Advertiser Disclosure
This page contains affiliate links. When you sign up through our links, we may earn a commission at no extra cost to you. This helps support our free comparison tools.
We compare investment platforms and savings accounts from multiple providers. Capital at risk. The information shown is accurate at time of display but may change.
Compare UK SIPP Platform Fees
Find the cheapest platform for your pension. Scrimpr compares annual platform fees, trading costs, and drawdown charges across all major UK self-invested personal pension (SIPP) providers. Updated regularly.
Capital at risk. Investments can go down as well as up. Tax treatment depends on individual circumstances. Pension rules apply.
Capital at risk. T&Cs apply.
Search
Platform Fee
Trading Fees
Updated:
| Platform | Platform Fee | Investments | Trading Fees | Actions |
|---|---|---|---|---|
|
Portfolio Size:
£20k: Free
£85k: Free
Type: Zero-Fee
£0 annual platform fee
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Limited
|
ETFs: £0
Shares: £0
Funds: £0
Regular: -
FX: 0.99%
|
-
More info
|
|
Portfolio Size:
£20k: Free
£85k: Free
Type: Zero-Fee
£0 annual platform fee
|
✓ ETFs
✗ Shares
✗ Funds
✓ Regular
Drawdown: Accumulation-only
|
ETFs: £0
Shares: N/A
Funds: N/A
Regular: £0
|
-
More info
|
|
Portfolio Size:
£20k: Free
£85k: Free
Type: Zero-Fee
£0 annual platform fee
|
✓ ETFs
✗ Shares
✓ Funds
✗ Regular
Drawdown: Accumulation-only
|
ETFs: £0
Shares: N/A
Funds: £0
Regular: -
|
-
More info
|
|
Portfolio Size:
£20k: £30
£85k: £128
Type: Hybrid-Fee
Hybrid fee
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Accumulation-only
|
ETFs: £0
Shares: £0
Funds: £0
Regular: -
FX: 0.75%
|
-
More info
|
|
Portfolio Size:
£20k: £48
£85k: £128
Type: Hybrid-Fee
Hybrid fee
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Included
|
ETFs: £0
Shares: £0
Funds: £0
Regular: -
|
-
More info
|
|
Portfolio Size:
£20k: £180
£85k: £255
Type: Hybrid-Fee
Hybrid fee
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Additional-fees
|
ETFs: £10
Shares: £10
Funds: £4
Regular: -
FX: 1%
|
-
More info
|
|
Portfolio Size:
£20k: £50
£85k: £120
Type: Percentage-Fee
% of portfolio
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Included
|
ETFs: £5
Shares: -
Funds: £1.50
Regular: £1.50
FX: 0.75%
|
-
More info
|
|
Portfolio Size:
£20k: £50
£85k: £198
Type: Percentage-Fee
% of portfolio
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Included
|
ETFs: £9.50 UK | £0 international
Shares: £9.50 UK | £0 international
Traditional Funds: £9.50
£0 for regular investment plan
FX: 1.25%
|
-
More info
|
|
Portfolio Size:
£20k: £50
£85k: £198
Type: Percentage-Fee
% of portfolio
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Included
|
ETFs: £9.50 UK | £0 international
Shares: £9.50 UK | £0 international
Traditional Funds - £1.50
£0 for regular investment plan
FX: 1%
|
-
More info
|
|
Portfolio Size:
£20k: £50
£85k: £198
Type: Percentage-Fee
% of portfolio
|
✓ ETFs
✓ Shares
✓ Funds
✗ Regular
|
ETFs: £5 UK | £0 international
Shares: £5 UK | £0 international
Traditional Funds: £5
£0 for regular investing
FX: 1.50%
|
-
More info
|
|
Portfolio Size:
£20k: £70
£85k: £298
Type: Percentage-Fee
% of portfolio
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Included
|
ETFs: £4.99
Shares: £4.99
Funds: £0
Regular: -
|
-
More info
|
|
Portfolio Size:
£20k: £90
£85k: £90
Type: Percentage-Fee
% of portfolio
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Included
|
ETFs: £7.50
Shares: £7.50
Funds: £0
Regular: £1.50
FX: 0.75%
|
-
More info
|
|
Portfolio Size:
£20k: £90
£85k: £200
Type: Percentage-Fee
% of portfolio
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Included
|
ETFs: £11.95
Shares: £11.95
Funds: £0
Regular: -
FX: 1%
|
Visit Site
→
Capital at risk. Other fees may apply.
