Top UK Pension Providers Comparison
An in-depth comparison of UK pension providers: SIPPs from Hargreaves Lansdown, AJ Bell, Vanguard, PensionBee, Aviva & more. Fees, investments & who they suit.
Selecting the right pension provider is one of the most significant financial decisions you'll make. Your pension will be a cornerstone of your financial well-being in retirement, so understanding your options is crucial. The UK pension landscape is diverse, with traditional insurers, modern digital specialists, large investment platforms, and workplace auto-enrolment schemes all vying for your attention.
At Plouta, our mission is to empower you with clear, unbiased knowledge to protect your money, make informed choices, and build a future of financial independence. This comprehensive guide will compare some of the top UK pension providers, focusing on options individuals can actively choose, particularly Self-Invested Personal Pensions (SIPPs). We'll explore their offerings, fees, investment choices, and who they might be best suited for.
What you will learn in this guide: ⤵
Types of UK Pension Providers: Understanding the different categories, from DIY SIPP platforms to digital pension managers and workplace schemes.
In-Depth Reviews: A closer look at leading providers for Self-Invested Personal Pensions (SIPPs) and modern digital pensions.
Key Comparison Points: Fees, investment range, platform usability, customer service, and retirement options.
Workplace Pensions: An overview of major auto-enrolment providers like NEST, The People's Pension, and Smart Pension.
Making Your Choice: Key factors to consider when selecting a pension provider for your long-term financial freedom.
Understanding the UK Pension Landscape: Types of Providers
Before diving into specific names, it's helpful to understand the main categories of pension providers you'll encounter:
Investment Platforms Offering SIPPs (DIY Focus): These platforms provide the widest investment choice, allowing you to build and manage your own SIPP portfolio. Examples include Hargreaves Lansdown, AJ Bell, Interactive Investor, Fidelity, Vanguard, and Bestinvest. They are suited for investors comfortable making their own decisions.
Modern Digital Pension Providers (Often SIPP-based & Managed): These often focus on a simpler, app-based experience, typically offering managed portfolios or a more guided investment journey. Examples include PensionBee and Penfold. They appeal to those seeking ease of use and a more hands-off approach.
Traditional Insurance Companies: Long-established companies offering a range of pension products, including personal pensions, stakeholder pensions, and sometimes SIPPs. They often have a strong presence in the workplace pension market too. Examples include Aviva, Royal London, Scottish Widows, and Standard Life. Their direct-to-consumer SIPP offerings vary in competitiveness and features compared to specialist platforms.
Workplace Pension Master Trusts (Auto-Enrolment Specialists): These are large schemes primarily chosen by employers to fulfil their auto-enrolment duties. While you, as an employee, will be a member and can make some choices (like fund selection from a limited range), you don't typically choose to open a SIPP with them directly as an individual investor in the same way you would with a platform. Examples include NEST Pension, The People's Pension, and Smart Pension. This guide will provide an overview of what to expect if you are a member.
This review will primarily focus on providers in categories 1, 2, and the direct SIPP/personal pension offerings from category 3, as these are the options individuals most actively choose when setting up or consolidating personal pensions.
| Provider | Pension Type Focus | SIPP Platform Fee (Funds) | SIPP Platform Fee (Shares, ETFs, Trusts etc.) | Dealing Fee (Shares/ETFs) | Dealing Fee (Funds) | Investment Choice | Best For / Key USP |
|---|---|---|---|---|---|---|---|
| Hargreaves Lansdown | DIY SIPP | 0.45% (tiered: <£250k), then reduces | 0.45% (capped at £200/year) | £11.95 (reduces for frequent traders) | £0 (Online) | Very Wide (Shares, Funds, ETFs, Trusts etc.) | Extensive research, top service, wide choice, good for larger share/ETF holdings due to cap. |
| AJ Bell | DIY SIPP | 0.25% (tiered: <£250k), then reduces | 0.25% (capped at £200/year) | £5.00 (reduces for frequent traders) | £1.50 (AJ Bell funds free) | Very Wide (Shares, Funds, ETFs, Trusts etc.) | Good all-rounder, strong research, competitive for shares/ETFs due to cap. |
| Interactive Investor | DIY SIPP | Flat Monthly Fee (e.g., Pension Builder £12.99/month includes SIPP & ISA. Other plans available.) This covers platform admin for all assets. | £3.99 (UK/US Shares & ETFs, funds). Free regular investing. | £3.99 | Very Wide (Shares, Funds, ETFs, Trusts etc.) | Cost-effective for larger SIPP portfolios (any asset mix) due to flat fees. Trading credits included. | |
