Best Sipp providers: How to pick a platform for your pension

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The best Sipp provider for you will be one that’s offering the cheapest fees for your needs, a good level of investment choice and an easy-to-use service.

A Sipp, or self-invested personal pension, gives you more control over how your pension pot is invested than other types of pension. Since Sipps launched, they have become a hugely popular way for Britain's investors to build up a pension pot outside of their workplace scheme.

In a Sipp pension, you can invest in a range of shares and funds and most platforms also offer managed options, often called ready-made portfolios or ready-made investments.

See our pick of the best Sipp platforms for different circumstances below, in alphabetical order. We also explain more about Sipps, including how a Sipp works and the options for withdrawing money from your pension when the time comes.

> Best investment platforms: how to choose the right investment account

Best Sipp provider: At-a-glance view

Our list of Sipp providers to try below is in alphabetical order. 

• For competitive platform fees: AJ Bell*
• For clear platform fees: Charles Stanley Direct*
• For active investors: Fidelity*
• For investment research and customer support: Hargreaves Lansdown*
• For low-cost flat fees: Interactive Investor*
• For cost-conscious ETF investors: InvestEngine
• For potentially zero-cost investing: Prosper* 

If you're looking to save tax-efficiently outside of a pension, read our guide to the best stocks and shares Isas for more on the top providers.

How we review Sipp platforms 

Our guide to the best Sipps is informed by the This is Money team’s extensive experience of testing and reviewing different investment platforms, both professionally and personally.

We consider fees, how easy it is to buy and sell investments, the availability of investment research and education, plus customer service. But we appreciate that investment platforms cater to different types of investors – for example some may be happy payer higher fees in return for quality investment research and customer service.

We explain who each platform could be good for in the key points below. Read more about how we test and review investment platforms.

Why trust us

Sam is This is Money’s Money and Consumer Guides Writer and has more than ten years of experience covering the financial world. He started his career writing about investments and investment accounts and has since written for Simply Business, the Financial Ombudsman Service and NerdWallet, where he was Lead Writer.

He enjoys navigating complex topics and testing different financial products to help readers make the most of their money.

What to look for when choosing a pension provider

When comparing self-invested personal pension providers, think about the level of service you need.

Sipp platforms generally compete on fees, which is the main element to look out for. High fees eat away at the value of your portfolio, so you’ll want to keep costs down as much as possible.

But the cheapest Sipp won’t always be the best – it depends on how you intend to invest. If you’re just getting started, read our guide to investing for beginners to help you decide how you want to invest.

Some Sipp pension providers offer low fees but a limited choice of investments. Others may look expensive but won’t charge for regular trading of funds, so could work out best for more active investors. And certain pension platforms come with a wealth of investment support, including research and even investment coaches that you can speak to. 

With different charging structures, tools, available research and levels of customer support, answering some key questions like the below will help when comparing pension providers:

1. What type of pension investor are you? The big question. If you're the type of investor that trades regularly, look at a service that doesn’t charge you too much for doing so and gives you the right level of customer support, investment research and choice of investments.

But if you’re aiming to invest in low-cost passive funds and forget about them, you won’t want to pay through the roof for extra bells and whistles you don’t need. 

2. What's the value of your pension pot? If you’re transferring existing pensions to a Sipp, work out how much your annual account charges will be with different Sipp providers. For example, a subscription model could work out better for larger pension pots.

A note on transferring – some providers charge exit fees to transfer a pension, so make sure you check whether these apply.

3. How will you access your money at retirement? It's important to choose a pension provider that offers flexibility when you reach retirement and it comes to drawing from your pension. At this stage, it can help to have guidance on your options available.

Most Sipp platforms no longer charge extra when it comes to taking an income from your pension, but it’s always worth double checking. 

You can also use other tax-efficient accounts, such as Isas, to build a pot that you can access more easily than a pension. 

Compare costs of different self-invested personal pensions 

Best Sipps: This is Money’s view of the top platforms

We explain the key details of the best Sipp platforms below, highlighting what each one is particularly good for and helping you make an informed decision. The pension providers below are in alphabetical order.

AJ Bell* – good for competitive platform fees

• AJ Bell's account fees are competitive.
• The foreign exchange fees are lower than some other providers.
• Fund dealing costs £1.50, while other platforms offer this at no cost.
• There are fees for regular investments and dividend reinvestment.

This is Money says: AJ Bell offers a full range of UK and overseas shares, funds, investment trusts, ETFs and bonds.

It charges a 0.25 per cent account fee, which is lower than big rival Hargreaves Lansdown, but there are charges for all types of trading. It costs £1.50 for fund dealing and £5 for share dealing.

