£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 | 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 | 0.45% (max £200/yr) | Full universe | Research tools, drawdown |
| Interactive Investor | £12.99/mo flat | 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 options are solid and customer service is highly rated.
Hargreaves Lansdown has the widest investment universe, best research tools, and strongest drawdown service in the UK. The 0.45% fund fee is capped at £200/yr for 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.
UKCalc may receive a commission if you open a SIPP through the links above. This does not affect our editorial independence or the fees you are charged. Capital at risk. The value of pension investments can fall as well as rise. Tax relief is based on current legislation and depends on individual circumstances. You cannot normally access pension savings until age 57 (2028 onwards).
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.