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Best pension drawdown providers 2025
We've surveyed nearly 1,800 pension drawdown customers to identify the providers that offer the best value and service.
PD
Paul Davies
Paul has long worked in financial services research, currently specialising in pensions and retirement planning.
Check your finances are retirement-ready
The specialists at Destination Retirement can help you plan with confidence.
Pension drawdown is a way of taking money out of your pension to fund your retirement. It allows you to keep your savings invested and take money out whenever you choose.
Many people remain with their existing pension provider when going into drawdown. But it pays to shop around as fees, investment choice and customer service can vary significantly.
We've made this job easier by comparing fees across the market and surveying nearly 1,800 customers to find out which providers offer great value as well as excellent service.
Best pension drawdown companies compared
We've asked nearly 1,800 drawdown customers to rate their providers in a range of categories, including customer service, information on investments and value for money.
The firms that combine a high customer satisfaction and likelihood to recommend (i.e. a customer score of 70% and above) with competitive charges are awarded Which? Recommended Provider status.
RECOMMENDED PROVIDER
Transact
78%
★★★★★
★★★★☆
★★★★☆
★★★★☆
RECOMMENDED PROVIDER
Royal London
76%
★★★★☆
★★★★☆
★★★★☆
★★★★☆
RECOMMENDED PROVIDER
AJ Bell
75%
★★★★☆
★★★★☆
★★★★☆
★★★☆☆
RECOMMENDED PROVIDER
Fidelity
73%
★★★★☆
★★★★☆
★★★★☆
★★★☆☆
Hargreaves Lansdown
71%
★★★★★
★★★★☆
★★★★☆
★★☆☆☆
St James's Place
71%
★★★★☆
★★★★☆
★★★★☆
★★☆☆☆
RECOMMENDED PROVIDER
Interactive Investor
70%
★★★☆☆
★★★☆☆
★★★☆☆
★★★★★
RECOMMENDED PROVIDER
Quilter
70%
★★★★☆
★★★★☆
★★★★☆
★★★☆☆
Legal & General
67%
★★★☆☆
★★★☆☆
★★★☆☆
★★★☆☆
Prudential/M&G
67%
★★★☆☆
★★★☆☆
★★★☆☆
★★☆☆☆
Standard Life
67%
★★★★☆
★★★★☆
★★★★☆
★★★☆☆
Aviva
66%
★★★☆☆
★★★☆☆
★★★☆☆
★★★☆☆
Scottish Widows
66%
★★★☆☆
★★★☆☆
★★★☆☆
★★☆☆☆
Aegon
60%
★★★☆☆
★★★☆☆
★★★☆☆
★★☆☆☆
Source: The results are based on an online survey of 1,789 adults - members of the Which? Connect panel and members of the public - conducted in August 2025. Customer score is based on satisfaction with the brand and likelihood to recommend. Sample sizes as follows: AJ Bell 77, Fidelity 61, Hargreaves Lansdown 158, Interactive Investor 34, Standard Life 146, Aegon 55, Royal London 101, Quilter 87, Prudential/M&G 89, Aviva 154, Scottish Widows 77, Legal & General 59, Transact 64, St James’s Place 93
Which? Recommended Providers of pension drawdown
Recommended Provider
Transact
Transact stands out at the top of our table with the highest customer score of 78% and five stars for customer service. It’s an adviser-only investment platform, where advisers manage their clients’ funds. Customers told us that its staff are well informed and helpful.
Which? customer score
78%
1
of 14 reviewed pension drawdown providers
Recommended Provider
Royal London
Royal London is one of only three providers in our customer survey to receive at least a four-star rating for value for money. It requires customers to take financial advice before entering drawdown.
Which? customer score
76%
2
of 14 reviewed pension drawdown providers
Recommended Provider
AJ Bell
AJ Bell is one of the UK's largest investment platforms and is also a Which? Recommended Provider for Sipps. It provides a seamless process for moving funds from its Sipp into drawdown. It's available to advised and non-advised customers.
