Annuity service if you are looking to buy a guaranteed income from your pension pot.
Looking To Retire At Age 55? FREE Guide
FREE Guide – Retiring Early!
8 tips for an earlier, wealthier retirement
Transforming that dream into a reality doesn’t come cheap, how could you afford it? Once you have paid off debts, like it or not, the answer is likely to depend on your pension.
Straightforward guide provides eight tips that could help you to retire earlier than you thought, including:
The simple formula for how much you should consider investing each month
How to boost existing pensions
Understanding the options available at retirement (including the new rules)
This guide is not personal advice. Please remember tax rules can change and the value of the tax benefits will depend on your circumstances. The value of investments can fall as well as rise so you could get back less than you invest. Pensions cannot usually be withdrawn until age 55 (increasing to 57 in 2028).
A self-invested personal pension (SIPP) is different to a traditional pension. Instead of limiting your investment options, a SIPP opens the doors, giving you more choice in how you invest your money.
Like other pensions, the government will still give you up to 46% tax relief on the amount you pay in. Once your money is in a SIPP, you won’t have to pay tax on any gains or income your investments make.
Low cost award winning pension – Fixed fee plan keeps costs down over long term
Investment choice – Choose from more than 40,000 investments
Ready made funds and investment ideas – Making it easy to select investments
Expertise – Research, ideas, and updates to help you with your investment decisions
Ready-made funds, experts’ fund shortlist, over 5,000 other funds, shares and other exchange traded investments
Admin Charges:
Aviva Charge up to 0.40% of the value of your fund or cash. Fund Manager Charge will depend on the funds chosen. Aviva Share Charge up to 0.4% of their value. Trading charge for shares and ETIs
Why we like it: Award-winning platform suitable for beginners or experts. Good choice of funds. Flexible payments. Manage through desktop or app. Capital at risk
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Apply in as little as 15 minutes
Award-winning platform
Start with a one-off amount and/or pay in monthly
Stop and restart payments when it suits you
Invest based on how confident and experienced you are
Monitor and make changes in MyAviva Web or app
Over 4.5 million people look to Aviva to handle their pension
Aviva’s free service can track down your lost pensions. They’ll check for certain benefits and exit fees and help you check for others
Flexible ways to take your money in retirement
With investments your capital is at risk
You can’t touch the money in your pension until you’re 55, and this will increase to 57 on 6 April 2028.
Remember, the value of a pension can go down as well as up – and you could get back less than invested.
If transferring, you should check whether any valuable benefits could be lost.
You should also check for charges and where you can invest. You may be required to get advice which you’ll have to pay for.
A SIPP isn’t meant as a replacement for a workplace pension, but can be used alongside it
Invest From:
Any Lump Sum or £25 per month
Investment Options:
A low cost award-winning SIPP that gives you a choice of over 40,000 investments; Selected funds; Ready made portfolios.
Admin Charges:
Sipp fee: £5.99 pm – assets up to £50,000, £12.99 pm – assets over £50,000
Why we like it: A new, straightforward way to build your pension has arrived. Open an ii SIPP for just £5.99 a month (assets up to £50,000. Over £50,000 the fee is £12.99 pm). Which? Recommended SIPP Provider 2023. Transfer your pension to an ii SIPP. Terms apply. Capital at risk
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Open an ii SIPP with a lump sum, invest monthly or transfer pensions held with other providers
Apply for an ii SIPP on your desktop, tablet or mobile in just a few minutes
The widest choice of investment in the market: over 40,000 UK and global stocks including shares, funds, ETFs, investment trusts and more
Hold and trade up to 9 currencies, including sterling, US dollars and euros, to help you manage currency exchanges (FX)
Quickly fund your ii SIPP and access your portfolio anytime, anywhere with our mobile apps
Trading costs: £7.99 for UK shares and ETFs, funds, investment trusts and US shares
Flat fee of £12.99 a month
Customers can upgrade to also have an ISA, trading account, as many free Junior ISAs as they have children, and one free trade a month, for just £7 per month extra
SIPPs are a type of pension for people happy to make their own investment decisions
Investments go down in value as well as up so you could get back less than you invest
25% tax-free lump sum. You can normally take up to a quarter of your SIPP without having to pay tax, after you’ve reached the age of 55
Tax reliefs depend on your circumstances and the rules could change in the future
If you’re unsure about the suitability, we recommend you ask for independent advice
With investments your capital is at risk
Invest From:
£100
Investment Options:
Offering commission-free DIY investing from a choice of 700 ETF’s, or low-cost professionally managed income or growth portfolios built for you
Admin Charges:
Sipp fee: 0.15% for your InvestEngine SIPP, capped at £200 per year, plus the costs of your investments — commission‑free for our DIY portfolios, or add a Managed portfolio for 0.25% a year
Get a Welcome Bonus of up to £50 when you invest at least £100 with InvestEngine (Capital at risk, Ts&Cs apply)