More info
|
|
Portfolio Size:
£20k: £120
£85k: £340
Type: Percentage-Fee
% of portfolio
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Included
|
ETFs: £4.95
Shares: £4.95
Funds: £0
Regular: -
FX: 0.95%
|
-
More info
|
|
Portfolio Size:
£20k: £175
£85k: £338
Type: Percentage-Fee
% of portfolio
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Additional-fees
|
ETFs: £6
Shares: £6
Funds: £0
Regular: -
FX: 1%
|
-
More info
|
|
Portfolio Size:
£20k: £230
£85k: £396
Type: Percentage-Fee
% of portfolio
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Additional-fees
|
ETFs: £8.95
Shares: £8.95
Funds: £0
Regular: -
FX: Not disclosed
|
-
More info
|
|
Portfolio Size:
£20k: £72
£85k: £156
Type: Fixed-Fee
Fixed fee
|
✓ ETFs
✓ Shares
✓ Funds
✓ Regular
Drawdown: Included
|
Core/Plus: UK/US £3.99
Premium: £2.99 | International: Core £9.99
Plus £7.99
Premium £5.99 | Funds: Core £3.99
Plus £1.49
Premium Free | Regular investing: Free
FX: 1.50%
|
-
More info
|
|
Portfolio Size:
£20k: £132
£85k: £132
Type: Fixed-Fee
Fixed fee
|
✓ ETFs
✓ Shares
✓ Funds
✗ Regular
Drawdown: Included
|
ETFs: £0
Shares: £0
Funds: £0
Regular: -
FX: 0.39%
|
-
More info
|
|
|
Portfolio Size:
£20k: £210
£85k: £210
Type: Fixed-Fee
Fixed fee
|
✓ ETFs
✓ Shares
✗ Funds
✓ Regular
Drawdown: Additional-fees
|
ETFs: £0
Shares: N/A
Funds: £0
Regular: -
FX: 0.70%
|
-
More info
|
UK SIPP (Self-Invested Personal Pension) Platform Comparison
I built this comparison while figuring out whether to make additional contributions to my workplace pension or open a SIPP and do it myself. The answer depends on your workplace scheme's fees, fund choices, and whether you want more control – so I researched the SIPP landscape to understand the alternative. The tables above compare do-it-yourself pension platforms all in one place. Nothing here is financial advice, and you should consider your own circumstances or speak to a qualified adviser before making pension decisions.
What is a SIPP?
A Self-Invested Personal Pension is a type of personal pension that gives you full control over your investments. Unlike workplace pensions where your employer (or their chosen provider) decides where contributions go, a SIPP lets you build your own portfolio from thousands of investments including funds, ETFs, investment trusts, and individual shares.
You can have a SIPP alongside a workplace pension – they're not mutually exclusive. Many people contribute to their workplace scheme (to get the employer match) and a SIPP (for more investment control). Just remember all pension contributions count towards the same £60,000 annual allowance.
Key SIPP features:
- Choose from thousands of investments (funds, ETFs, shares, bonds)
- Automatic 20% tax relief on contributions, with higher-rate taxpayers able to claim more
- Transfer in old workplace pensions to bring everything into one place
- Flexible access from age 55 (57 from April 2028)
- 25% can be taken tax-free, rest taxed as income
- Investments grow tax-free inside the pension wrapper
The trade-off for this control is that you're responsible for your own investment decisions. There's no default fund or target-date option on most execution-only platforms – you need to actively choose where your money goes. You need a bit of a plan, and a good idea of what you are doing!
SIPP Tax Relief Explained
Tax relief is the main reason pensions beat ISAs for long-term retirement savings. When you contribute to a SIPP, the government adds money on top, effectively giving you back the tax you've paid on that income.