Which? customer score
75%
3
of 14 reviewed pension drawdown providers
Recommended Provider
Fidelity
Fidelity is a Which? Recommended Provider of both Sipps and pension drawdown. Drawdown customers in our survey praised it for its easy-to-use service. It's available to advised and non-advised customers.
Which? customer score
73%
4
of 14 reviewed pension drawdown providers
Recommended Provider
Interactive Investor
Interactive Investor (ii) is a Which? Recommended Provider of both Sipps and pension drawdown. It was the only drawdown provider to score five stars for value for money in our customer survey, and was the cheapest option across almost all pot sizes in our fees analysis.
Which? customer score
70%
7=
of 14 reviewed pension drawdown providers
Recommended Provider
Quilter
Quilter received particular praise in our survey for its customer service and speed of dealing with queries. It requires customers to take financial advice before entering drawdown.
Which? customer score
70%
7=
of 14 reviewed pension drawdown providers
Check your finances are retirement-ready
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How much does pension drawdown cost?
We've compared the charges levied by 26 providers of pension drawdown for three different pot sizes: £100,000, £250,000 and £500,000.
Drawdown provider
Annual cost
£100k pot
£250k pot
£500k pot
Aegon - ARC
£615
£1,290
£1,290
AJ Bell
£250
£625
£875
Aviva
£375
£875
£1,750
St James's Place
£350
£875
£1,750
Bestinvest
£400
£1,000
£1,500
Charles Stanley Direct
£300
£600
£600
Close Brothers
£430
£805
£1,430
EQi
£574
£949
£1,324
Fidelity
£350
£500
£1,000
Fidelity Adviser Solutions
£295
£670
£1,295
Halifax
£198
£198
£198
Hargreaves Lansdown
£450
£1,125
£1,750
Interactive Investor (a)
£156
£156
£156
Legal & General
£250
£625
£1,250
LV (b)
£300
£750
£1,500
M&G Wealth Platform
£300
£750
£1,500
Nucleus
£330
£810
£1,560
PensionBee (c)
£500
£875
£1,500
People's Pension
£255
£555
£1,055
Prudential - Retirement Account
£200
£375
£750
Quilter (d)
£300
£675
£1,175
Royal London - Pension Portfolio (e)
£450
£1,125
£2,000
Scottish Widows
£300
£625
£1,000
Standard Life (f)
£450
£1,125
£2,250
Transact
£340
£730
£1,380
Vanguard
£150
£375
£375
Notes: Information correct as of November 2025. Table includes platform fees only - you'll also need to factor in fees levied by the funds you invest in (a) Charges shown are for the Pension Builder Sipp (b) Charges shown are for the Flexible Transitions Account - extended funds (c) Charges shown are for the 'Tracker' drawdown option d) Charges shown are for the Collective Retirement Account (e) Core charge includes fees for internally-managed funds and Governed Range portfolios, with discounts applied based on pot size (f) Figures based on Investment Pathways Option funds.
key information
You’ll pay a fee to your drawdown provider every year, regardless of how your investments have performed or whether you’ve made any changes to them. We've compared these charges in the table above.
Bear in mind you'll also have to factor in fund fees on the individual investments you choose, plus charges for buying and selling.
Pension drawdown charges in detail
Click on each company for more information about their drawdown charges.
There is an annual Sipp admin fee of £75.
Advance's Retirement Account charges a percentage fee, which varies according to the value of your pot:
First £100,000: 0.35%
Next £150,000: 0.30%
Next £250,000: 0.25%
£500,000+: 0.10%
Aegon charges a £75 annual admin fee, whether you take regular or ad hoc payments.
You'll also be charged a percentage fee, depending on the value of your pot.
Each percentage fee applies to different amounts held in the pension, rather than a single percentage fee applied to your entire pension:
First £29,999.99: 0.60%
Next £20,000 (£30,000 to £49,999.99): 0.55%
Next £50,000 (£50,000 to £99,999.99): 0.50%
Next £150,000 (£100,000 to £249,999.99): 0.45%
£250,000 and over: 0%
AJ Bell's Sipp charges a percentage fee in tiers.
