Best Sipps 2025

How to choose the best Sipp provider 

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 nearly 3,000 Sipp customers to find out how they rate their providers. 

Best Sipp companies compared

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 high customer satisfaction (a score of at least 70% and in the top statistical band) 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.

Which? Recommended Sipp Providers

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.

What is a Sipp?

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.

Do Sipps benefit from tax relief?

Sipps enjoy the same tax benefits as other types of pension: not only are your investments exempt from capital gains tax and income tax, but you also get tax relief on your contributions.

The most you can pay into your pensions and still get tax relief is usually 100% of your annual earnings or £60,000, whichever is lower. 

If you have no earnings, you can get tax relief on contributions up to £3,600.

The level of tax relief you get is linked to the level of income tax you pay. So for every 80p basic-rate taxpayers pay in to their pension, the government adds 20p. Higher and additional-rate taxpayers can claim back a further 20p and 25p, respectively. 

What can Sipps invest in?

A Sipp gives you access to a wider range of investment options than other types of pension. These include stocks and shares, investment trusts and corporate bonds - as well non-standard assets such as commercial property. 

The exact range of assets available will depend on the provider you choose. Providers offering 'bespoke' Sipps typically offer the biggest choice, but tend to be more expensive as they come with a greater level of investment support. 

There are now plenty of low-cost Sipps to choose from, including those that offer pre-selected portfolios to match different risk appetites to help simplify the process of selecting investments.

How much do Sipps cost?

Sipps can work out cheaper than other types of pension, but 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 14 leading providers.

The cheapest Sipps

Freetrade works out cheapest across all three pot sizes above, at £120 a year for its Plus plan. This assumes you pay for the whole year in one go - if you choose to pay monthly (£11.99 a month), you'll pay £144 over the year.

Interactive Investor's low monthly fee of £12.99 (£156 a year) for its Pension Builder plan also makes it very competitive, regardless of the size of your Sipp. If your Sipp is worth less than £50,000 you'll pay just £5.99 a month (£72 a year) with its Pension Essentials plan. 

At the other end of the scale, Hargreaves Lansdown is the most expensive option across all three pot sizes in our table. It charges 0.45% on the first £250,000 and 0.25% up to £1m, meaning a Sipp worth £500,000 will cost you £1,750 over a year. If you hold shares rather than funds, it'll work out cheaper.

How charges vary depending on what you invest in

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.

Should I transfer existing pensions into a Sipp?

It's up to you whether you hold a Sipp alongside your other pensions or you transfer existing pots into a Sipp so you can keep track of all your retirement savings in one place.

If you're currently paying into a workplace defined contribution scheme, check if your employer will agree to make contributions into your Sipp instead before going ahead with a transfer. Some employers will only pay contributions into the designated workplace scheme.

If you have a final salary pension - also known as a defined benefit pension - you'll benefit from a guaranteed income in retirement. For this reason, it's unlikely that transferring to a Sipp will be the right decision.

How can I access money in my Sipp?

Your options for turning your pot into an income at retirement are the same as other types of defined contribution pension.

When you reach the age of 55 (rising to 57 in 2028), you can take up to 25% of your pot as a tax-free lump sum, up to a maximum of £268,275. 

You can then take the rest of it in cash, too (either in one go or in chunks), use some or all of your pot to buy an annuity or keep some money invested and take an income as you wish (known as pension drawdown).

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Is a Sipp right for me?

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.

How we analyse Sipps

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 customer score (70% or more) in our survey of Sipp holders, plus competitive fees across our pricing scenarios. 

We compared the charges levied by Sipp providers and calculated costs based on seven different pot sizes. Companies with core charges among the most expensive quartile across the pot sizes were excluded from being a WRP.

On top of these criteria, we apply statistical tests that place providers into 'bands'. Only the companies in the highest band - the ones that really stand out against the rest - can be Which? Recommended Providers.