| Vanguard Investor UK | DIY SIPP (Vanguard Investments Only) | 0.15% (capped at £375/year across ALL Vanguard accounts held by individual) | £0 (Vanguard ETFs) | £0 | Vanguard Funds & ETFs Only | Lowest cost for Vanguard-only investors, especially with large overall holdings due to cap. | |
| Fidelity International | DIY SIPP | 0.35% (tiered: <£250k), then 0.2% to £1m, 0% >£1m (No separate cap for shares/ETFs, fee applies to all assets) | £7.50 | £0 (Online) | Wide (Funds from Fidelity & others, Shares, ETFs, Trusts) | Strong fund research ("Select 50"), no fund dealing fees, good for very large portfolios due to 0% tier. | |
| Bestinvest | DIY SIPP / Ready-made Portfolios / Coaching & Advice | 0.4% (up to £250k), 0.2% (£250k-£500k), 0.1% (£500k-£1m), 0% (>£1m). Applies to all assets. For shares, only first £200 of fee applies (effectively capping share fee). | £4.95 (UK Shares, ETFs, Trusts) | £0 (Online) | Wide (Funds, Shares, ETFs, Trusts), Ready-made Portfolios | Good for those wanting choice of DIY or managed options, plus access to coaching/advice. Share fee effectively capped. | |
| PensionBee | Managed Personal Pension (SIPP Based) | All-in fee: e.g., Tracker 0.95%, Tailored/Fossil Free 0.75% (on first £100k, halves on portion >£100k). Includes fund costs. | N/A (Managed) | N/A (Managed) | Choice of ~7 Managed Plans (using ETFs from major managers) | Simplicity, pension consolidation, app-based, good for hands-off investors wanting managed ethical/standard options. | |
| Penfold | Managed Personal Pension (SIPP Based) | All-in fee: e.g., Standard/Sustainable 0.75%, Sharia 0.88% (on first £100k, reduces on portion >£100k). Includes fund costs. | N/A (Managed) | N/A (Managed) | Choice of ~4 Managed Plans (using ETFs from major managers) | Very user-friendly app, flexible contributions, good for self-employed and those new to pensions. | |
| Aviva | DIY SIPP / Personal Pension (Direct offering) | Direct Platform SIPP: e.g., up to 0.40% tiered platform fee, plus fund charges. (Fees vary by specific product/channel) | Typically £7.50-£12.50 (depending on product) | Often £0 (depending on product) | Wide (Funds, Shares, ETFs depending on product wrapper) | Established brand, potential for integrated advice, wide fund access possible via some direct routes. | |
Important Notes (June 2025): This table provides a simplified overview for comparison purposes and focuses on standard online SIPP offerings for individuals.
Fees are indicative and can change; always check the provider's latest official charges schedule. "Platform Fee (Funds)" and "Platform Fee (Shares, ETFs, Trusts etc.)" show how different asset types might be treated – some providers have a single fee for all assets, others cap fees for certain asset types. "All-in fees" for managed providers like PensionBee/Penfold include underlying investment charges.
Investment choice varies; "Very Wide" implies access to a broad range of shares, thousands of funds from multiple managers, ETFs, and investment trusts. "Managed Plans" means you choose a pre-built portfolio, not individual investments.
This information does not constitute financial advice. Your choice should depend on your individual circumstances, investment goals, and comfort with making investment decisions.
Top UK Investment Platforms for Your SIPP
These platforms are known for offering extensive investment choice and control over your Self-Invested Personal Pension. They are generally best for those who are comfortable making their own investment decisions or want the broadest possible range of options.
Hargreaves Lansdown (HL) SIPP
Overview: The UK's largest retail investment platform, now under private ownership (as of March 2025). Renowned for excellent customer service, a user-friendly platform, and extensive research resources.
Investment Choice: Vast – thousands of funds, UK and international shares, ETFs, investment trusts, bonds. Also offers ready-made portfolios and their "Wealth Shortlist" of preferred funds.
Key SIPP Features: Flexible access drawdown, UFPLS, option to buy annuities on the open market (HL provides information but doesn't advise on annuities themselves typically). Strong online tools for managing your SIPP.
Best For: Investors valuing extensive choice, comprehensive research, excellent service, and a user-friendly experience, particularly those comfortable with the fee structure or holding significant share/ETF portfolios within their SIPP.
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Platform Fee (Funds): 0.45% on first £250k; 0.25% on £250k-£1m; 0.1% on £1m-£2m; 0% over £2m.
Platform Fee (Shares, ETFs, Trusts): 0.45%, capped at £200 per year.
