The best SIPPs in 2026: fees & features compared

Looking for the best SIPP in 2026 but not sure where to start? 

Whether you're laser-focused on fees, wide investment options, building through your limited company, picking your own shares or thinking ahead to retirement income, this guide breaks it all down.

We've separated the market into seven categories:

• Best low-cost SIPPs
• Best SIPPs for employer contributions
• Best SIPPs for company directors
• Best SIPPs for investment choice
• Best SIPPs for share buyers
• Best SIPPs for managed portfolios
• Best SIPPs for the retirement stage.

In each section, fees are front and centre. That's because, over decades, they're one of the biggest threats to your pension pot. 

But price alone doesn't make a good pension.

We've also considered investment range, contribution flexibility, usability, and how practical each platform is when it comes to actually accessing your money later on.

If you've no idea how SIPPs even work or whether you need one, start with our beginner's guide: Everything you need to know about SIPPs.

Best low-cost SIPPs

Platform	Account and trading fees (any balance)	Notes
1. InvestEngine	£0	ETF-only platform
2. Freetrade	£0	Fee-free SIPP available through Basic plan
3. Prosper	£0	Fund fee rebates on 30+ ETFs

None of our top SIPP picks charge any account or trading fees, so the only charge you'd face is the underlying fees of the funds you invest in, provided you're investing in mutual funds or ETFs.

You can even avoid these entirely with Prosper, who offer fund fee rebates on over 30 ETFs.

That said, fees aren't everything. Choosing a cheaper platform sometimes means less flexibility – especially in the ways you can contribute to your SIPP and withdraw your money.

1. InvestEngine

InvestEngine takes the top spot here because it's built for exactly one thing: low-cost, long-term investing. And for a pension, that's exactly what you want. The whole setup leans into the "set it, forget it, let it compound for 30 years" philosophy.

Key details

• ETF-only platform
• No account or trading fees
• A choice of 800+ funds
• Fractional investing available
• Option to automate investing through a Savings Plan.

InvestEngine only offers ETFs, which might feel limiting to some. But for many, that's a strength; no individual shares or speculative punts – just broad, diversified funds that keep you focused on the long game.

The platform itself is slick and intuitive, both on desktop and app. There's plenty of ETF information for beginners, and it's easy to build a portfolio and automate regular contributions, which is ideal if you're trying to make pension saving a regular habit.

The platform also supports fractional investing, meaning you could be able to invest with as little as £1.

That said, there are some drawbacks to consider.

At the moment, SIPP transfers are limited to Vanguard and Hargreaves Lansdown. If you're transferring from elsewhere, well… you can't, right now.

InvestEngine also doesn't support employer contributions or company director contributions.

That rules it out for many business owners and anyone wanting to pay in directly from a limited company – an area where providers like Hargreaves Lansdown, AJ Bell and Fidelity have the edge.

On top of that, InvestEngine's managed portfolios are temporarily unavailable while they "make improvements" – including their Retirement Portfolio Glidepath, which automatically reduces risk as you approach retirement. If you're looking for a hands-off, managed solution, that's something to bear in mind.

And finally, InvestEngine isn't fully set up for supporting drawdown – moving your pension into a designated flexible income pot and taking regular withdrawals while leaving the rest invested. Information published online suggests you would need to email them to arrange this.

Instead, you're limited to taking lump sums directly from the uncrystallised pension (UFPLS) until you choose to withdraw more, or transfer out to a provider that supports drawdown.

For loads more info, check out our tutorial on opening a SIPP with InvestEngine, making your first investment, or our full review, which delves more deeply into the platform's pros and cons.

2. Freetrade

Freetrade made some big changes to their pricing structure in early 2026 that made them seriously competitive as a low-cost SIPP provider. The shake-up also introduced free trading in mutual funds and gilts, meaning investors have some of the broadest investment options at the lowest costs.

Key details

• No account or trading fees on Basic (free) plan
• Choice of shares (6,000+), ETFs (400+), mutual funds (500+), bonds, gilts and investment trusts
• Earn interest on up to £1,000 of uninvested cash
• Fractional shares currently only available for US stocks
• Vanguard LifeStrategy funds available as “ready-made portfolios”
• FX fees of 0.99% on Basic plan.

