Best SIPP Providers

Choosing the right Self-Invested Personal Pension (SIPP) can play an important role in your retirement planning. Here, we’ll explain which pension providers offer SIPPs, how to compare the best UK SIPPs, and what you should think about when figuring out the top SIPP provider to help you achieve your retirement goals.

Do all pension providers offer SIPPs?

No, not all pension providers offer SIPPs. Some providers specialise in workplace, personal, or stakeholder pensions and may not offer the flexibility associated with a SIPP.

SIPPs are typically offered by specialist pension providers, investment platforms, wealth managers, and some insurers. However, not all SIPPs are equal, and the level of flexibility, investment choice, and fees can vary.

Some SIPPs are designed to provide a low-cost way to invest for retirement, whereas others allow access to more advanced investing strategies (which can mean higher fees). The excellent thing about SIPPs, though, is that you can hold multiple accounts with different providers.

So, if it makes sense for your strategy, you can have more than one SIPP to make the most of each provider’s specific benefits. However, you don’t want to make things unnecessarily complicated and comparing SIPP providers is extremely worthwhile before opening or transferring a pension.

Best UK SIPP providers

The best SIPP provider for you will depend on your individual needs, as not all SIPP providers offer the same features.

Some focus on keeping costs low for investors with smaller pension pots, while others specialise in commercial property, pension drawdown, bespoke investments, or more complex retirement planning requirements.

Below is a comparison of some of the best SIPP providers in the UK and what they offer:

1. AJ Bell

One of the most popular SIPP providers and a solid all-rounder, AJ Bell pioneered online SIPPs and self-managed pension approaches for investors seeking a balance between low costs and investment flexibility.

There are thousands of investments to choose from across a range of assets. If you hold investment funds, AJ Bell’s account fee starts at 0.25% for portfolios of up to £250,000 and gradually gets cheaper. For those investing in shares or ETFs, the platform fee is also 0.25%, with a £10 per month cap.

It costs £1.50 to buy or sell funds and £5 to trade other investments, but you can avoid paying these fees by setting up a regular monthly investment. AJ Bell is a solid option if you’re comfortable picking investments and managing your SIPP portfolio.

2. Hargreaves Lansdown (HL)

Hargreaves Lansdown (HL) is one of the largest SIPP pension providers in the UK. Their SIPP offers a huge range of over 3,000 funds and thousands of other types of investments (shares, ETFs, bonds, investment trusts, venture capital trusts, and more).

HL is well-known for offering excellent customer service, but that premium support is reflected in some of its fees. The platform fee is 0.35% for the first £250,000 of funds held (getting cheaper after that) and 0.35% for other investments (with a £12.50 per month cap).

Buying or selling funds costs £1.95, and other investments cost £6.95 per trade, but you can avoid these by setting up a regular monthly direct debit investment. Along with its DIY SIPP, HL also offers a managed SIPP if you don’t want to pick your investments.

3. interactive investor (ii)

interactive investor (ii) operates a flat-fee charging structure rather than percentage-based platform fees like some other SIPP providers. It costs £5.99 per month for portfolios under £100k, then £14.99 per month once you exceed that threshold.

It can work out as one of the cheapest SIPP providers for larger pension pots. The ii SIPP also offers one of the widest investment choices around, with over 40,000 options from a range of assets. Investment fees depend on your plan, but you can set up a regular monthly investment with no commission.

This is an excellent SIPP provider if you’re looking for a user-friendly interface and the ability to add family accounts all under one roof.

4. Freetrade

Freetrade is one of the newer SIPP providers in the UK and has become popular with investors looking for a low-cost SIPP. On its free Basic plan, there’s no platform fee and no commissions when buying or selling investments.

Previously, Freetrade was completely app-based, which may have put some retirement savers off, but it now offers a sophisticated desktop platform too. There are over 7,500 investments to choose from, including funds, shares, ETFs, bonds, and more.

Freetrade offers a more modern approach than some longer-established SIPP providers, and it’s currently among the cheapest SIPP providers available.

5. Dentons Pensions

Unlike some mainstream, low-cost SIPP providers, Dentons offers specialist SIPPs that provide access to more niche SIPP capabilities. This includes the ability to invest in commercial property, gold bullion, unlisted shares, and, in some cases, to explore SIPP loans.

However, a specialist SIPP like this comes with higher fees. Dentons account fee is £744 per year (plus VAT). As you’d expect, there’s a range of fees involved for various types of investments. For example, fees for unlisted equities can start at £650, and SIPP property purchase fees begin at £990.

6. Nucleus

Nucleus offers a range of different SIPPs. It has a flagship SIPP offering funds, managed portfolios, TIPs, ETFs, and more - with annual account fees starting at 0.27% for portfolios up to £500,000 (getting cheaper after that).

It also has two specialist SIPP brands under its umbrella: James Hay and Curtis Banks. These SIPPs are more appropriate if you’re looking for greater flexibility and a wide range of investment options, such as commercial property, gold, or bespoke options like unlisted shares and Unregulated Collective Investment Schemes (UCIS).

7. Aviva

Aviva is a top SIPP provider if you’re interested in investing in funds. It offers a Universal Retirement Fund, ready-made funds, an experts’ shortlist, and over 5,000 self-select funds. You can also invest in other assets like shares, ETFs, and investment trusts.

