The Best SIPP Providers in 2024

Welcome to the Business Expert guide to the best UK SIPP providers for 2024. With a SIPP, you have the freedom to choose your own investments and benefit from tax relief on your contributions.

Choosing the right SIPP provider is something to take your time with. You’ll want to ensure that you get the best value for your money and have access to investment options that can maximise your pension growth.

My guide carefully selects and reviews the top-rated SIPP providers in the UK. Remember, it’s not just about choosing the cheapest; there are other factors to consider.

Read on to discover exactly what to weigh up when choosing a SIPP provider, such as charges, investment options, and customer service. I will also cover in-depth reviews of each of the top SIPP providers.

Our Top-rated SIPPs Providers for 2024

Not all SIPPs are created equal. Here’s a quick summary of our top choices and why.

1. Interactive Investor SIPP: Best Flat Fee Provider – In my opinion, Interactive Investor offers a solid combination of versatility and predictable costs. They’re my choice for those with a more substantial pension pot exceeding £30,000, and their flat fee model is particularly advantageous if you don’t foresee frequent fund switches. The platform provides a huge variety of investment options, encompassing shares, funds, and investment trusts.
2. AJ Bell Youinvest SIPP: Best for Low Fees with a Smaller Pension Pot – AJ Bell Youinvest pioneered the UK SIPP market and continues to impress with its lean fee structure. Specifically, their annual charge of 0.25% for pensions under £240,000 is very competitive. Their user interface is not only efficient but also user-friendly, especially via their app.
3. Fidelity SIPP: Best for Low Minimum Deposit – Fidelity’s reputation in the investment sector is well-earned. Their SIPP offering is no different, boasting a wide range of investment options, including their in-house low-cost funds. The share dealing fee, at £7.50 per trade, is a point of contention, but their general fee structure remains competitive.
4. Vanguard SIPP: Overall Cheapest SIPP – Vanguard brings its ethos of low-cost, high-quality funds into the SIPP arena. Their offerings may be limited—you can only invest in up to 75 Vanguard funds and not in individual stocks and shares—but what they offer is competitively priced.
5. Freetrade SIPP: Best for Low Fees with a Larger Pension Pot – Freetrade has quickly gained attention in the SIPP market due to its competitive fee structure. This platform is particularly suited for portfolios above £10,000. However, it’s worth noting that you won’t have access to a comprehensive global stock selection or a wide array of funds.
6. Hargreaves Lansdown Vantage SIPP: Best for Customer Service – Customer service is an often underappreciated aspect of pension management. Hargreaves Lansdown excels here, with multiple awards to prove it. Their Vantage SIPP remains a popular choice among UK investors, even if their fee structure may not be the most competitive.
7. Nutmeg Pension: Best Robo-Adviser SIPP – If you prefer a more hands-off approach, Nutmeg’s robo-adviser offering might appeal to you. The platform is user-friendly, and their fee structure aligns well with the industry standard for robo-advisers. Plus, their accolades in the pension sector underscore their competence.

In summary, Interactive Investor takes the top spot for its blend of flat fee predictability and investment versatility. However, the best SIPP for you will ultimately depend on your unique investment objectives and financial situation.

SIPP Charges Comparison Table

Based on investing £10,000, here’s what each SIPP provider will charge. NB these fees can vary but they are accurate the time of writing (July 2023)

The 7 Best SIPP Providers

Interactive Investor: Best Flat Fee SIPP Provider

Interactive Investor is a UK-based investment platform offering various investment options, including a self-invested personal pension (SIPP). Their SIPP offering is known as the Interactive Investor SIP and it’s beautifully simple. You’ll pay a flat platform fee of £12.99 per month for Pension Builder plan (new customers).

>>You can read our full Interactive Investor review here

The Interactive Investor SIPP offers a massive range of investment options, including stocks and shares, investment trusts, and funds. They offer a simple and transparent fee structure, with an annual platform fee of £10 per month for balances up to £1 million. They also charge a transaction fee of £10 per trade for online trades, with no additional charges for transfers or account closure.

Their SIPP platform is user-friendly, with easy-to-use tools for managing your investments. They also offer good customer service and support, including access to help and advice when you need it.

Interactive Investor has competitive fees and a wide range of investment options, making them a popular choice among investors. They have won a range of awards for their SIPP offering, including Best SIPP Provider at the Money Observer Awards 2021.