How it works in practice: You pay £80 into your SIPP. Your provider claims 20% basic rate relief from HMRC, adding £20 to make a gross contribution of £100. If you're a higher-rate taxpayer, you can claim another £20 back through Self Assessment, meaning that £100 pension contribution only cost you £60. (See current income tax rates.)
| Tax Band | Rate | How You Get It | Cost of £100 Gross Contribution |
|---|---|---|---|
| Basic rate | 20% | Added automatically by provider | £80 |
| Higher rate | 40% | 20% automatic + 20% via Self Assessment | £60 |
| Additional rate | 45% | 20% automatic + 25% via Self Assessment | £55 |
Relief at source vs net pay: These are two different ways pension tax relief can work:
- Relief at source (most SIPPs, some workplace pensions): You pay in net (e.g. £80), the provider claims 20% from HMRC (adding £20). Higher-rate taxpayers must claim the extra relief themselves via Self Assessment.
- Net pay arrangement (many public sector pensions like NHS, Teachers', Local Government Pension Scheme): Contributions are taken from your salary before tax is calculated, so you automatically get full relief at your marginal rate – no claiming required.
Check your payslip: if pension contributions are deducted before tax, you're on net pay. If they come out of your take-home pay and your provider adds 20%, that's relief at source.
Scottish taxpayers have different Scottish income tax bands (19%, 20%, 21%, 42%, 45%, and 48% for 2025/26), but SIPP tax relief still works at the 20% basic rate for automatic claims. Scottish higher-rate taxpayers can claim the difference through Self Assessment.
SIPP Contribution Limits
Unlike ISAs with their fixed £20,000 annual limit, pension allowances are more generous but also more complex. The key limits for 2025/26 are (see GOV.UK pension scheme rates):
| Limit | Amount | What It Means |
|---|---|---|
| Annual Allowance | £60,000 | The total that can go into your pensions each year (your contributions + employer contributions + tax relief) before triggering a tax charge |
| Earnings Limit | 100% of earnings | Tax relief only applies up to your UK earnings. If you earn £40,000, that's your maximum relievable contribution even though the allowance is £60,000 |
| Non-Earner Allowance | £3,600 gross | Even with no earnings, you can contribute £2,880 net (£3,600 with tax relief). Useful for non-working partners or children |
| Tapered Allowance | £10,000 minimum | High earners (adjusted income over £260,000) see their allowance reduced by £1 for every £2 over the threshold |
| MPAA | £10,000 | Once you take taxable income from a pension, your allowance permanently drops to this. See below |
High Earners: Tapered Annual Allowance
If your "adjusted income" exceeds £260,000, your annual allowance tapers down to a minimum of £10,000. This only kicks in when your "threshold income" also exceeds £200,000. The calculations are complex – if you're in this territory, you'll want professional advice.
Carry Forward
Didn't use your full allowance in previous years? You can carry forward unused allowance from the past three tax years, potentially contributing well over £60,000 in a single year. You must have been a member of a registered pension scheme in those years, and you must use the current year's allowance first.
Money Purchase Annual Allowance (MPAA): Once you flexibly access taxable income from a defined contribution pension (beyond the 25% tax-free lump sum), your annual allowance permanently drops to £10,000. Taking only the tax-free cash doesn't trigger this, but taking any taxable income does. See MPAA rules on GOV.UK.
When Can You Access Your Pension?
The normal minimum pension age (NMPA) – the earliest you can access your private pension without special circumstances – is currently 55. But this is rising to 57 from 6 April 2028.
| When You Were Born | Earliest Access Age |
|---|---|
| Before 6 April 1973 | 55 |
| 6 April 1973 or later | 57 |
If you were born between 6 April 1971 and 5 April 1973, you're in a transitional window – you can still access at 55, but only if you do so before 6 April 2028. After that date, you'd need to wait until 57.
The change aligns with the increase in State Pension age to 67. The government intends to keep a 10-year gap between minimum pension age and State Pension age, so expect further increases if State Pension age rises again. See MoneyHelper's guide for more details.
Protected Pension Ages
Some people have a "protected pension age" allowing access before 57. This mainly applies to certain occupations (firefighters, police, armed forces, some professional sports) or if your pension scheme rules already gave you a right to access at 55 before the rule change was announced in November 2021.
Warning: If you transfer a pension with a protected age to a new provider, you may lose that protection. Check carefully before transferring if early access matters to you.
Your Options at Retirement
When you reach minimum pension age, you don't have to do anything – your SIPP can stay invested indefinitely. But when you do decide to access your pension, you have several options under the pension freedoms introduced in 2015.