The annual platform fee is 0.35% on the first £500,000, with no charge on any amount above that. There’s no fee to buy or sell funds, but other investments cost £4.99 per trade. It’s worth pointing out that although you can open an Aviva SIPP from £25 per month, the minimum lump sum is £5,000.

8. Standard Life

Standard Life offers a more traditional SIPP for experienced investors seeking access to a wider range of investments than a standard personal pension.

Depending on how the SIPP is set up, you can access thousands of funds, mutual funds, commercial property, gold bullion, discretionary portfolios, and other specialist investments.

The most advanced investment options are generally only available through financial advisers. Standard Life's SIPP also supports various ways to access your funds in retirement, such as drawdown or purchasing an annuity, and is designed to accommodate more complex retirement planning needs.

How to compare providers and choose the right one

When comparing SIPP providers in the UK, it's important to keep in mind that simply looking for the cheapest SIPP doesn’t make it the best one for you. Some of the main factors to consider when you compare SIPP providers include:

• Annual fees: The ongoing platform or administration charges you'll pay each year to keep your SIPP open. Some providers charge a percentage of your pension, while others use a fixed monthly or annual fee.

• Investment charges: The costs of buying, selling, and holding investments within your SIPP. These can vary depending on the complexity of the investment.

• Investment choice: The number and range of investments or assets can make a difference when you’re looking to create a diversified SIPP portfolio. Some providers offer thousands of investments, whereas others have a more limited selection.

• Specialist investments: Whether the SIPP provider supports more advanced investments, such as commercial property, physical gold, unlisted shares, or other bespoke assets.

• SIPP drawdown functionality: The flexibility and features available for accessing SIPP drawdown in retirement can vary. Fees for SIPP pension drawdown can also fluctuate.

• Online tools and research: The quality of the provider's website, mobile app, investment research, pension calculators, market analysis, portfolio tools, and educational resources available to help you make investment decisions.

• Customer service and support: The level of assistance available if you need help managing your pension, including telephone support, secure messaging, online chat, and dedicated account managers for larger pension pots.

• Availability of financial advice: Whether the provider offers access to regulated financial advice, discretionary portfolio management, guided investment services, or adviser-led pension solutions for those who don't want to manage their SIPP by themselves.

The best SIPP provider for one person may not be the best option for another. A low-cost SIPP may suit a passive investor, while someone with complex retirement planning needs may benefit from a specialist provider.

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Best cash SIPP providers

If you’re simply planning to hold cash in your SIPP, or you just want to use a secondary SIPP to hold part of your pension in cash, there are two things you’re ideally looking for:

1. A SIPP that pays a competitive interest rate on cash

2. A low-cost SIPP with minimal fees if you’re not holding investments

Here is a range of cash SIPP providers in the UK that tick both those boxes:

• Fidelity: Doesn’t charge service fees on cash within your SIPP or charge for withdrawals, and it typically pays a competitive interest rate, credited monthly.

• AJ Bell: There’s no charge or custody fee for cash in an AJ Bell SIPP, and it offers varying rates of interest depending on your SIPP balance and whether it’s in drawdown.

• Bestinvest: Although its percentage-based platform fee doesn’t apply to cash, there’s a £10 minimum monthly service charge for the SIPPs, but Bestinvest offers competitive interest rates on SIPP balances.

• Vanguard: Although the interest rate from Vanguard tends to be slightly lower, and the 0.15% fee still applies, it can still be a useful, straightforward option as a cash SIPP.

• IG: Offers one of the highest interest rates available on SIPP balances, but the flat yearly SIPP admin fee of £210 would still apply even if you’re just holding cash.

Best Junior SIPP providers

Several providers offer Junior SIPPs designed to help parents and grandparents build retirement savings for children:

• Fidelity: There’s no service fee for holding investments in Fidelity’s Junior SIPP, and it offers access to a broad range of funds and investments. Investing fees cost the same as with the adult SIPP.

• Hargreaves Lansdown (HL): The Junior SIPP fees with HL are the same as the adult SIPP, starting at 0.35% and with the same commissions. You get access to its full range of investments, and you can open one with £100 or from £25 per month.

• AJ Bell: Charges for the AJ Bell Junior SIPP are the same as the regular SIPP, with an account fee starting at 0.25% and access to a diverse choice of investments.

• Bestinvest: There’s no minimum service fee for Bestinvest’s Junior SIPP, which starts at either 0.2% or 0.4% (depending on your investments) for the first £250,000 and gets cheaper after. Investing fees and choices are the same as with the regular SIPP.

Get 100% independent SIPP pension advice

Comparing and choosing between SIPP providers isn't always straightforward. Charges, investment options, drawdown flexibility, and specialist features can vary significantly between providers.

Here’s why people choose Money Helpdesk when comparing UK SIPP providers:

• Access to independent, FCA-regulated pension advisers

• Help comparing mainstream and specialist SIPP providers

• Support with commercial property SIPPs and more advanced arrangements

• Free initial consultation with no obligation to proceed further

If you’d like help comparing SIPP providers or finding the most suitable pension arrangement for your circumstances, you can arrange a free, no-obligation chat with an independent pension adviser here.