By clicking a retailer link you consent to third-party cookies that track your onward journey. This enables W? to receive an affiliate commission if you make a purchase, which supports our mission to be the UK's consumer champion.
More and more people are opting to take control of their retirement savings by opening a self-invested personal pension (Sipp).
Sipps allow you to choose your own investments and can work out cheaper than other types of pension - but charges can vary considerably, and the difference between the cheapest and most expensive providers can add up to thousands of pounds over the long term.
To help you choose the best Sipp for you, we've compared charges and surveyed more than 2,500 Sipp customers to find out how they rate their providers.
Each year, we ask thousands of Sipp 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 overall score and customer score with competitive charges are awarded our coveted Which? Recommended Provider status.
Which? members can log in to see the results of our expert analysis. If you're not already a member, join Which? and get full access to these results and all our reviews.
| 83% | 81% | 86% | |||||
| 82% | 83% | 81% | |||||
| 78% | 76% | 80% | |||||
| 76% | 71% | 81% | |||||
| 75% | 70% | 80% | |||||
| 73% | 82% | 64% | |||||
| 65% | 78% | 53% | |||||
| 63% | 81% | 46% | |||||
| 62% | 79% | 44% | |||||
| 59% | 76% | 43% | |||||
| 54% | 71% | 37% | |||||
| 53% | 71% | 36% | |||||
| 45% | 75% | 16% |
Source: The results are based on an online survey of 2,553 adults - members of the Which? Connect panel and members of the public - conducted in March 2026. Customer score is based on satisfaction with the brand and likelihood to recommend. The overall score comprises the customer score and our analysis of fees; both components receive equal weighting. Sample sizes as follows: AJ Bell 369, Barclays Smart Investor 195, Fidelity 139, Halifax Share Dealing 72, Hargreaves Lansdown 454, Interactive Investor 204, Standard Life 139, Vanguard 183, Aegon 66, Freetrade 39, Wealthify 34, Moneyfarm 58, Moneybox 97, Scottish Widows Share Dealing 92
Members can log in to see the results of our expert analysis. If you're not already a member, join Which? and get full access to these results and all our reviews.
A self-invested personal pension (Sipp) is essentially a do-it-yourself pension. Unlike other types of private pensions, where you usually rely on the scheme provider to decide where your retirement savings should be invested, a Sipp puts you in the driver's seat.
You'll be taking on responsibility for choosing and managing your own investments, so you'll need to have the time and confidence to do this.
Like other types of defined contribution pension, the income you'll receive when you retire depends on how much you contribute, how well the underlying investments perform and how you decide to access your money.
The best value provider for you often depends on the value of your pension.
Unfortunately comparing Sipp charges isn't straightforward, as companies take different approaches: you might pay a fixed admin fee or a fee calculated as percentage of the amount you've invested, or sometimes a combination of both.
Our table shows how much it will cost over a year to manage your Sipp with 16 leading providers.
| Company | Annual cost - £100k pot | Annual cost - £250k pot | Annual cost - £500k pot | How to open a Sipp |
| AJ Bell | £250 | £625 | £875 | Go to provider site |
| Aviva | £350 | £875 | £1,750 | Go to provider site |
| Barclays Smart Investor | £400 | £675 | £800 | Go to provider site |
| Bestinvest | £400 | £1,000 | £1,500 | Go to provider site |
| Charles Stanley Direct | £300 | £600 | £600 | Go to provider site |
| Close Brothers/Trinity Bridge | £430 | £805 | £1,430 | Go to provider site |
| Fidelity | £350 | £500 | £1,000 | Go to provider site |
| Freetrade | £0 | £0 | £0 | Go to provider site |
| Halifax Share Dealing | £198 | £198 | £198 | Go to provider site |
| Hargreaves Lansdown | £350 | £875 | £1,500 | Go to provider site |
| Interactive Investor | £180 | £180 | £180 | Go to provider site |
| Aegon/ARC | £540 | £1,215 | £1,215 | Go to provider site |
| Moneybox | £450 | £675 | £1,050 | Go to provider site |
| Moneyfarm | £450 | £1,000 | £1,750 | Go to provider site |
| Vanguard | £150 | £375 | £375 | Go to provider site |
| Wealthify | £600 | £1,050 | £1,800 | Go to provider site |
Figures correct as of May 2026. They reflect platform charges only (not fund fees). We've assumed that money is invested entirely in funds and no trades are made. Interactive Investor calculations are based on its Plus plan. The Aviva figures are for its Platform Sipp (OIS). The Freetrade fees are for the Basic plan.
Since January 2026, Freetrade has offered a fee-free Sipp under its Basic plan and is the cheapest option across all pot sizes. With the Basic plan you will pay no trading commissions on 7,600 stocks, ETFs, investment trusts, bonds and funds. You can still access a Sipp under the Standard (£4.99 a month) and Plus (£9.99 a month) plans.
Interactive Investor's low monthly fee of £14.99 (£180 a year) for its Plus plan also makes it very competitive, regardless of the size of your Sipp. If your Sipp is worth less than £100,000 you'll pay just £5.99 a month (£72 a year) with its Core plan.
Quilter Invest launched a managed Sipp in 2026 with a flat platform fee of 0.15% (plus fund costs of between 0.34% and 0.38%).
At the other end of the scale, Hargreaves Lansdown is an expensive option across all three pot sizes in our table. However, it has now reduced its annual account charge on the first £250,000 of funds from 0.45% to 0.35%. If you hold shares rather than funds, it'll work out cheaper.
Paul Davies, Which? pensions expert, says:
Our pricing analysis above assumes your money is invested entirely in funds.
But some companies work out significantly cheaper if you're investing in individual shares, investment trusts, exchange-traded funds (ETFs) and bonds.
For example, AJ Bell, Aviva, Fidelity and Hargreaves Lansdown all have lower account charges if you hold shares.
Buying and selling investments within your Sipp will sometimes carry a per-transaction fee, depending on what you're trading, so if you trade frequently it's worth choosing a provider with low or no transaction fees.
On top of the charges levied by the Sipp provider, remember you’ll need to factor in the fees for the individual investments held in your Sipp.
Sipps are best suited to savers who have the time and knowledge to pick and monitor their own investments.
If you like the idea of taking more control of your pensions but feel uncertain about investing, then it's best to get independent financial advice.
If the cost of advice is a barrier for you, take a look at the ready-made portfolios offered by some Sipp providers, which simplify the investment decisions you'll have to make.
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 (WRP), companies need a high overall score (65% or more), which comprises the customer score and fees score weighted equally, and be in the top two statistical bands by customer score.
The customer score reflects how they satisfied are with their Sipp provider and how likely they are to recommend it to someone else.
We compared the charges levied by Sipp providers and calculated costs based on seven different pot sizes to produce the fees score. Companies in the 25% most expensive across all the pot sizes were excluded from being a WRP.
Reach out to our money experts to discover smarter ways to spend, save and manage your money. Our regular guidance will help the penny drop all year for only £36.75 that’s 25% off.
Join Which? MoneySave 25% – was £49, now £36.75 for a year, offer ends 19 October 2026.