It works a bit like income tax bands - each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:
First £0 - £250,000: 0.25%
Next £250,000-£500,00: 0.1%
Value over £500,000: No charge
There are no charges for drawdown set-up or withdrawals.
Aviva's product charges a percentage fee in tiers.
It works a bit like income tax bands - each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:
Up to and including £500,000: 0.35%
Over £500,000: No charge
There is an annual admin fee of £150 (levied by AJ Bell) and a drawdown set-up fee of £75.
Barclay Smart Investor's Sipp also charges an annual percentage fee of 0.25% on investments up to £200,000 and 0.05% on investments above £200,000.
Bestinvest's Sipp charges an annual percentage fee, which varies according to the value of your pot.
Each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:
Up to £250,000: 0.4%
£250,001 - £500,000: 0.2%
£500,001-£1m: 0.1%
Over £1m: no charge
When you move into drawdown you'll pay a fee of £180.
There is also a payroll charge of £60 for regular income payments; £30 for one-off payments and a Sipp admin charge of £120 if you've less than £30,000 in your Sipp.
Charles Stanley Direct's Sipp also charges an annual percentage fee of 0.30% on the amount in your pot (minimum of £60/maximum of £600 per year).
Close Brother's Sipp charges an annual admin fee of £180.
It also charges a percentage fee (deducted monthly) that varies according to the value of your pot.
Each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:
The first £500,000: 0.25%
Next £500,000: 0.2%
Next £500,000: 0.1%
£1.5m+: no charge
EQi's Sipp charges an annual administration fee of £118.80 and an annual drawdown fee of £180.
It also charges an annual percentage fee, which varies according to the value of your pot.
Each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:
First £50,000: 0.3%
£50,000.01-£250,000: 0.25%
£250,000+: 0.15% (max £250 per quarter)
Fidelity's Sipp charges an annual percentage fee, which varies depending on the size of your pot:
Less than £25,000: 0.35% if you have a regular savings plan, or £90 a year if you don't.
£25,000 to £249,999: 0.35%
£250,000 to £1m: 0.2%
£1m+: 0.2% for the first £1m and no service fee for investments over £1m. This means the maximum fee is £2,000 a year.
The same service fee is charged across all of your investments. So, if you hold £300,000 - the fee would be 0.2% across the full amount.
There is an annual service fee of 0.25%, plus an annual 'investor fee' of £45 (if not already being paid on another account).
Halifax's Sipp charges an annual admin fee of 0.25% (capped at £16.50 a month). There are no transfer or drawdown charges.
Hargreaves Lansdown charges an annual percentage fee that varies according to the amount in your pot.
Different fees apply to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:
First £250,000: 0.45%
£250,000 to £1m: 0.25%
£1m to £2m: 0.1%
Over £2m: no charge
Interactive Investor charges a flat fee of £5.99 a month for Sipps worth up to £50,000.
For Sipps worth more than £50,000, the fee is £12.99 a month.
There are no charges for taking an income from your pension.
L&G applies an annual service charge of 0.25% of the value of your pension.
There is also a fund management charge, which varies depending on the fund (between 0.14% and 0.31%).
LV's Flexible Transitions Account (extended funds) charges a percentage fee in tiers.
It works a bit like income tax bands - each percentage fee applies to different amounts held in the pension, rather than a single percentage fee applied to your entire pension. There is a minimum fee of £195 per year.
It works like this:
First £700,000 - 0.3%
Over £700,000 - No charge
M&G Wealth applies an annual percentage charge, which varies depending on the amount in your pot.
Each percentage fee applies to different amounts, rather than a single percentage fee applied to your entire pension.
First £1m: 0.3%
Next £2m: 0.10%
Next £2m: 0.06%
Nucleus charges an annual percentage fee that varies depending on how much you have in your pot.
Each percentage fee applies to different amounts, rather than a single percentage fee applied to your entire pension.