> Learn more about AJ Bell*

Charles Stanley Direct* – good for clear platform fees

• Charles Stanley Direct's platform fee is straightforward.
• There's no platform fee when you invest in Charles Stanley multi-asset Funds.
• There are fees for both fund and share dealing.
• There's a £100 admin charge for pots of less than £30,000.

This is Money says: Charles Stanley Direct has wide range of funds, investment trusts, ETFs, and UK and international shares, with platform fees that are competitive and some money back in free trades.

You'll pay 0.3 per cent on the value of your investments, up to a maximum of £600. If you have a smaller pot, the minimum you'll pay is £60.

There is a £100 plus VAT Sipp fee but this is waived if you have more than £30,000 across Charles Stanley accounts. If you have less than £30,000 you may want to look elsewhere.

Fund dealing costs £4 and share dealing costs £10, but customers get £100 in trading credits each year.

> Learn more about Charles Stanley Direct* 

Fidelity* – good for active investors

• Fidelity offers a wide investment choice.
• Fidelity's account charges are attractive for those with larger pension pots.
• Those with smaller pension pots may pay lower account fees elsewhere.
• The charge for share dealing is high at £7.50 a share.

This is Money says: Fidelity offers a wide investment choice of funds, investment trusts, ETFs and shares, along with lower account fees and foreign exchange (FX) charges than some other providers.

There is a 0.35 per cent annual account fee with no extra charge for having a Sipp. Pots below £25,000 have a £90 fee, but this reverts to the 0.35 per cent charge if regular saving is set up. Charges step down to 0.2 per cent on between £250,000 and £1million - unlike other providers this applies to the whole pot rather than the tier, meaning it can be cost effective.

There's no charge when buying and selling funds but share, ETF and investment trust dealing costs £7.50.

Competitive FX fees mean Fidelity could be a good option for active investors casting their net wider than the UK.

> Learn more about Fidelity*

Hargreaves Lansdown* – good for customer support

• Hargreaves Lansdown's customer service team is available six days a week.
• There's a wide range of investments available through the platform.
• The account fees are higher than most other platforms.
• Share dealing is expensive at £11.95 a share.

This is Money says: Hargreaves Lansdown is the biggest and most well-known of the investment platforms and has a broad range of shares, funds, investment trusts, ETFs and bonds.

It prides itself on customer service but charges a high 0.45 per cent account fee. For the value of investment funds this steps down to 0.25 per cent above £250,000 and 0.1 per cent above £1million. Other investments including stock market listed holdings and bonds in a Sipp are always charged at 0.45 per cent, but this is capped at £200 annually.

While there are no charges for fund dealing, regular investments or dividend reinvestment, Hargreaves Lansdown's share dealing fees are high at £11.95.

But Hargreaves Lansdown is a good option if you're conscious about customer support. Its team is available six days of the week, and you can access a range of investment tools and research to help you build your portfolio.

Voucher offer: You can get £200 in John Lewis vouchers when you add or transfer at least £10,000 to a new Hargreaves Lansdown Sipp. The deal ends on 10 December 2025.

> Learn more about Hargreaves Lansdown*

Interactive Investor* – good for low-cost flat fees

• Interactive Investor's flat fee structure means it can work out the cheapest of the traditional investment platforms.
• Share dealing is cheaper than most other platforms.
• Fund dealing costs £3.99, while other platforms offer this at no cost.
• The foreign exchange fees are higher than some other platforms charge, plus Interactive Investor charges £9.99 for international share dealing.

This is Money says: Unlike most Sipp providers, Interactive Investor charges a monthly subscription fee rather than a fee as a percentage of your investments. It offers a full range of investments. Charges depend on whether you also hold a general account or stocks and shares Isa with Interactive Investor.

If you just have a Sipp, monthly charges start at £5.99 until your pot reaches £50,000. Above this monthly charges are £12.99.

If you have an Isa or general account plus a Sipp it costs £9.99 a month up to £75,000 and then £21.99 a month above that.

The flat fee is attractive for people with larger pots, because you're charged the same whether you have £80,000, £500,000 or £1million in your Sipp. While the different subscription tiers can be confusing, this is set to improve in February 2026. If you're an active investor, keep an eye on the fees for buying and selling investments.

> Read our full Interactive Investor review

InvestEngine – good for cost-conscious ETF investors

• InvestEngine doesn't charge any fees for using its Sipp.
• The platform offers fractional investing.
• At the moment, you can only transfer pensions from Hargreaves Lansdown and Vanguard to InvestEngine.
• You can't invest in anything other than ETFs.