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AJ Bell: Best SIPP for Low Fees with a Smaller Pension Pot

AJ Bell is a Which? Recommended Provider for Self-invested Personal Pensions for three years running, from 2020 to 2022.

They offer a very low 0.25% annual custody charge and low online dealing fees of £1.50.

Investors can manage their accounts 24/7 with their iOS and Android apps. AJ Bell offers a huge investment choice with 2,000+ funds, shares across UK and international markets, and hundreds of ETFs, investment trusts and more. Investors can grow their pension gradually by putting in as little as £25 a month with their regular investment service.

Live UK prices are available, and customers with £4,000 or more can get free access to Shares magazine.

The fees are still competitive if your pension pot is larger, but you can save by using a flat-free provider like Interactive Investor if your savings exceed about £30,000.

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Fidelity: Best SIPP for Low Minimum Deposit

The Fidelity SIPP offers a wide range of investment options, including shares, funds, and investment trusts. You can tart with £40.

Fidelity offers competitive charges, with a platform fee of 0.35% per year for balances up to £250,000, subject to a maximum charge of £45 per month. They also offer a range of additional features, such as investment research tools and retirement planning calculators.

Their SIPP platform is user-friendly, with easy-to-use tools for managing your investments. They also offer good customer service and support, including access to help and advice when you need it.

Fidelity has won a range of awards for their SIPP offering, including Best SIPP Provider at the Money Marketing Awards 2020 and Best SIPP Provider at the Investors Chronicle and Financial Times Investment and Wealth Management Awards 2020.

Overall, the Fidelity SIPP is a strong option for those with at least £100,000. It’s less competitive if you’re under £25,000.

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Vanguard: Joint Cheapest SIPP

The Vanguard Personal Pension is a flexible and tax-efficient way to save for retirement, offering control over investments with a low account fee of 0.15%, capped at £375 per year.

The pension allows investment from £100 per month or a £500 lump sum and offers a range of low-cost funds, including Target Retirement funds. The maximum annual contribution is up to £40,000, with an additional allowance for an unused annual allowance from the previous three tax years.

Their SIPP platform is user-friendly, with easy-to-use tools for managing your investments. They also offer good customer service and support, including access to help and advice when you need it.

Vanguard has a strong reputation for offering low-cost investment options, and their SIPP offering is no exception. Their focus on passive index investing and low fees makes them a popular choice among investors looking to build a low-cost portfolio for retirement.

Overall, the Vanguard Personal Pension is a strong option for those looking to manage their own investments and save for retirement. Their low-cost investment options, simple fee structure, and user-friendly platform make them a popular choice among investors.

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Freetrade : Best SIPP for Low Fees with a Larger Pension Pot

Freetrade’s SIPP is part of their Plus plan, which costs £9.99 per month and provides customers with benefits such as commission-free dealing, fractional shares, and access to a vast stock universe.

They offer a simple and transparent fee structure, with an annual platform fee of 0.35% per year for balances up to £250,000, subject to a minimum charge of £3 per month. There are no additional charges for trading, transfers, or account closure.

Their SIPP platform is user-friendly, with easy-to-use tools for managing your investments. They also offer good customer service and support, including access to help and advice when you need it.

Freetrade has gained popularity for its user-friendly platform and low-cost investment options. The Freetrade SIPP pension account was voted the best low-cost SIPP platform by the Investors’ Chronicle.

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Hargreaves Lansdown: Best SIPP for Customer Service

The Hargreaves Lansdown Vantage SIPP offers a wide range of investment options, including shares, funds, investment trusts, and exchange-traded funds (ETFs). They also offer access to initial public offerings (IPOs) and other new issues.

The Hargreaves Lansdown Vantage SIPP fees are slightly higher than most, with an annual platform fee of 0.45% per year on the first £250,000, subject to a minimum fee of £45 per year. This fee reduces to 0.25% per year on balances between £250,000 and £1 million and 0.10% per year on balances over £1 million. They also charge a dealing fee of £11.95 per trade for online trades, with no additional charges for transfers or account closure.

One of the key strengths of the Hargreaves Lansdown Vantage SIPP is its customer service. They have a team of experienced investment professionals available to help and advise on investments, tax planning, and retirement planning. They also offer a range of tools and resources to help investors manage their investments, including research and analysis tools, investment guides, and retirement planning calculators.