With most options, you can take up to 25% of your pension tax-free. The maximum tax-free amount across all your pensions is £268,275 (the lump sum allowance).
Flexi-Access Drawdown
Take up to 25% as a tax-free lump sum, then keep the rest invested and withdraw taxable income as needed. Your pot can continue to grow (or fall). Taking taxable income triggers the MPAA.
Annuity
Take up to 25% as a tax-free lump sum, then use the rest to buy a guaranteed income for life from an insurance company. Rates depend on age, health, and market conditions. Once bought, you typically can't change your mind.
UFPLS
Take cash directly from your pension in one or more lump sums. Each withdrawal is 25% tax-free and 75% taxable. Triggers the MPAA on first withdrawal. Large amounts can push you into higher tax bands.
Mix and Match
You don't have to choose just one option. You can combine drawdown with an annuity, take some as UFPLS, or leave part of your pension untouched for later.
The Pension Wise service offers free, impartial guidance for over-50s – it's worth booking an appointment before making any decisions.
Drawdown fees matter: If you plan to use drawdown, check what your provider charges. Some platforms have additional fees for drawdown (annual charges, dealing fees, withdrawal fees). These are shown in the comparison tables where available.
Planning for Early Retirement
If you're aiming to retire before 57 (or 55 under current rules), pensions have a fundamental limitation: you can't normally access them until you reach the minimum pension age. The only exceptions are ill health retirement (if you're medically incapable of doing your job) or serious ill health (life expectancy under 12 months). There's no general hardship withdrawal or early access option.
This means early retirees typically need a "bridge" – accessible investments to cover living costs from their target retirement age until their pension unlocks.
How Much Bridge Do You Need?
The basic calculation: years until pension access × annual spending. For example:
| Retire At | Pension Access | Bridge Needed | At £30k/year spending |
|---|---|---|---|
| 45 | 57 | 12 years | ~£360,000 |
| 50 | 57 | 7 years | ~£210,000 |
| 55 | 57 | 2 years | ~£60,000 |
These figures are simplified – a bridge fund can stay invested during drawdown, potentially reducing the amount needed. They also don't account for inflation or investment returns.
Where Can You Build Accessible Savings?
Unlike pensions, these accounts have no minimum access age:
- ISAs: £20,000/year contribution limit. Growth and withdrawals are tax-free. Commonly used for early retirement savings due to the tax advantages and flexibility.
- General Investment Account (GIA): No contribution limits. However, profits above the £3,000/year CGT allowance are taxable, as is dividend income above the £500 allowance.
- Cash (savings accounts, Premium Bonds): Lower returns but no investment risk. Interest on savings accounts is taxable above the Personal Savings Allowance (£1,000 for basic rate, £500 for higher rate taxpayers). Some people hold 1-2 years of expenses in cash as a buffer against market downturns.
Balancing Pensions and Accessible Savings
Pensions offer tax relief that ISAs and GIAs don't – basic rate taxpayers get a 20% government top-up, higher rate taxpayers can claim 40% total relief. But that money is locked until minimum pension age.
The trade-off depends on your target retirement age. Someone planning to retire at 60 has a shorter bridge to fund than someone retiring at 45. The right balance between pension contributions and accessible savings will vary based on individual circumstances – this is an area where professional financial advice can be valuable.
SIPP vs Workplace Pension
SIPPs and workplace pensions have different features. Here's how they compare:
| Factor | Workplace Pension | SIPP |
|---|---|---|
| Employer contributions | ✅ Yes | ❌ No (unless employer agrees) |
| Investment choice | Limited to provider's funds | Thousands of options |
| Fees | Often subsidised by employer | You pay full platform fees |
| Salary sacrifice | ✅ Saves NI too (8%/2%) | ❌ Not available |
| Admin effort | Automatic via payroll | Manual setup and contributions |
| Control | Can't choose provider | Full control |
Key Considerations
- Employer matching: Workplace pensions often include employer contributions that match or exceed your own. This isn't available with a SIPP unless your employer specifically agrees to contribute.
- Fees and fund choice: Workplace pensions may have limited investment options or higher fees than some SIPPs. Alternatively, employer-subsidised schemes can be cheaper than paying SIPP platform fees yourself.