Dealing Fees: Funds are free online. Shares/ETFs/Trusts are £11.95 (reduces for frequent traders). Regular investing £1.50 for shares/ETFs/trusts.
Other: Drawdown fees may apply for certain actions, though many are free. No transfer-in or exit fees typically.
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Unmatched research and educational content, top-tier customer service, wide investment choice, user-friendly platform and app, robust SIPP administration. Capped fee for shares/ETFs is good for larger direct equity holdings.
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Platform fee for funds can be higher than competitors, especially for larger fund portfolios if not diversified into capped assets. Share dealing fees are not the cheapest.
Vanguard Investor UK SIPP
Overview: Global low-cost passive investing giant. Their UK SIPP is straightforward and designed for investing in Vanguard's own range of funds and ETFs.
Investment Choice: Limited to Vanguard's extensive range of low-cost index funds, active funds, and ETFs (including their popular LifeStrategy and Target Retirement Fund ranges). No access to individual shares or third-party funds.
Key SIPP Features: Offers flexible access drawdown. Simple, no-frills platform.
Best For: Cost-conscious investors, particularly those building large portfolios, who are happy with a passive investment strategy using Vanguard's highly-regarded funds and ETFs.
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Platform Fee: 0.15% per year.
Capped: At £375 per year across all accounts held by an individual on the platform (ISA, GIA, SIPP). This makes it very cost-effective for large total holdings.
Dealing Fees: No dealing fees for buying/selling Vanguard funds. Fees may apply for Vanguard ETFs if traded via a live broker, but typically not for standard online ETF purchases/sales within the SIPP.
Other: No transfer-in or exit fees.
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Very low platform fee, especially with the £375 annual cap across all accounts. Simple to use for those happy with Vanguard's range. Excellent for passive, long-term investors.
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Investment choice strictly limited to Vanguard products. Platform is basic with fewer research tools compared to larger platforms.
Other Key Investment Platforms for SIPPs (Brief Highlights):
AJ Bell (SIPP): Strong all-rounder, good research, competitive fees especially for shares/ETFs due to capped custody charges (£200/year in SIPP). Fund fees are tiered but not capped. View AJ Bell review here.
Interactive Investor (ii) (SIPP): Uses a flat monthly subscription fee (different plans available, e.g., "Pension Builder" at £12.99/month, other plans for more complex needs). Can be very cost-effective for large SIPP portfolios, regardless of asset mix. Includes trading credits. Good investment choice.
Fidelity (SIPP): Global giant. No dealing fees for funds. Tiered service fee (0.35% reducing, 0% over £1m) makes it attractive for very large portfolios. Strong fund research, including their "Select 50" list. View Fidelity review here.
Bestinvest (SIPP): Part of Evelyn Partners. Offers a range of services from DIY SIPP investing to ready-made portfolios and financial coaching/advice. Tiered platform fees (e.g., 0.4% up to £250k, reducing). Free fund dealing. Known for good customer service and guidance.
Modern & Digital Pension Providers (Often SIPP-based)
These providers typically offer a streamlined, app-first experience, often focusing on managed portfolios and simplicity.
PensionBee
Overview: A popular digital pension provider focused on making pensions simple. Known for its ease of use, strong customer service, and helping people consolidate old pensions. They offer a range of managed plans.
Investment Choice: Doesn't offer DIY stock picking. Instead, you choose from a selection of managed plans (e.g., Tracker, Tailored, Preserve, Fossil Fuel Free, Shariah Compliant) managed by major investment firms like BlackRock, State Street Global Advisors, HSBC, and Legal & General.
Key SIPP Features: Easy pension consolidation service, clear app and online dashboard, flexible contributions, drawdown options.
Best For: Those looking for a simple, managed pension solution, particularly if they want to consolidate multiple old pensions with minimal fuss and value good customer support and an easy-to-use app.
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Annual Management Fee: A single percentage fee that includes the underlying fund charges. This is tiered:
0.95% on pensions up to £100,000 for their Tracker plan (other plans like Tailored or Fossil Fuel Free are 0.75% up to £100k).
The fee halves on the portion of your pension over £100,000 (e.g., to 0.375% for the Tailored plan).
Other: No transfer-in fees. A full withdrawal fee may apply for pots under a certain size if withdrawn within 12 months. Exit fees for transferring out are typically low or nil after a certain period.
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Very easy to use and understand, great for consolidating old pensions, clear fee structure, good range of managed plans including ethical options, excellent customer service.
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You can't pick individual investments. Fees can be higher than some DIY SIPP options, especially for larger pots if you are comfortable managing your own.
Penfold
Overview: A modern digital pension provider offering a flexible SIPP, targeting freelancers, self-employed individuals, and anyone looking for a simple way to save for retirement. App-based with a focus on ease of use.