Until recently, investors had to pay £9.99 a month to hold a Freetrade SIPP – a dealbreaker for smaller pots. Now, their SIPP is available on their free plan, meaning the only costs you'll encounter are underlying fund fees, provided you're investing in mutual funds or ETFs.

Add to that the ability to trade individual shares within the SIPP, and Freetrade becomes a strong option if you want real investment flexibility.

On the Basic free plan, non-GBP shares come with a chunky 0.99% FX fee – so frequent overseas trading can get expensive.

Still, simply having access to foreign ETFs and shares at all makes it more versatile than many low-cost rivals.

Another limitation to flag is that Freetrade only supports fractional investing for US shares. So unlike InvestEngine, with Freetrade you'll often need enough cash to buy whole UK shares or ETF units.

Freetrade highlights three mutual funds as "ready-made portfolio" options – selected Vanguard LifeStrategy funds spanning 20% equity (more conservative) through to 100% equity (adventurous). 

But, it actually offers the full Vanguard LifeStrategy range – plus Vanguard Target Retirement funds – in its mutual fund range, which are all managed options. 

Crucially, this works out significantly cheaper than investing in Vanguard funds with Vanguard themselves, who charge £4 per month on portfolios under £32,000 and 0.15% (capped at £375 per year) above that.

Over decades, that difference alone could add up to thousands.

That said, some of the same caveats that apply to InvestEngine apply here too. Freetrade doesn't currently support employer or director contributions, and it doesn't offer full drawdown. Instead, withdrawals are limited to uncrystallised funds pension lump sums (UFPLS).

You could, of course, transfer out to another provider before retirement if you want more sophisticated drawdown options. But for some investors, that extra step might feel like unnecessary hassle.

Free share worth £10-£100 with Freetrade

Claim a free share worth between £10-£100 when joining Freetrade. Minimum deposit £50. Terms apply. Affiliate link.

Get offer now _{Capital at risk when investing}

3. Prosper

Founded in 2021, Prosper is a pretty new – and somewhat overlooked – entrant to the UK pensions scene, but another solid option for investors seeking a combination of low costs and simplicity.

Key details

• No account or trading fees
• A smaller selection of 200+ funds, including ETFs, mutual funds and investment trusts
• Fractional investing available
• Managed investment option available
• Fund fee rebates on 30+ ETFs.

What makes Prosper unique – and cinches them a top spot – is the fund fee rebates they offer on a curated list of ETFs. In practice, that means it's possible to set up a pension with Prosper and pay no platform fees at all.

Prosper is also one of the only commission-free platforms to offer access to mutual funds within its SIPP, including the full Vanguard LifeStrategy range.

Two further major plus points are that Prosper allows both employer contributions and director contributions, making it a particularly strong choice for business owners and company directors looking to pay into a pension tax-efficiently.

Unusually, the platform also offers access to private markets for high-net-worth clients. 

These investments are typically higher risk and less liquid, and only available to those who meet wealth or experience thresholds – but they can offer additional diversification, and sometimes tax advantages, alongside a traditional portfolio.

Prosper also offers its own managed portfolio option, called the "Standard Fund". This is BlackRock's MyMap 6, which is a globally diversified, multi-asset fund that invests mostly in equities and automatically manages the asset allocation for you.

And of course, you could always opt for a Vanguard LifeStrategy fund through Prosper, which will also handle asset allocation for you but with much lower fees than Vanguard.

Unlike Freetrade, Prosper offers fractional ETF investing, meaning you can start investing for less than the cost of a whole share. 

One potential downside of Prosper is that – much like InvestEngine – you can't invest in individual shares, which will be disappointing to those who like a bit of active trading in their SIPP.

They also don't support non-GBP listed funds, which makes things simpler on one hand, but can be restrictive for investors who want a bit more choice. 

And just like Freetrade and InvestEngine, Prosper doesn’t currently offer pension drawdown – meaning you can't move your pension into a flexible income pot and take regular withdrawals while leaving the rest invested.

However, they do say they're working on adding this option, so if your retirement is a few decades away yet, you might be in luck. 

Prosper's fund range is more limited compared to some, too – currently, they only offer a selection of just under 200. Enough for some, but hundreds fewer than other providers.