- Old pension pots: Pensions from previous employers can be transferred to a SIPP for consolidation, though transferring an active workplace pension means losing ongoing employer contributions.
- Additional contributions: Some workplace schemes accept additional voluntary contributions; others don't. A SIPP can be used alongside a workplace pension for extra contributions.
Salary sacrifice bonus: If your employer offers salary sacrifice for pension contributions, you save National Insurance (8% on earnings between £12,570 and £50,270, 2% above) on top of income tax relief. A £100 gross pension contribution via salary sacrifice costs you less than £100 going into a SIPP where you only get income tax relief.
Note: From April 2029, the NI exemption on salary sacrifice pension contributions will be capped at £2,000 per year. Contributions above this will be subject to employee and employer NI. Income tax relief remains unchanged.
SIPP Transfers
Moving old pensions into a SIPP can simplify your finances and potentially reduce fees. But pension transfers need more care than ISA transfers because the stakes are higher and some pensions have valuable benefits you might lose. See MoneyHelper's pension transfer guide.
Check What You're Leaving
Before transferring, find out if your current pension has: guaranteed annuity rates, protected tax-free cash above 25%, a protected pension age, or employer contributions still going in. Losing these can be costly.
Start the Transfer
Your new SIPP provider handles the transfer. You'll need details from your old provider (scheme name, policy number, current value). Most transfers take 2-6 weeks for standard pensions, longer for older or occupational schemes.
In-Specie vs Cash
In-specie transfers move your investments across without selling them. Cash transfers sell everything first. In-specie keeps you invested but only works if both providers support the same investments.
Defined Benefit (Final Salary) Pensions: Transferring a defined benefit pension worth over £30,000 requires independent financial advice by law. These pensions guarantee an income for life, and transferring means giving up those guarantees. The FCA states that "most people are better off keeping a defined benefit pension".
Exit Fees
Some older pensions have exit fees or market value reductions (MVRs). Check with your current provider before starting a transfer. For pensions entered into before 31 March 2017, exit fees are capped at 1% for those aged 55+ accessing their pension. For pensions entered into after that date, exit fees are banned entirely.
Transfer Times
Simple transfers from modern providers can complete in a couple of weeks. Transfers from older schemes, especially occupational pensions or with-profits funds, can take months. During this time, your money is usually uninvested (sitting in cash), which matters in volatile markets.
Choosing a SIPP Platform
SIPP fees are typically higher than ISA fees on the same platform, and the fee structures vary more widely. The right platform depends on your pot size, how often you trade, and whether you'll use drawdown.
Fee Structures
Percentage-based fees (e.g., 0.15% - 0.45% per year) work well for smaller pots but become expensive as your pension grows. A 0.45% fee on a £500,000 pot is £2,250 per year.
Flat fees (e.g., £5.99 - £12.99 per month) cost the same regardless of pot size. Expensive for small pots, but can mean lower costs for larger pensions.
Capped percentage fees (e.g., 0.15% capped at £375) offer a middle ground – percentage-based for smaller pots, effectively flat-fee for larger ones.
Rough crossover points:
- Under ~£30,000: Percentage-based usually cheaper
- £30,000 - £100,000: Depends on exact fees, compare carefully
- Over ~£100,000: Flat-fee or capped platforms usually win
Other Factors to Consider
- Trading costs: Important if you trade frequently or rebalance often
- Regular investing: Many platforms offer free regular investments
- Investment range: Some platforms only offer their own funds
- Drawdown fees: Check if there are extra charges for taking income
- Employer contributions: Not all platforms accept them
- Mobile app: Matters if you want to manage on the go
SIPP Fee Examples by Portfolio Size
Platform fees vary significantly depending on your pot size. Here's what annual platform fees would cost on some popular SIPPs at different portfolio values (excluding trading costs):
| Platform | Fee Structure | £20,000 | £50,000 | £100,000 | £250,000 |
|---|---|---|---|---|---|
| InvestEngine | 0% (ETFs only) | £0 | £0 | £0 | £0 |
| Vanguard | 0.15% capped at £375 | £30 | £75 | £150 | £375 |
| II Pension Essentials | £5.99/month (up to £50k) | £72 | £72 | n/a | n/a |
| Interactive Investor | £12.99/month | £156 | £156 | £156 | £156 |
| AJ Bell | 0.25% (tiered, shares capped £3.50/m) | £50 | £125 | £250 | £625 |
| Hargreaves Lansdown | 0.25% (shares capped £200) | £50 | £125 | £200* | £200* |
*Hargreaves Lansdown £200 cap applies to shares/ETFs only; funds charged at 0.25% uncapped. AJ Bell charges 0.25% up to £250k, 0.10% £250k-£500k, 0% above £500k; shares/ETFs capped at £3.50/month.