Why we like it: Low cost SIPP, large choice of ETF investments, or have a portfolio designed and managed for you. Easy, automated investing. Tax relief on your investments Capital at risk
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Opening a SIPP with InvestEngine takes minutes. Access generous tax relief while preserving and growing your wealth for the long‑term
DIY investing in choice of 700 ETFs – which offer a simple, offer easy diversification and are considerably more cost‑effective than traditional pension investments
Alterternatively choose a managed portflio – let InvestEngine’s team of expericnced investment managers match you with amnd take care of a portfolio that suits your goals
Low fees – you’ll pay 0.15% for your InvestEngine SIPP, capped at £200 per year, plus the costs of your investments — commission‑free for our DIY portfolios, or add a Managed portfolio for 0.25% a year
Choose your investments, set up your Savings Plan and our automated investing will do the rest
Access a range of powerful tools, from at‑a‑glance breakdowns of exactly what you’re invested in, to easy automated rebalances to keep your portfolio on track
SIPPs come with generous tax relief to encourage retirement investing. Enjoy relief on income paid into your SIPP, from a guaranteed 20% to up to 45% for additional‑rate taxpayers
The tax treatment of your investment will depend on your individual circumstances and may change in the future
Investments go down in value as well as up so you could get back less than you invest
25% tax-free lump sum. You can normally take up to a quarter of your SIPP without having to pay tax, after you’ve reached the age of 55
With investments your capital is at risk
Invest From:
No minimum
Investment Options:
Build your investment portfolio from over 12,500 investments, from stocks and shares, funds, ETFs and more
Why we like it: Invest in your future using a first-class investment platform and app. Securely manage your portfolio online, with no minimum investment level. Over £12,500 investment choices, low platform fee and savings available through Charles Stanley Direct’s loyalty programme. Alternatively advice is available for portfolio investments of over £200,000
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Open a Charles Stanley Direct SIPP with a lump sum, invest monthly or transfer pensions held with other providers
No minimum investment level if choosing your own investments
Wide range of investment services, offering you the flexibility to be as involved as much or as little as your like, from managing your own investments online, to bespoke and advisory investment services (minimum investment £200,000)
Contribute up to your annual allowance of up to £60,000 (depends on total earnings for the tax year and whether or not you have already drawn any taxable retirement benefits)
The government will top up whatever you contribute with 20% basic rate tax relief. Higher-rate and additional-rate taxpayers may claim up to a further 20% and 25% respectively on top through their tax return
Decide how you want to take your benefits at retirement, including the option to withdraw up to 25% as a tax-free lump sum after you’ve reached the age of 55
SIPPs are a type of pension for people happy to make their own investment decisions
Investments go down in value as well as up so you could get back less than you invest
Tax reliefs depend on your circumstances and the rules could change in the future
If you’re unsure about the suitability, we recommend you ask for advice
With investments your capital is at risk
Invest From:
£25 pm
Investment Options:
A wide choice of investments, including over 2,000 funds, shares from 25 markets, ETFs, investment trusts and more
Why we like it: There are no charges to set up their SIPP and if you are moving an existing SIPP to them there are no transfer in charges. With AJ Bell you can deal from as little as £1.50, and you will never pay more than £5.00 per online deal. With investments, your capital is at risk.
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Which? Recommended Investment Platform 2019, 2020 and 2021
Low charges – buy funds from £1.50 and shares for as little as £5.00
A regular investment service – invest as little as £25 a month for a lower dealing charge of just £1.50
Free access to Shares Magazine, one of the UK’s leading online resources for private investors, by maintaining an account balance of over £4,000
SPECIAL OFFER: Sign up to Freetrade and you’ll get a free share worth £10 to £100. T&C’s apply
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Low fee: Included in Plus plan (From £9.99/month)
Commission-free dealing: Unlimited free trades (other charges may apply)
Fractional shares: Invest from £2
Award-winning app: iOS & Android app for mobile management
Instant trades: Unlimited commission-free instant trades during market hours
Support: Fast and friendly customer support
A wide range of investments: 6,100+ US, UK & European stocks, ETFs, and investment trusts
Trusted by 1.5 million people
FSCS protected
Capital at risk
SIPP eligibility and tax rules apply. Other charges may apply
Invest From:
Any Lump Sum or £100 per month
Investment Options:
Low-cost personal pension from award-winning provider Bestinvest. Choose from thousands of investments, get inspiration from guides and articles or opt for a Ready-made Portfolio
Why we like it: Choose from 1,000s of funds, ETFs, investment trusts and nearly all UK shares. Alternatively, let experts choose and manage your investments with a low-cost Ready-made Portfolio. Capital at risk.
