the staff were at least professional throughout." — Member Review, Feb 2026

How Our IFA Service Can Help

Because XPS handles many "Defined Benefit" (DB) pots, you often must seek independent advice by law if your transfer value is over £30,000.

Our IFA partners help you by:

1. DB Transfer Analysis: We provide the mandatory "Appropriate Pension Transfer Analysis" (APTA) to see if leaving your XPS-managed scheme is actually in your best interest.

2. Fee Comparison: We calculate if staying in an XPS SIPP is worth it compared to a flat-fee "retail" provider.

3. Property Management: If you have commercial property in your XPS SIPP, we can help you manage the lease renewals and tax implications.

4. McCloud Calculations: Helping public sector workers understand their "Remedy" choices to ensure they pick the most valuable pension option.

Get started here to begin a free, no-obligation chat with a financial adviser who specialises in XPS Group’s products and services and can offer impartial guidance about them.