These figures show platform fees only. Total costs also include fund fees (typically 0.05% - 0.50% depending on what you invest in) and any trading costs when you buy or sell.
How Zero-Fee SIPP Platforms Make Money
Some platforms advertise "zero platform fees" for their SIPPs. They still make money – just in less obvious ways:
- Interest on uninvested cash: Your contributions and dividends sit in cash before being invested. The platform earns interest on this float.
- Foreign exchange fees: Buying international investments often incurs currency conversion fees of 0.15% - 1.5%, which can add up if you invest globally.
- Wider spreads: Some platforms earn from the difference between buy and sell prices on investments.
- Securities lending: Platforms may lend out your shares to short-sellers and keep part of the fee.
- Premium subscriptions: Basic accounts are free, but advanced features cost extra.
This isn't necessarily bad – the total cost might still be lower than platforms with explicit fees, especially for smaller pots. Just be aware that "free" doesn't mean the platform is operating as a charity. For pensions specifically, you're likely holding investments for decades, so even small hidden costs compound significantly.
FSCS Protection for SIPPs
The Financial Services Compensation Scheme (FSCS) protects up to £85,000 per person, per firm if your SIPP provider fails. This protection is separate from cash deposit protection (which increased to £120,000 in December 2025) – you could claim both if you have both types of account.
What FSCS Actually Covers
FSCS protection kicks in when a firm fails and there's a shortfall – meaning your investments or money can't be returned to you. It doesn't cover:
- Investment losses from market falls (your funds dropping in value)
- Poor investment choices or bad advice (unless you can prove negligence)
- Cryptocurrency or other unregulated investments
Ring-Fencing: Your First Line of Defence
Before FSCS even comes into play, FCA CASS rules (Client Assets Sourcebook) require platforms to hold your investments separately from their own business assets. If a platform fails, your investments should be identifiable and returnable even without FSCS. FSCS is the backstop for when this ring-fencing has somehow failed or there's a shortfall.
The £85k limit applies per firm, not per brand: Some platform brands share the same FCA authorisation. For example, Halifax Share Dealing, Scottish Widows, Lloyds Bank Direct Investments, and Bank of Scotland Share Dealing all fall under Lloyds Banking Group – so a single £85,000 limit covers all of them combined. Check the FCA Register if you're spreading large pension pots across providers.
Verify Your Provider
To confirm your SIPP provider is protected:
- Find their Firm Reference Number (FRN) – usually in their website footer or terms
- Check the FCA Financial Services Register
- Confirm they're authorised for the relevant regulated activities
- Use the FSCS Investment Protection Checker
SIPP Frequently Asked Questions
Can I have more than one SIPP?
Yes. You can have multiple SIPPs with different providers. All contributions across all pensions count towards your single annual allowance (£60,000 for 2025/26), so you need to track the total yourself.
Can I contribute to a SIPP and a workplace pension?
Yes. Many people do both. Just remember the annual allowance covers all pension contributions combined, including employer contributions and tax relief.
What happens to my SIPP when I die?
SIPPs can be passed on free of inheritance tax. If you die before 75, beneficiaries can usually take the whole pot tax-free. After 75, withdrawals are taxed at the beneficiary's income tax rate. You should complete a nomination form to say who you want to receive your pension – it doesn't automatically follow your will. See GOV.UK's guide to pension death benefits.
Can my employer contribute to my SIPP?
Some SIPP providers accept employer contributions, but not all. Check the comparison tables – it's noted where available. Your employer might prefer to stick with their existing workplace scheme for admin simplicity.
What investments can I hold in a SIPP?