This is Money says: InvestEngine isn't a well-known name, but it could be a good option for those looking to start a Sipp and who are only aiming to invest in ETFs.

There are no account fees, so the only charges you'll pay are those within the ETFs themselves. This could make pension investing very cheap indeed. But a big downside is you can't transfer a pension to InvestEngine, unless it's from Hargreaves Lansdown or Vanguard. What's more, InvestEngine's managed and ready-made LifePlan portfolios aren't currently open to new investors – this has been the case for a good deal of time, with no inkling as to when they might reappear.

> Read our full InvestEngine review

Prosper* – good for potentially zero-cost investing

• Prosper has no account fees or fees for buying and selling investments.
• Prosper refunds ongoing fees and transaction charges from select index funds making for potentially free investing.
• It's a very new platform and some may prefer to go with established names.
• Prosper is app-only and you can't invest in shares.

This is Money says: If you're willing to choose a less well-known name for your Sipp and are happy to go app-only, it’s worth considering Prosper.

It offers funds, investment trusts and ETFs and can be a very cheap way to invest your pension.

It’s possible to build a very low-cost portfolio, because there are no account fees or fees for buying and selling investments, plus Prosper refunds the ongoing fees and transaction charges on 30 index funds from the likes of Blackrock and Vanguard.

Cashback offer: Prosper is currently offering £100 cashback when you transfer £10,000 worth of investments to its platform.

> Read our full Prosper review

Here are other Sipp providers to consider:

• Bestinvest is generally cheaper than Hargreaves Lansdown, but the more cost-conscious could still find its platform fees expensive. 
• Freetrade* is another Sipp provider that's historically offered flat subscription-based fees, but now seems to be positioning itself as a very low-cost platform. It's removing account fees for its Sipp from 22 January 2026 and opening its full range of investments up to free users, including funds. This platform is one to watch - read more in our Freetrade review.
• Vanguard is a low-cost option that makes sense if you only want to invest in Vanguard’s own funds or ready-made portfolios. Vanguard's funds track different worldwide markets. 

What is a Sipp?

A Sipp – or self-invested personal pension – is a type of pension that gives you the freedom to pick your own investments from a wide range available on the provider’s investment platform.

This is unlike other pensions that provide limited choice over how your money is invested.

When you open a Sipp, you can use your online account to buy and sell investments and monitor how your portfolio is doing.

A Sipp is a good option if you have a number of old pensions from different workplaces. It’s possible to transfer your pensions to one provider, making it easier to keep track of how your investments are doing. Check you don't lose valuable guarantees by doing that though, first.

A Sipp is also a good option if you’re self-employed, because you have no auto-enrolment or employer to set up your pension for you.

Your choice of investments will often include:

• shares – both UK and international
• bonds
• gilts
• investment trusts
• exchange traded funds (ETFs)

You can usually open a stocks and shares Isa and a general investment account with your Sipp provider, which simplifies keeping track of your investments even further. Or you can invest in an Isa in one place and a Sipp in another - and you can have as many Sipps as you like.

What are the most popular pension investments? 

Investment platforms regularly publish information about the most-held investments in self-invested personal pensions among customers.

These were the most-held investments by GBP value among Interactive Investor's Sipp customers. This is the latest data available, as at 31 December 2025:

• Stocks and shares: Tesla
• Funds: Royal London Short Term Money Market
• Investment trusts: Scottish Mortgage Investment Trust
• ETFs: Vanguard FTSE All World ETF

You shouldn't take these as recommendation or advice to invest, but knowing where other pension investors are putting their money can give a springboard for further research. 

Interactive Investor's latest Sipp Index, released in December 2025, suggests that investors have continued to buy passive investments throughout summer and autumn 2025, with those in both accumulation and drawdown increasing their allocation to ETFs.

Interestingly, allocation to individual equities is at its highest level since the first quarter of 2022. 

In the platform's previous Sipp index covering the first quarter of 2025 and last one of 2024, it was the first time passive investments had been the most popular for both those building their retirement pot (the accumulation phase) and those who can access their money (the decumulation phase).

How does a Sipp work?

You can open and pay into a Sipp in a similar way to other accounts, such as Isas and general investment accounts.

And to encourage you to save for retirement, you get tax relief from the Government when you pay in to a pension.

Sipps are like employer defined contribution pensions. Your retirement pot depends on the total you contribute to the Sipp, investment performance, the fees your provider charges, and how and when you want to draw on your pension.

This is opposed to employer defined benefit pensions. With these your retirement pot is based on how many years you were part of the scheme and your final salary with the employer. These schemes are now rare, so taking control of your retirement pot is more important than ever. 