Best SIPPs for employer contributions

Platform	Once-monthly direct debit ETF investment, £10k pot	Once-monthly direct debit ETF investment, £300k pot	Once-monthly direct debit mutual fund investment, £10k pot	Once-monthly direct debit mutual fund investment, £300k pot
1. Fidelity	£53 (0.35% account fee, £1.50 monthly trading fee)	£108 (£90 capped fee, £1.50 monthly trading fee)	£43 (0.35% account fee, no trading fees apply)	£900 (0.20%, no trading fees apply)
2. Prosper	£0	£0	£0	£0

Legally, your employer has to contribute to your pension each month if you're over 22 and earning more than £10,000 per year. You can ask your employer to contribute to a SIPP instead, though – and if you're lucky, they might agree. 

It's not as easy as a workplace pension payroll feed, and there tends to be a bit more admin on the employer side, which is why many workplaces don't offer this option as standard. 

Your employer will generally contribute from your gross pay, which means tax isn't deducted first. A huge benefit of this is that if you're a higher or additional rate taxpayer, you won't need to claim the extra tax relief back. 

However, not all SIPPs accept employer contributions, as many of those that do are hefty on the fees. Our top picks allow this functionality while keeping fees to a minimum.

1. Fidelity

Fidelity has been offering pensions since man first walked on the moon in 1969. Today, with close to £500bn in assets under administration globally, they're a heavyweight in the UK pensions market – and, helpfully, a familiar name to employers and payroll teams alike.

Key details

• Employers can make one-off or regular contributions to your SIPP
• Managed portfolio options available alongside DIY, plus pension navigator to help you pick a fund
• 0.35% account fees on balances up to £25,000 if you have a regular savings plan, or £7.50 per month if you don't
• 0.35% fee from £25,000 to £250,000
• 0.2% fee on £250,000 to £1 million
• £7.50 dealing fee, reduced to £1.50 with regular savings plan.

As Fidelity runs large workplace pension schemes alongside its retail SIPP, it's well established in the pensions world – and that shows when it comes to employer contributions.

You complete a few steps in your online account, your employer fills in an employer contribution form, and payments are then made directly into your SIPP. There's still some paperwork involved, which is fairly standard when an employer is paying into a personal SIPP rather than a workplace scheme, but the process is clearly designed with payroll teams in mind.

You can also choose whether contributions are one-off or regular, and there's flexibility around payment dates, which is helpful if your employer doesn’t want to be locked into a single fixed monthly date.

Once you're all set up, you can manage your investments as normal. You'll find the full range of assets – mutual funds, ETFs, investment trusts and shares – though you can only trade UK shares inside their SIPP. 

Fidelity offers their "Retirement Builder" fund as their primary managed option. This is a medium-risk fund with approximately 60% equities, with the remainder held in bonds and cash. 

You can also use their Navigator tool, select whether you'd like to focus on growth or income, choose your risk level, and they'll recommend one of their own funds to suit your preferences. Just be aware that these are simply mutual funds that you could potentially invest in for cheaper elsewhere. 

Compared to Prosper, our other top choice in this category, Fidelity is also much heavier on the fees. While there's a £90 fee cap for shares and ETFs, there's no set cap for mutual funds, meaning your fees could easily creep into the hundreds for large balances.

2. Prosper

Prosper once again grabs a top spot here, as it's the only fee-free platform to allow employer contributions. Just keep in mind the more limited fund range and flexibility when it comes to retirement income.

Key details

• Employers can make one-off or regular contributions
• Regular contributions must be made on the 1st of each month
• No account or trading fees
• Managed and self-managed investment options
• Choice of ETFs, mutual funds and investment trusts
• Fund rebates available on 30+ ETFs.

For a newer, low-cost platform, offering employer contributions is a big tick – and alongside its fee structure and investment range, it makes Prosper a tempting prospect for anyone wanting tax-efficient pension growth from their salary without legacy-platform costs.

As is pretty standard, your employer will need to complete an Employer Contribution Agreement Form, and they'll also need to provide a bank statement. Contributions can be one-off or regular, but regular contributions will need to be made on the 1st of each month, which limits flexibility a little compared to Fidelity.

Once again, a few things to bear in mind with Prosper: it's a name employers and payroll teams will be much less familiar with which could add some friction, their fund selection is much more limited, and drawdown is unavailable (for now).

SIPP offers

You may lose money when investing.

Get up to £500 in free US shares with IG

Get a free US share bundle worth between £50-£500 when you open a new IG account, use the code FS500, and invest at least £500 before the 30th April 2026. Terms apply. Affiliate link.