Most SIPPs allow: UK and international shares, funds (OEICs, unit trusts, ETFs), investment trusts, government and corporate bonds, and some allow commercial property or unquoted shares (full SIPPs). You cannot hold residential property, tangible assets like gold bars or fine wine, or loans to connected parties.
Can I transfer my workplace pension to a SIPP while still employed?
Usually not while you're still contributing and receiving employer contributions – most workplace schemes don't allow this. Once you leave that employer, you can transfer the pot. Some schemes allow partial transfers of past contributions while keeping the account open for new ones, but this is less common.
Is there a minimum contribution?
This varies by provider. Some allow one-off contributions from £1, others require minimums of £25-£100. Most have lower minimums for regular monthly contributions than lump sums.
What's the difference between a SIPP and a personal pension?
A SIPP is a type of personal pension with full investment choice. Traditional personal pensions (from insurers like Aviva, Standard Life) typically offer a limited range of funds chosen by the provider. SIPPs give you access to the whole market. The tax treatment is identical – the difference is just investment flexibility.
Can I withdraw money before age 55?
Only in very limited circumstances: if you're terminally ill (less than 12 months to live) or have a protected pension age from certain occupations. Otherwise, accessing pension money early usually triggers a 55% tax charge plus potential scheme sanctions. Be very wary of anyone claiming they can help you access pension money early – this is usually a pension scam.
What if I'm self-employed or a contractor?
A SIPP is often the main pension option for self-employed people since there's no employer to provide a workplace pension. You get the same tax relief as employed people, but you're responsible for setting up and contributing to it yourself. Company directors can also make employer contributions from their limited company.
How do I claim higher-rate tax relief?
The 20% basic rate relief is claimed automatically by your SIPP provider. Higher-rate (40%) and additional-rate (45%) taxpayers claim the extra relief through Self Assessment. You'll need to declare your pension contributions on your tax return. If you don't do Self Assessment, you can write to HMRC to claim.
Do SIPP fees come out of my pension?
Yes, platform fees are typically deducted from your SIPP directly, either from cash held in the account or by selling investments. This means fees reduce your pension pot (but also mean the fees effectively get tax relief since they come from pre-tax money).
Can I use my SIPP to buy a house?
You can't buy residential property inside a SIPP – it's not an allowed investment and would trigger tax charges. Some full SIPPs allow commercial property (offices, warehouses, shops). Once you access your pension (from age 55/57), you can use withdrawals for anything you like, including a house deposit.
What's the lifetime allowance situation now?
The lifetime allowance was abolished from 6 April 2024. However, there are still limits on tax-free lump sums: the Lump Sum Allowance (£268,275) limits your total tax-free cash across all pensions, and the Lump Sum and Death Benefit Allowance (£1,073,100) limits combined tax-free cash and death benefits. If you had LTA protection, this carries over to the new allowances.
About This Comparison
This table shows what different UK investment platforms charge in fees. I've focused on execution-only platforms where you select your own investments, rather than advisory or managed services. Platform fees are just one cost to consider. Underlying fund charges and your investment choices will also affect your total costs.
Default sorting: Platforms are shown with zero-fee platforms first, then hybrid fees, percentage-based fees, and fixed fees. Within each fee category, they're sorted by trading costs (commission-free first), then alphabetically by platform name.
Use the filters above to narrow down platforms by fee type, trading costs, or investment options. The table will maintain its sorting order while showing only platforms that match your selected criteria.
About This SIPP Comparison
The tables above compare execution-only SIPP providers – platforms where you make your own investment decisions. I've focused on the fees and features most relevant to DIY investors: platform charges, trading costs, investment range, and whether key features like drawdown and employer contributions are available.
This comparison doesn't include:
- Advised SIPPs: Platforms where you pay for financial advice or portfolio management
- Full SIPPs: Platforms allowing commercial property, unquoted shares, and other complex investments (these have higher fees and are aimed at sophisticated investors)
- Robo-advisors: Services like Nutmeg or Wealthify where your portfolio is managed for you
I update this comparison when providers change their fees or when significant new platforms launch. SIPP fees don't change as frequently as you might think – most providers only adjust pricing every year or two. If you spot something outdated, please let me know.
Some links on this page are affiliate links, meaning I may earn a commission if you open an account. This doesn't affect what you pay and doesn't influence which platforms I recommend. I use several of these platforms myself.