Investment Choice: Offers a choice of managed plans:
Standard Plans: Managed by BlackRock, with different risk levels.
Sustainable (ESG) Plan: Managed by BlackRock.
Sharia Compliant Plan: Managed by HSBC.
Key SIPP Features: Easy setup, flexible contributions, pension finding service (to help locate old pots), clear app interface.
Best For: Self-employed individuals, freelancers, and those new to pensions looking for a very simple, flexible, app-based SIPP with managed fund options.
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Very user-friendly app, quick setup, good for flexible contributions (especially for self-employed), clear fee structure, sustainable and Sharia options.
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Limited investment choice (managed plans only). Fees might be higher than some DIY options for those comfortable managing their own investments.
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Self-employed individuals, freelancers, and those new to pensions looking for a very simple, flexible, app-based SIPP with managed fund options.
Traditional Insurance Companies & Their Pension Offerings
These long-standing companies often provide pensions through workplaces but may also offer direct personal pensions or SIPPs. Their direct-to-consumer SIPP propositions can vary greatly in terms of modernity, fees, and investment choice compared to specialist platforms.
Aviva (SIPP / Personal Pension)
Overview: A major UK insurer. Offers a direct-to-consumer SIPP ("Aviva Pension") via its Aviva Financial Advice arm or through its "Aviva Online Investment Account" which allows SIPP access.
Investment Choice: Can include a wide range of funds, ETFs, and sometimes direct shares, depending on how you access it.
Best For: Those who may already have Aviva products or are looking for an established name, potentially with an advice pathway.
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Vary significantly based on the product wrapper and any advice taken. Direct platform fees can be, for example, up to 0.40% (tiered) plus fund charges.
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Strong brand, potential for integrated advice, wide fund access possible.
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Fee structures can be complex to compare; direct platform may not be as feature-rich for DIY investors as specialist platforms.
Royal London (Personal Pension / SIPP)
Overview: UK's largest mutual life, pensions, and investment company. Primarily known for workplace pensions and products sold via financial advisers. They offer a direct "Pension Portfolio" (previously "Retirement Account") that can be set up by individuals.
Investment Choice: Focuses on Royal London's own range of Governed Portfolios and a selection of external funds.
Best For: Individuals comfortable with Royal London's managed fund approach or those seeking products via an adviser.
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Involve an account charge and fund charges. For example, the direct Pension Portfolio might have an annual charge of around 0.45% plus fund costs.
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Strong mutual ethos, well-regarded Governed Portfolios, some direct access.
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Direct investment choice more limited than open-architecture SIPPs. Often more geared towards advised clients for wider options.
Scottish Widows (Personal Pension / SIPP):
Overview: Part of Lloyds Banking Group. A well-known pensions and investments brand. Primarily serves the workplace market and clients via advisers. Direct-to-consumer SIPP offerings are less prominent than specialist platforms.
Investment Choice: Access to Scottish Widows funds and a broader range if through certain wrappers or advice channels.
Best For: Existing Lloyds/Scottish Widows customers or those accessing via an adviser.
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Will vary. Direct platform options often have an annual charge plus fund costs.
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Strong brand recognition, part of a large banking group.
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Direct SIPP may be less competitive or feature-rich for active DIY investors.
Standard Life (Personal Pension / SIPP):
Overview: Now part of Phoenix Group. A major pensions player, historically strong in workplace and advised markets. Their direct-to-consumer SIPP offering needs to be assessed for current competitiveness against specialist platforms. They also offer "Standard Life Wrap" for advisers.
Investment Choice: Can be extensive, depending on the specific product/platform.
Best For: Those already with Standard Life or seeking advised solutions.
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Vary. Their direct SIPP would have platform and fund charges.
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Established brand, can offer sophisticated solutions via advised channels.
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Direct offering might be less focused than newer platforms. Fee transparency is key.
Understanding Your Workplace Pension (Auto-Enrolment Providers)
If you're employed in the UK, you'll likely be auto-enrolled into a workplace pension. NEST, The People's Pension, and Smart Pension are three of the largest master trusts set up to help employers meet these duties. You don't typically choose these for a new SIPP, but you'll be a member if your employer uses them.
NEST Pension (National Employment Savings Trust):
Set up by the government. Low charges (e.g., 1.8% contribution charge on each new contribution, and 0.3% AMC on the pot value).
Offers a range of straightforward fund choices, including a default fund based on your age, ethical options, and Sharia-compliant options.
Simple online portal for members. Good for those who want a very low-cost, simple default option.