Expiry date: 30/04/2026

Get offer now _{Capital at risk when investing}

Free share worth £10-£100 with Freetrade

Claim a free share worth between £10-£100 when joining Freetrade. Minimum deposit £50. Terms apply. Affiliate link.

Get offer now _{Capital at risk when investing}

Up to £5,000 cashback when you transfer to IG

Get 1% cashback up to £5,000 when you transfer to IG using the code TRANSFER5K, make an investment, and hold it until 31st May 2027. Terms apply. Affiliate link.

Expiry date: 31/05/2026

Get offer now _{Capital at risk when investing}

Get up to £3,000 cashback with Interactive Investor

Get £100 to £3,000 cashback with an Interactive Investor ISA, SIPP or Trading Account. Terms and fees apply. Affiliate link.

Expiry date: 01/05/2026

Get offer now _{Capital at risk when investing}

Best SIPPs for company directors

Platform	Once-monthly direct debit ETF investment, £10k pot	Once-monthly direct debit ETF investment, £300k pot	Once-monthly direct debit mutual fund investment, £10k pot	Once-monthly direct debit mutual fund investment, £300k pot
1. Fidelity	£53 (0.35% account fee, £1.50 monthly trading fee)	£108 (£90 capped fee, £1.50 monthly trading fee)	£43 (0.35% account fee, no trading fees apply)	£900 (0.20%, no trading fees apply)
2. Prosper	£0	£0	£0	£0
3. Vanguard	£48 (£4/monthly account fee)	£375 (capped 0.15% account fee)	£48 (£4/monthly account fee)	£375 (capped 0.15% account fee)

If you run a limited company, paying into your pension through the business is often one of the most tax-efficient moves you can make.

Instead of paying yourself dividends (and losing a chunk to income tax), your company can contribute directly to your SIPP as an employer contribution. The money goes in gross, there's no income tax or National Insurance to worry about, and the company can usually deduct it as a business expense, potentially reducing its corporation tax bill.

Technically, there's no legal distinction between employer contributions and director contributions, yet not all SIPP providers will offer both. 

This is because SIPPs vary in how they implement the employer contribution process. Some have straight, payroll-friendly workflows tailored to regular third-party employers, while others struggle with ad-hoc or company-driven payments that directors tend to make.

AJ Bell, Hargreaves Lansdown, Interactive Investor and plenty more besides offer this functionality – but the options below are the most reasonably-priced options for most investors.

1. Fidelity

Taking the top spot once again, Fidelity ticks most of the boxes that company directors would want: it's relatively light on fees, has a great fund choice, makes the process easy, and offers drawdown when you're ready to start taking an income.

Key details

• Contributions can be made as one-off or regular payments 
• Setup requires the employer contribution form to be completed by the company
• Payment dates for regular contributions are flexible.

Company payments into a Fidelity SIPP are treated as employer contributions, so the same process applies – complete the steps in your online account, fill in the form, and away you go. 

And once again, business owners benefit from a smooth process, flexibility over payment dates, and a large fund choice. 

Fidelity also offers the option to invest as a business, which is be useful if you'd like to keep both your company's investments and your SIPP on the same platform.

And although Fidelity isn't the cheapest SIPP out there, it's more reasonable for most than other options that allow director contributions, especially if you're sticking to ETF investing – on both medium (£100k) and large (£500k) share or ETF pots, you'd pay less than you would with either AJ Bell or Hargreaves Lansdown.

2. Prosper

Prosper is unique as a fee-free investment platform that also allows director contributions. But while it might be the cheapest option by far, as a smaller provider, the process is likely to be a little less streamlined.

Key details

• Setup requires completing an employer contribution agreement form
• One-off and irregular contributions allowed 
• Regular contributions must be made on the 1st of each month.

Contributions as a company director with Prosper follow the same process we outlined above for emplyer contributions.

You're restricted to making payments on the 1st of each month – which again, could be limiting if your company's cash flow doesn’t neatly align with that schedule.

There's also no in-platform drawdown option yet, so while Prosper is excellent for building your pot tax-efficiently, you may eventually need to transfer out when it comes to retirement income. The more limited fund range is also something to bear in mind.