The Hargreaves Lansdown Vantage SIPP also offers a mobile app which allows investors to manage their investments on the go. The app is user-friendly and easy to use, with a range of features, including portfolio monitoring, trading, and news and analysis.

Hargreaves Lansdown has won a range of awards for their SIPP offering, including Best SIPP Provider at the Money Marketing Awards 2020 and Best Pension Provider at the Shares Awards 2020. These awards are a testament to the quality of their offering and the high level of customer satisfaction.

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Nutmeg Pension: Best Robo-Adviser SIPP

The Nutmeg Pension offers a range of investment portfolios to choose from, depending on your risk tolerance and investment goals. They offer a mix of passive and active investment strategies, including low-cost index funds and exchange-traded funds (ETFs). They also offer socially responsible investment options for those who are interested in sustainable investing.

Nutmeg’s annual costs and charges for personal pension plans vary based on the investment style, ranging from 0.71% to 1.17%. There are no additional charges for trading, transfers, or account closure. Nutmeg’s fee structure is simple and transparent, making it easy to understand and compare to other providers.

Nutmeg also offers good customer service and support, including access to help and advice when you need it. They have a team of experienced investment professionals who are available to provide guidance and answer any questions you may have. They also offer a range of tools and resources to help investors manage their investments, including a retirement planning calculator.

Nutmeg offers a mobile app which allows investors to manage their investments on the go. The app is user-friendly and easy to use, with a range of features, including portfolio monitoring, trading, and news and analysis.

Nutmeg has won a range of awards for its SIPP offering, including Best Robo-adviser for Pensions at the Boring Money Consumer Investment Awards 2020. These awards are a testament to the quality of their offering and the high level of customer satisfaction.

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What is a SIPP?

A self-invested personal pension (SIPP) is a type of personal pension that gives you more control over your retirement savings. With a SIPP, you can choose your investments and manage your pension portfolio. This is in contrast to traditional pension schemes where a pension provider manages the investments on your behalf.

SIPPs are flexible and offer a wide range of investment options, including shares, investment trusts, funds, and other assets such as commercial property. This flexibility allows you to tailor your investments to your individual needs and goals.

SIPPs also offer tax benefits. You get tax relief on contributions to your SIPP, meaning that the government tops up your contributions based on your tax rate. For example, if you’re a basic rate taxpayer, for every £100 you contribute, the government will add £25, making a total contribution of £125.

When you retire, you can take up to 25% of your SIPP as a tax-free lump sum. The rest of your SIPP is used to provide you with an income in retirement, which is subject to income tax.

Overall, SIPPs offer flexibility, control, and tax benefits, making them an attractive option for those looking to save for retirement.

Why invest in a SIPP?

Here’s exactly why you might want to invest in a SIPP.

1. Tax benefits: SIPPs offer tax benefits, which can help boost your retirement savings. You get tax relief on contributions to your SIPP, meaning the government tops up your contributions based on your tax rate. Additionally, you don’t pay tax on any gains made within your SIPP.
2. Control over your investments: With a SIPP, you have more control over your retirement savings. You can choose from various investments, including shares, funds, and investment trusts, and manage your portfolio.
3. Flexibility: SIPPs can be tailored to your individual needs and goals. You can choose how much you want to contribute and how often, and you can change your investments as your circumstances change.
4. Tax benefits: SIPPs offer tax benefits, which can help boost your retirement savings. You get tax relief on contributions to your SIPP, meaning the government tops up your contributions based on your tax rate. Additionally, you don’t pay tax on any gains made within your SIPP.
5. Control over retirement income: With a SIPP, you have more control over how you take your retirement income. You can take a tax-free lump sum of up to 25% of your SIPP and then take the rest as an income. You can also select how often you receive your income payments.
6. Inheritance planning: SIPPs can also be used for inheritance planning. Any unused funds in your SIPP can be passed on to your beneficiaries tax-free if you die before the age of 75. If you die after age 75, your beneficiaries will pay income tax on any withdrawals from your SIPP.

SIPP contribution limits for 2024

SIPPs have contribution limits, which are set by the government. For the tax year 2022/2023, the annual allowance for pension contributions, including contributions to SIPPs, is £40,000. This means you can contribute up to £40,000 to your SIPP in a tax year and receive tax relief.