The People's Pension:
Provided by B&CE, a not-for-profit organisation.
Offers a range of investment funds. Charges typically involve an annual management charge (e.g., 0.5%) and sometimes a rebate depending on employer arrangements.
Clear member communications and online access.
Smart Pension:
A modern, technology-focused master trust.
Offers a range of investment options, often managed by major fund managers, including sustainable choices.
Fees typically involve an Asset Under Management (AUM) charge (e.g., around 0.30% - 0.75% depending on the fund).
User-friendly online platform and app for members.
Key Points for Workplace Master Trusts:
Employer Contribution: The biggest benefit is your employer's contribution – don't opt out unless you have very strong reasons, as you're giving up "free money" and tax relief.
Investment Choice: Usually more limited than a SIPP, but often includes ethical/sustainable options.
Charges: Generally competitive, especially for the default funds.
Portability: Your pot remains yours if you change jobs. You can usually consolidate it into a new workplace pension or a SIPP later (check for any transfer restrictions or fees).
Key Factors to Consider When Choosing Your Pension Provider
Regardless of the type, consider these:
Fees & Charges: Understand all costs – platform/management fees, fund charges, dealing fees, transfer/exit fees. Compare like-for-like. Low fees can make a huge difference over decades.
Investment Choice & Control: Do you want to pick everything yourself (DIY SIPP), have a managed portfolio, or a simple default fund? Does the provider offer the range of investments you need (funds, shares, ETFs, ethical options)?
Ease of Use & Platform: How easy is the website/app to navigate? Can you manage your pension easily online?
Retirement Options: What flexibility does the provider offer when you come to take your pension (drawdown, UFPLS, annuity purchase options)? Are there any charges for accessing your money?
Customer Service & Support: How responsive and helpful is their support? Are there good educational resources?
Security & Reputation: Is the provider well-established, regulated by the FCA, and are your assets FSCS protected (for relevant parts of the service)?
Consolidation Options: If you have old pensions, how easy is it to transfer them in, and are there any fees?
Quick Takeaway Points:
SIPPs (Platforms like HL, AJ Bell, ii, Vanguard, Fidelity, Bestinvest): Offer most choice for DIY investors. Fees vary – compare platform and dealing charges. Capped fees (HL, AJ Bell for shares) or flat fees (ii) can be good for large pots. Vanguard is very low-cost for Vanguard funds.
Digital Pension Managers (PensionBee, Penfold): Great for simplicity, managed portfolios, and pension consolidation. Fees are usually an all-in percentage.
Traditional Insurers (Aviva, Royal London, etc.): Can offer good direct or advised options, but compare their direct SIPP fees and features carefully against specialist platforms if going DIY.
Workplace Master Trusts (NEST, People's Pension, Smart Pension): Essential for auto-enrolment. Make the most of employer contributions. Understand your fund choices.
Focus on Total Cost & Suitability: Look at all fees combined. The "cheapest" isn't always "best" if it doesn't meet your investment needs or service expectations.
Conclusion: Your Pension, Your Choice, Your Future
Choosing a UK pension provider means navigating a wide array of options, each with its strengths.
For those comfortable making their own investment decisions, DIY SIPP platforms like Hargreaves Lansdown, AJ Bell, Interactive Investor, Fidelity, and Vanguard offer incredible choice and control, with fee structures that can suit different portfolio sizes and investment styles.
For a simpler, managed approach, digital providers like PensionBee and Penfold offer user-friendly, app-based solutions that are particularly good for consolidating old pensions and for those new to investing. Traditional insurers like Aviva and Royal London continue to play a role, especially in the workplace market and for those seeking advised solutions.
Finally, workplace master trusts like NEST provide a crucial, accessible starting point for millions through auto-enrolment.
The "best" pension provider for you depends entirely on your investment knowledge, how hands-on you want to be, the size of your pension pot, your attitude to risk, and the level of service you require.
At Plouta, we encourage you to use this guide as a starting point. Do your own thorough research, compare providers based on your specific needs, and don't hesitate to use pension calculators and forecasts to understand your long-term goals. Making an informed choice now can significantly impact your financial freedom and comfort in retirement.
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Disclaimer: This article provides general information about UK pension providers as of June 2025 and is for informational and educational purposes only. It does not constitute financial advice. Pension rules, fees, features, and investment options can change and vary significantly between providers and specific products. Tax treatment depends on individual circumstances and may be subject to change. The value of investments can go down as well as up, and you may get back less than you invested. Past performance is not a reliable indicator of future results. Always check the official websites of providers for the most up-to-date information and Key Features Documents, and consider seeking independent financial advice from a qualified professional before making any pension decisions.