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Open with a lump sum, invest monthly or transfer pensions held with other providers
Choose from thousands of investments, get inspiration from guides and articles or opt for a Ready-made Portfolio managed by experts
Tiered service fees mean you pay lower fees for larger pensions. Pay as little as 0.2% a year for Ready-made Portfolios or 0.4% for other investments, with no account set-up fees and free fund dealing
You can access your online account around the clock and call UK-based experts if you need any help
Consolidate your pensions by transferring existing pension into the Best SIPP will make them easier to manage and review. Plus, with fewer pension providers you could save money in fees and will have less paperwork to deal with
Opening a Best SIPP online takes just a few minutes online, or send in a paper application
SIPPs are a type of pension for people happy to make their own investment decisions
Investments go down in value as well as up so you could get back less than you invest
25% tax-free lump sum. You can normally take up to a quarter of your SIPP without having to pay tax, after you’ve reached the age of 55
Tax reliefs depend on your circumstances and the rules could change in the future
If you’re unsure about the suitability, we recommend you ask for independent advice
With investments your capital is at risk
Invest From:
£25 pm
Investment Options:
Over 11,000 investments to choose from including funds, investment trusts, ETFs, company shares, bonds and more.
Why we like it: Award winning pension provider, HL are a FTSE 100 Company and the UKs biggest SIPP provider which is testimony to the service they offer their 1m+ clients. With no setup or transfer in charges, and no charges to buy or sell funds, Hargreaves Lansdown offer a flexible SIPP where you invest as little as £25 pm. With investments, your capital is at risk.
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No SIPP set-up, transfer-in or fund-dealing fees. Online share dealing at £11.95 per deal, or as low as £5.95 per deal for active traders with a low annual charge to hold shares of just 0.45% (capped at £200 per annum)
FREE research on popular investments
Free mobile app to deal shares, access prices, indices, news and research.
Voted Best SIPP Provider seven years running
Up to 45% tax relief on your contributions
A 25% tax-free lump sum. You can normally take up to a quarter of your SIPP without having to pay tax, after you’ve reached the age of 55
SIPPs are a type of pension for people happy to make their own investment decisions
Investments go down in value as well as up so you could get back less than you invest
You can normally only access the money from age 55.
Tax reliefs depend on your circumstances and the rules could change in the future
If you’re unsure about the suitability, we recommend you ask for independent advice
Hargreaves Lansdown Self Invested Personal Pension
Take control of your pension!
No SIPP set-up, transfer-in or fund-dealing fees. Online share dealing at £11.95 per deal, or as low as £5.95 per deal for active traders with a low annual charge to hold shares of just 0.45% (capped at £200 per annum)
FREE research on popular investments
Free mobile app to deal shares, access prices, indices, news and research.
Voted Best SIPP Provider seven years running
Up to 45% tax relief on your contributions
A 25% tax-free lump sum. You can normally take up to a quarter of your SIPP without having to pay tax, after you’ve reached the age of 55
Thousands of funds to choose from; Select 50 – Browse a list of expert picks. Pathfinder – Risk profiled fund options. Investment Finder – Search 1000s of investment ideas.
Service Fee
Less than £25,000: 0.35% if you have a regular savings plan or £90 (£7.50 a month) if you don’t £25,000 or more but less than £250,000: 0.35% £250,000 or more but less than £1 million: 0.20% – and you will automatically qualify for Fidelity’s Wealth Management Service benefits £1 million+: 0.20% a year for the first £1 million and no service fee for investments over £1 million
Why we like it: The Fidelity SIPP offers low cost pricing with an extensive range of investment options with user friendly selection tools as well as planning calculators and retirement guidance. If you are transferring from an existing SIPP they will cover up to £500 of transfer out fees. Fidelity with over $300 billion of assets, are one of the largest money managers in the world. With investments, your capital is at risk.
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Expert guidance to help you invest your savings
24/7 access via online Account Management system
Great service – from UK-based phones team through to investment guidance on our website
A regular savings plan from as little as £20 per month
Award winning (Which? Recommended Provider 2023) – 3rd year in a row
A pension review can help you to get the most out of your retirement funds, and a pension review with an independent financial adviser can ensure that your expectations for your pension income are realistic.
A review will pick up on aspects such as whether your current pension contributions are sufficient, in line with your pension expectations, and whether your current pension investment choices are in line with your attitude to risk.
A regular pension review can also help ensure that you don’t have any unwanted surprises when it comes to your retirement.
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Important Risk Information:
This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
Different types of investment carry different levels of risk and may not be suitable for all investors. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.
* Details of how the Financial Services Compensation Scheme applies to investment firms can be found at fscs.org.uk.