In short, if your priority is minimising fees while your pension grows, Prosper is incredibly compelling. If you want maximum flexibility and retirement-stage functionality from day one, Fidelity may justify the higher cost.

3. Vanguard

Vanguard is another solid option for company directors, and one that allows drawdown and has great customer support features. However, their investment range is more limited than Fidelity's, and you won't have the option to set up regular direct debit payments. 

Key details

• Payments must be made one-off with a business account debit card – regular direct debits are not accepted
• Requires a minimum contribution of £500
• Shareholders controlling 25% of the company or more are required to sign a declaration.

Unlike the other options on our list, Vanguard isn't set up to allow employer contributions, and this makes the process for contributing as a company director a bit different – and less flexible – as only ad-hoc contributions are allowed.

That said, if you're happy contributing this way, Vanguard can be a more cost-effective option than Fidelity, depending on how much you have invested and what you’re investing in. Vanguard doesn’t have a separate charge for ETFs and mutual funds, and instead just charges £4 per month for balances under £32,000, and 0.15% for balances over that, capped at £375. 

This means they can actually be much more cost-effective for investors with large mutual fund balances, for example, compared to providers with no cap. 

We'll also give Interactive Investor a well-deserved honourable mention here too, who also allow both employer and director contributions and can be relatively light on fees.

They're arguably just as decent an option as Fidelity, depending on how you invest: their flat-fee structure makes them pricey for smaller pots, but equally, they can be much cheaper for large mutual fund balances, as the most you'll pay is £179.88 per year.

Best SIPPs for investment choice

Platform	Once-monthly direct debit ETF investment, 10k pot	Once-monthly direct debit ETF investment, 100k pot	Once-monthly direct debit ETF investment, 500k pot
1. Freetrade	£0	£0	£0
2. AJ Bell	£43 (0.25% account fee, £1.50 monthly trading fee)	£138 (£120 capped fee, £1.50 monthly trading fee)	£138 (£120 capped fee, £1.50 monthly trading fee)
3. Interactive Investor	£71.88 (£5.99 per month Core plan)	£179.88 (£5.99 per month Core plan)	£179.88 (£14.99 per month Plus plan)

Sometimes ETFs just aren't enough. If you're looking for a platform that gives you a bit more choice over how you invest, our top three picks offer the widest choice at the lowest costs. 

Freetrade is the best pick for investors looking to keep fees low, but AJ Bell and Interactive Investor have the edge when it comes to additional features, as both support employer contributions, director contributions, and drawdown.

1. Freetrade

With no account or trading fees on its Basic plan and access to a full investing menu, Freetrade is hard to beat if you're looking for maximum investment choice at minimal cost.

Key details

• No account or trading fees
• Option to invest in mutual funds, shares, ETFs, bonds, gilts and investment trusts
• Earn interest on up to £1,000 of uninvested cash
• Fractional shares currently only available for US stocks
• Vanguard LifeStrategy funds available as "ready-made portfolios".

Freetrade offers 6,000+ shares, over 400 ETFs, more than 500 mutual funds, and a strong range of bonds, gilts and investment trusts.

Investments are broken down into helpful categories on the platform, like income-generating funds, most bought stocks, requested stocks, most popular mutual funds, and more. You can also browse by region, theme and sector.

Plus, if you're looking for managed options, you could opt for Freetrade's "ready made portfolios" – three Vanguard LifeStrategy funds of varying risk levels, or opt for another managed fund from their mutual fund lineup. 

This range of options is particularly valuable for investors with a larger portfolio, or those who just value a bit more diversification than a global index fund can offer. 

That said, there are still the same limitations to be aware of. Employer and director contributions aren't supported, fractional investing only applies to US shares, and there's no full drawdown facility – so while investment choice is strong, retirement flexibility is more limited.

2. AJ Bell

Around for over three decades and counting and with well over half a million customers, AJ Bell is one of the UK's most established brokers. Although a little pricier than fee-free options, you'll find a vast investment range, as well as full customer support and sophisticated contribution and withdrawal options.

Key details

• Offers the full range of mutual funds, shares, ETFs, investment trusts, bonds and gilts
• Selection of managed funds available to suit different risk levels, from cautious to growth, along with a "Pension Builder" fund option
• Account fees for shares and ETFs are 0.25% (capped at £10 per month)
• Account fees for mutual funds are 0.25% on funds up to £250,000, then 0.10% up to £500,000 
• Dealing fees on shares and ETFs are £5, reduced to £3.50 if you made 10 or more deals in the previous month or reduced to £1.50 with regular monthly investing
• £1.50 dealing fees on funds.