However, there are some exceptions and additional rules to be aware of:

1. High earners: Your annual allowance may be reduced if you have a high income. This is known as the “tapered annual allowance” and applies if your income is over £200,000 per year. The annual allowance is reduced by £1 for every £2 of income over £200,000, up to a maximum reduction of £30,000.
2. Carry forward: If you haven’t used your full annual allowance in previous tax years, you may be able to carry forward any unused allowance to the current tax year. This can be useful if you want to make a larger contribution to your SIPP than the annual allowance allows.
3. Lifetime allowance: A pension savings allowance is currently set at £1,073,100. If the total value of your pension savings, including your SIPP, exceeds this amount, you may be subject to additional taxes.

How to choose the right SIPP provider

here are some factors to consider when choosing the right SIPP provider:

1. Investment options: One of the most important factors to consider when choosing a SIPP provider is the range of investment options available. You’ll want to make sure that the provider offers a wide range of investments that meet your individual needs and goals.
2. Charges and fees: Another important consideration is the charges and fees associated with the SIPP provider. This includes platform fees, dealing charges, transfer fees, and other fees. You’ll want to compare the charges of different providers to ensure that you’re getting the best value for your money.
3. Customer service: Good customer service is important when it comes to managing your SIPP. You’ll want to choose a provider offering good customer service and support, including access to help and advice when needed.
4. Reputation and track record: Choosing a reputable and trustworthy SIPP provider with a good track record of managing pension investments is important. You can research providers online and read reviews from other customers to get an idea of their reputation.
5. Online platform and technology: The online platform and technology offered by the SIPP provider is also an important consideration. You’ll want to choose a provider that offers a user-friendly platform and easy-to-use tools for managing your investments.
6. Additional features: Some SIPP providers offer additional features, such as investment research tools, retirement planning calculators, and other resources. These can be helpful in managing your investments and planning for your retirement

Understanding SIPP charges & fees

Here’s an explanation of the charges associated with SIPPs:

1. Platform fee: The platform fee is the fee the SIPP provider charges for using their platform to manage your investments. This fee can be charged as a percentage of your total investment or as a flat fee.
2. Dealing charges: Dealing charges are fees the SIPP provider charges for buying and selling investments within your SIPP. These fees can vary depending on the type of investment and the size of the trade.
3. Transfer fees: If you want to transfer your SIPP to a different provider, you may be charged a transfer fee by your current provider. This fee can vary depending on the provider and the amount being transferred.
4. Early-closure fees: Some SIPP providers charge an early-closure fee if you close your SIPP before a certain period of time has passed. This fee can be charged as a percentage of your total investment or as a flat fee.
5. Trading over the phone: If you prefer to trade over the phone rather than online, some SIPP providers may charge an additional fee for this service.

How do I invest in a SIPP?

• Select a SIPP provider based on fees and investment options.
• Open an account online or by phone, providing personal details.
• Decide on the investment amount, considering the annual limit.
• Choose from various investment options like shares, bonds, or funds.
• Manage your SIPP online or with a financial adviser.
• Review investments regularly.

Best ready-made personal pensions

1. Nutmeg – Nutmeg is a popular robo-advisor that offers a range of ready-made personal pensions. They offer a range of investment portfolios to choose from, depending on your risk tolerance and investment goals. Their fees are competitive, and their platform is user-friendly.
2. PensionBee – PensionBee is another robo-advisor that offers a range of ready-made personal pensions. They offer a simple and transparent pricing structure with no hidden fees. They also offer a range of investment portfolios to choose from, depending on your investment goals and risk tolerance.
3. Wealthsimple – Wealthsimple is a robo-advisor that offers a range of investment portfolios, including ready-made personal pensions. Their fees are competitive, and their platform is user-friendly. They also offer a range of investment portfolios to choose from, depending on your investment goals and risk tolerance.
4. Hargreaves Lansdown – Hargreaves Lansdown is a well-established investment platform that offers a range of ready-made personal pensions. They offer a range of investment portfolios to choose from, depending on your investment goals and risk tolerance. Their fees are higher than some of the other options, but they offer a range of additional features and tools.
5. AJ Bell Youinvest – AJ Bell Youinvest is another well-established investment platform that offers a range of ready-made personal pensions. They offer a range of investment portfolios to choose from, depending on your investment goals and risk tolerance. Their fees are competitive, and their platform is user-friendly.

SIPP FAQs