What is pension tax relief? 

Most people get tax relief on pension contributions. Sipp providers claim this for you through a process called relief at source, but only at the 20 per cent basic rate of income tax. If you’re a higher rate taxpayer and pay income tax at 40 per cent, you may be able to claim further tax relief through self assessment.

Here’s an example of a higher rate taxpayer earning £90,000 a year who contributes £20,000 into their Sipp in the current tax year:

• The Sipp provider claims £4,000 tax relief automatically (uplift to replace 20 per cent basic rate tax charged).
• The taxpayer can claim extra tax relief – another £4,000 – through self assessment.
• The taxpayer’s pension contribution only cost them £12,000.

Higher rate taxpayers can only claim further tax relief on earnings they paid 40 per cent tax on. In the above example, the taxpayer paid the higher rate on £39,730 of their earnings, so they can potentially claim up to £7,946 of extra relief. 

Keep in mind different income tax bands and rates apply in Scotland. 

How much can you pay into a pension? 

There’s no limit to how much you can pay in to a Sipp, but there are limits to how much you can contribute and still receive tax relief. If you go over these limits, you’ll get a tax charge.

• The annual allowance limits total contributions that can receive tax relief to £60,000 or 100 per cent of your earnings – whichever’s lower.
• The annual allowance for higher earners is reduced by £1 for every £2 that someone earns above £260,000, until the allowance reaches £10,000.

Pension rules were under the spotlight in the lead up to the Government's Autumn Budget on 26 November, with the Chancellor, Rachel Reeves, confirming during her announcement that national insurance contributions will be payable on pension contributions above £2,000 from April 2029, as part of changes to salary sacrifice rules.

How investing in your Sipp works

Sipp providers let you set up regular investments into your pension, or you can pay in a lump sum and pick your investments with it.

Regular investments go straight into an investment of your choice every month. Some providers charge a small amount for regular investments, while others do it at no cost to you. Investing every month helps you build a savings habit, and instead of trying to time the market, you can smooth out the highs and lows through pound cost averaging.

Otherwise, you can add cash to your account and then choose where to invest through the online platform.

The freedom over where to invest your money is one of the great benefits of a Sipp. You search for investments through your online account and then choose how much you want to invest in each one.

Most platforms offer a wealth of tools, guides and research to help you choose investments. Your exact mix of investments will depend on your overall retirement goals, your time horizon and your attitude to risk.

When can I access my pension?

You can’t access the money in your Sipp until you reach the minimum pension age, which is currently 55. This is increasing to 57 from April 2028, affecting those born on or after 6 April 1973. 

You have different options for accessing your money when you reach retirement. 

• Tax-free lump sum: you can take 25 per cent of your pension tax free, up to a maximum of £268,275 – your lump sum allowance. You can access the rest as taxable income.
• Other lump sums: uncrystallised funds pension lump sums (UFPLS) are where 25 per cent of a lump sum is tax-free, with the remainder subject to income tax.
• Drawdown: providers give you the option of moving money into drawdown, where you can withdraw up to 25 per cent tax free and then receive regular payments or take lump sums, which are taxed as earnings. You can move some or part of your pension into drawdown.
• Annuity: you can buy an annuity with your pension savings, which is a product that gives you a regular guaranteed retirement income. Sipp providers don’t offer annuities directly.

Keep in mind that as soon as you take taxable money from your defined contribution pension in a flexible arrangement, you can only get tax relief on £10,000 of your pension contributions each year. 

Accessing your pension is a huge financial decision, because your money needs to last long enough for you to live comfortably in retirement, and there’s risk involved when withdrawing from investments. It’s important to seek financial advice.

What is the lump sum allowance (LSA)?

The LSA replaced the previous lifetime allowance, which was abolished in April 2024 and limited the amount you could save in your pensions without being hit by a tax charge. The new LSA applies to all your pots, so if the value of your pension savings exceeds £1,073,100, the maximum you can take tax free is £268,275.

Read More

Number getting hit with year-end tax demands could soar to 2m - many of them low income pensioners

How much pension income will you get?

In defined contribution pension schemes like Sipps, the amount of money you’ll receive in retirement depends on how much you contribute and the performance of your pension investments. It also depends on how you choose to withdraw money from your pension.

You can factor the state pension into your forecast, but the age at which you’re eligible for the state pension is much older than the minimum pension age. 

The state pension age is currently 66 and is rising to 67 between 2026 and 2028, affecting people born after 6 April 1960. 

If you want to stop working earlier, you need to create and stick to a financial plan that gives you a sufficient pot to last your whole retirement.