First £200,000: 0.33%
Next £300,000: 0.3%
Next £500,000: 0.175%
£1m+: 0.05%
It works a bit like income tax bands - each percentage fee applies to different amounts held in the pension, rather than a single percentage fee applied to your entire pension.
It works like this for the Tracker drawdown option:
First £100,000 - 0.50%
Funds over £100,000 - 0.25%
The People's Pension charges an annual management charge of 0.5% of the value of your pot.
It offers a rebate on some of the management charge for savings over £3,000:
Up to £3,000: no rebate
Over £3,000 and up to £10,000: rebate of 0.1%
Over £10,000 and up to £25,000: rebate of 0.2%
Over £25,000 and up to £50,000: rebate of 0.25%
Over £50,000: rebate of 0.3%.
Prudential's Retirement Account charges an annual percentage fee, which varies depending on the size of your pension pot.
The bigger your pension, the lower the fee charged on all the money you hold:
Up to £99,999: 0.3%
£100,000 to £249,999: 0.2%
£250,000 to £499,999: 0.15%
£500,000 to £749,999: 0.15%
£750,000 to £999,999: 0.125%
£1m or above: 0.1%
Quilter charges an annual percentage fee, which varies depending on the size of your pot.
Each percentage fee applies to different amounts held in the pension, rather than a single percentage fee applied to your entire pension.
First £50,000: 0.35%
£50,000 to £250,000: 0.25%
£250,000 to £750,000: 0.2%
£750,000+: 0.15%
Royal London Pension Portfolio Income Release plan charges a percentage fee (1%), which is not a separate fee - it's built into the price of the investments you choose.
The fee for its internally managed funds and Governed Range portfolios is therefore included in the core charge.
Then, it applies a discount based on how much you have in your pension. The discount applies to your entire pension pot. The lack of additional fund costs means that this is a competitive option.
It works like this:
£0-£46,600- 0.25% per year, so the charge is 0.75%
£46,601-£93,200 - 0.50% per year, so the charge is 0.50%
£93,201-£279,000 - 0.55% per year, so the charge is 0.45%
£279,001-£932,000 - 0.60% per year, so the charge is 0.40%
£932,001+ - 0.65% per year, so the charge is 0.35%
Scottish Widows' Retirement Account charges a single percentage fee, which varies depending on the size of your pension pot.
The bigger your pension, the lower the fee charged on all the money in it:
£0 to £29,999: 0.9%
£30,000 to £49,999: 0.4%
£50,000 to £249,999: 0.30%
£250,000 to £499,999: 0.25%
£500,000 to £999,999: 0.2%
£1m+: 0.1%
Standard Life's ready-made Investment Pathways Option funds have a bundled charge.
The service charge is 0.45% with an investment charge of 0.09% or 0.10%.
Transact charges an £80 annual Sipp charge, plus a tiered percentage fee.
This works a bit like income tax bands - each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:
First £600,000: 0.26%
£600,000 to £1.2m: 0.17%
£1.2m to £5m: 0.07%
Anything over £5m: 0.05%
Vanguard's Personal Pension charges an account fee of £4 a month for pots of up to £32,000.
If you have more than £32,000, you'll pay an annual fee of 0.15% up to a maximum of £375 (this cap applies across all accounts you have on the platform - e.g. if you have an Isa as well as a pension, the maximum charge for both will be £375).
If you opt for Vanguard to choose and manage your investments for you, you'll also pay a management fee of 0.3%.
How we analyse pension drawdown providers
Our editorial independence means we are able to work on behalf of consumers, not pension firms. That means our reviews are fair and there's no hidden agenda.
To become a Which? Recommended Provider of pension drawdown, companies need a high customer score (70% or more) in our survey of customers, plus competitive fees across the six pot sizes we looked at (£50,000, £100,000, £250,000, £350,000, £500,000 and £750,000).
We compared core platform fees along with fund fees for investment pathway 3 (pathways are an industry initiative for simplifying drawdown choices, where providers suggest funds designed for different objectives). Companies with charges among the most expensive quartile for any pot size were excluded from being a WRP.
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