£60,000 annual allowance · Tax relief at your highest rate · Compare fees and fund choice · Updated May 2026
A Self-Invested Personal Pension (SIPP) lets you consolidate old workplace pensions, choose your own investments, and receive tax relief at your highest marginal rate. The best SIPP depends heavily on your pot size — percentage-fee platforms are better for smaller pots, while flat-fee providers become cost-effective above £35,000–£50,000.
| Provider | Annual fee | Investments | Best for |
|---|---|---|---|
| Vanguard | £4/mo under £32k, then 0.15% (max £375/yr) | Vanguard index funds | Low-cost passive, pots to £250k |
| AJ Bell | 0.25% (tiered) | Funds, ETFs, shares | Wide choice, all pot sizes |
| Hargreaves Lansdown | 0.35% max (funds); £200/yr cap on shares | Full universe | Research tools, drawdown |
| Interactive Investor | Core £5.99/mo (to £100k), Plus £14.99/mo | Full universe | Pots above ~£35k |
| Fidelity | 0.35% (max £90/yr) | Funds, ETFs, shares | Beginners, clean interface |
| PensionBee | 0.50–0.95% | Managed plans | Simple consolidation |
Vanguard's SIPP is the lowest-cost option for index fund investors. The 0.15% platform fee is capped at £375 per year — meaning for pots above £250,000 it becomes a flat fee. Only Vanguard's own funds are available, but their LifeStrategy and Target Retirement range covers most investor needs.
AJ Bell is one of the UK's most trusted SIPP providers with a wide investment universe including funds, ETFs, investment trusts, and shares. Fees are tiered — the 0.25% rate reduces for larger pots. Drawdown is available in full, and the platform publishes a tiered charge that falls above £250,000.
Hargreaves Lansdown has the widest investment universe, best research tools, and strongest drawdown service in the UK. The account charge is a maximum of 0.35% a year and is capped at £200/yr on funds in the SIPP — making it very cost-competitive for large fund-based pots (break-even ~£44k). Best-in-class for approaching and in retirement.
Interactive Investor charges a flat monthly fee — not a percentage. This makes them increasingly cost-effective as your pot grows: at £35k they match percentage-fee providers, and above that they become cheaper. Best for investors with sizeable pots who want maximum investment choice.
PensionBee focuses on one thing: making it simple to consolidate old pensions. The app is excellent, tracking is clear, and they handle all transfers. The cost is higher than DIY platforms and there's no SIPP drawdown — they pay out as cash (taxable) or via annuity. Best for those who want simplicity over optimisation.
Small pot (under £20k): Vanguard or Fidelity — low percentage fees keep costs manageable. Avoid flat-fee providers.
Growing pot (£20k–£100k): Vanguard, AJ Bell, or Fidelity — percentage fees still reasonable; focus on investment range that suits your strategy.
Large pot (£100k+): Hargreaves Lansdown (fund fee capped at £200) or Interactive Investor (flat fee). At £250k, HL SIPP on funds costs £200/yr, Vanguard costs £375/yr — HL wins.
Approaching retirement: Hargreaves Lansdown for drawdown flexibility and income options.
Just want simplicity: PensionBee consolidates all old pensions with minimal effort.
Project your pension pot and understand tax relief.
A SIPP is a pension wrapper. Tax relief is set by HMRC and identical across providers, so the platform charge and the investment range are what actually differ. These are the charges as published on 2 September 2026.
The account or platform charge only — the fee the platform levies for holding your money. We compare it because it is the one cost you can control by choosing a provider, it is published, and it compounds.
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| Platform | Account charge, verified 2 September 2026 | Source |
|---|---|---|
| Vanguard | £4 a month (£48/yr) while your total invested balance is under £32,000; 0.15% a year above that, capped at £375. One account fee across all your Vanguard accounts. | Vanguard: Fees explained |
| AJ Bell | Capped at 0.25% a year. Monthly investing is free; online dealing from £1.50. International dealing and FX capped at 0.75%. | AJ Bell: Charges |
| Hargreaves Lansdown | Account charge is a maximum of 0.35% a year, billed monthly. Share holdings are capped separately. | Hargreaves Lansdown: Charges |
| Interactive Investor | Flat monthly plans: Core £5.99 (portfolios up to £100,000), Plus £14.99, Premium £39.99. Dealing £9.99 (Core) or £7.99 (Plus). | Interactive Investor: Our charges |
| InvestEngine | £0 platform fee on the DIY service; commission-free dealing and no FX charge. Managed portfolios are charged separately. ETFs only. | InvestEngine: Costs |
| PensionBee | 0.50%–0.95% a year below £100,000 depending on plan (Tracker 0.50%, 4Plus 0.85%, Shariah 0.95%), tapering above £100,000. | PensionBee: Fees |
The verified charges applied to a range of pot sizes. Pension pots are usually held for decades, so a charge difference of a few tenths of a percent compounds heavily.
| Pot size | Vanguard | AJ Bell | Hargreaves Lansdown | Interactive Investor | InvestEngine (DIY) |
|---|---|---|---|---|---|
| £5,000 | £48 | £12 | £18 | £72 Core | £0 |
| £10,000 | £48 | £25 | £35 | £72 Core | £0 |
| £25,000 | £48 | £62 | £88 | £72 Core | £0 |
| £50,000 | £75 | £125 | £175 | £72 Core | £0 |
| £100,000 | £150 | £250 | £350 | £72 Core | £0 |
| £250,000 | £375 | £625 | £875 | £180 Plus | £0 |
What the arithmetic shows. Vanguard's £4 monthly minimum makes it the more expensive choice on a small pot — below roughly £19,200 AJ Bell costs less. Vanguard wins between about £19,200 and £47,900; above that Interactive Investor's flat Core plan is cheaper, and its Plus plan beats Vanguard from about £119,900. Vanguard's charge stops rising at £250,000, where the £375 cap bites. PensionBee is not in the table because it charges an all-in fee covering both platform and management, which is not comparable with a platform-only charge.