Just like Freetrade, AJ Bell offers the full investment menu, offering over 4,000 funds in total across a broad range of sectors and asset classes, along with investment trusts, bonds and gilts.

If you're looking for a managed option, you'll also have plenty of choice. You can pick whether you want your fund to be income or growth focused, and choose from a recommended line-up of funds of varying risk levels managed by AJ Bell:

They also offer a "Pension Builder" fund for those looking to build a SIPP but unsure where to start. This is the "Balanced" fund from their growth range shown above, which holds around 60% equities.

When it comes to selecting your investments, the process is pretty sophisticated – though perhaps not quite as fun as with many newer, app-based platforms.

You can screen funds by sector, provider, management style and more, plus use a selection of advanced filters to narrow down by performance, Morningstar rating, region, and more.

Shares can be filtered by market cap, exchange, P/E ratio, and other key information.

Director and employer contributions are supported, making it an option for employees and company directors. Drawdown is also available, alongside the option to take lump sums.

One big drawback is that AJ Bell doesn't support fractional shares, which means you'll need enough cash to purchase at least one whole share – and could be left with some sitting idle. 

Finally, this is a broker that can be pricey, depending on how you invest – there's no set cap on mutual fund balances, meaning you could end up paying hundreds in fees on large portfolios.

However, for ETFs and shares, the most you'll pay is £120 per year (excluding trading fees) due to the £10 monthly cap.

3. Interactive Investor

With over £85 billion in assets under management and over half a million customers, Interactive Investor is perhaps the UK's largest flat-fee platform.

You'll find the full range of asset types plus managed options, and they also support employer contributions and drawdown.

Key details

• £5.99 per month account fee on Core plan for balances under £100,000
• £14.99 per month account fee on Plus plan for balances over £100,000
• Option to upgrade to £39.99 Premium plan for lower FX rates, unlimited free family accounts and free fund trades
• Regular monthly investing is free for all plans
• Investors have the option to complete a questionnaire and be assigned a managed portfolio matched to their risk tolerance
• Offers the full range of mutual funds, shares, ETFs, investment trusts, bonds and gilts.

Since shaking up its fee structure in early 2026, Interactive Investor no longer requires investors to pay separate fees depending on which account types they use. Instead, you pay a flat monthly fee depending on whether you hold more or less than £100,000.

Although nowhere near as cheap as Freetrade, this does mean that in some circumstances, they're more competitive than AJ Bell.

Due to their flat fee structure, the most you'll ever have to pay is £179.88 – huge savings if you're opting for mutual funds, for which AJ Bell has no set cap:

Platform	£10k mutual fund balance	£100k mutual fund balance	£500k mutual fund balance
AJ Bell	£43	£268	£893
Interactive Investor	£71.88	£71.99	£179.88

However, that flat fee structure does make them pricier for smaller balances – on a £10,000 balance, the £5.99 per month fee equates to a 0.71% platform fee. 

However, unlike AJ Bell, with Interactive Investor, you can avoid trading fees entirely through regular monthly investing.

Just like our other finalists in this category, ii offers the full range of asset types, and one of the largest selections on the market, with over 40,000 UK and global stocks, funds, ETFs and more.

For less confident investors, managed portfolio options are also available. After answering a short questionnaire, you'll be assigned a fund from a choice of 10 that corresponds with your investing goals, timeline and risk tolerance.

Finally, Interactive Investor has more flexibility than some cheaper providers when it comes to paying into your SIPP and withdrawing your money at the end – director and employer contributions are supported, along with drawdown. 

Best SIPPs for share buyers

Platform	£10k shares balance	£100k shares balance	£300k shares balance
1. Freetrade	£0	£0	£0
2. AJ Bell	£25	£120	£120

If you like your pension with a side of excitement, you might be looking for a SIPP that lets you trade shares. However, with some providers charging a fee per trade, that can soon get pricey.

Our two top picks offer the most extensive options for share traders with the most reasonable fees.

1. Freetrade

Freetrade is currently the only fee-free platform on the market that offers share trading inside their SIPP, so it's safe to say you won't find cheaper. For active investors who want to pick their own stocks without paying per trade, that's a big deal.

Key details

• No account or trading fees with Basic plan
• Access to around 6,000 global stocks
• Extended trading hours on selected US stocks
• Fractional shares currently only available for US stocks
• 0.99% FX fee on non-GBP listed shares.

Alongside its range of mutual funds, ETFs, investment trusts and bonds, Freetrade offers a healthy selection of close to 6,000 global stocks. 

These are neatly arranged within their desktop and mobile app by sectors, themes, and popularity. The trading process is pretty smooth, too – though you won't always see live pricing, as some are updated every five minutes, and some every 15 minutes.

Although Freetrade doesn't charge a fee for buying or selling shares, if you hold their Basic plan and you invest in non-GBP shares, you'll have to contend with a 0.99% FX fee, which could add up if you're a very active trader. 

Crucially, Freetrade currently only offers fractional investing for US stocks. This could be annoying to some, as you'll always have to have enough cash to purchase a whole share.

And once again, withdrawal options are more limited with Freetrade, and limited to lump sum payments instead of flexible drawdown options.

2. AJ Bell

AJ Bell is a more expensive option for share buyers on a per-trade basis, but some investors may prefer it for its long-established reputation, strong customer support and more sophisticated retirement and drawdown functionality.

Trading fees can also be reduced if you invest regularly or deal frequently, which helps soften the blow for more active investors.

Key details

• 0.25% account fee on share and ETF balances, capped at £10 per month
• Share dealing fee of £5, reduced to £3.50 if you had 10 or more share deals in the previous month 
• Reduced share dealing fee of £1.50 when you commit to regular investing with a minimum of £25 per month
• Thousands of shares to choose from across UK and international markets 
• Tiered FX fee structure of 0.75% on the first £10,000, 0.50% on the next £10,000, and 0.25% on value over £20,000
• No fractional investing available.

If you'd prefer a more traditional broker, AJ Bell is one of the more competitively priced options – particularly for regular share traders. Their 0.25% platform fee on shares and ETFs is capped at £10 per month, meaning you'll pay no more than £120 per year on those holdings (plus dealing fees).

You can also cut trading costs by using their regular investment service, which reduces dealing fees to £1.50 per trade, making it far more cost-effective for those investing monthly rather than placing ad-hoc trades. 

Alternatively, if you're trading more than 10 times per month, fees are reduced to £3.50 per trade in the following month:

Scenario	Freetrade	AJ Bell (standard £5 trading fee)	AJ Bell (frequent trader £3.50 fee)
1 x £500 trade	£0	£5	£3.50
5 x £500 trades	£0	£25	£17.50
10 x £500 trades	£0	£50	£35
20 x £500 trades	£0	£100	£70

Their FX fees are slightly more competitive than Freetrade, too, beginning at 0.75 and reducing to 0.25% for values over £20,000:

Trade size	Freetrade 0.99% FX	AJ Bell tiered FX
£500	£4.95	£3.75
£1,000	£9.90	£7.50
£5,000	£49.50	£37.50
£10,000	£99	£75
£20,000	£198	£125
£30,000	£297	£175

Just be aware that fractional investing isn't available with AJ Bell, which means you'll always have to have enough cash to buy whole shares. 

Investors will also benefit from the full suite of retirement withdrawal options, with plenty of phone and online support.

All platforms listed on this page are regulated by the Financial Conduct Authority (FCA) and qualify for FSCS protection.

Best SIPPs for managed portfolios

Platform	£10k managed portfolio	£100k managed portfolio	£500k managed portfolio
1. Freetrade	£0	£0	£0
2. AJ Bell Dodl	£15 (0.15% account fee)	£150 (0.15% account fee)	£750 (0.15% account fee)

If you'd rather not think about asset allocation at all and would prefer an expert to take the reins, a managed portfolio within your SIPP could be the way to go. The catch, of course, is that professional management often comes with a higher price tag.

Our two top picks for managed SIPP portfolios keep things as simple – and as cost-effective – as possible.

1. Freetrade

Freetrade keeps things fairly straightforward when it comes to managed portfolio options. It's still a DIY experience – nothing is selected for you automatically, so you'll need to choose a fund that matches your risk tolerance, goals and time horizon.

However, its fee-free structure means it's one of the cheapest ways to hold a diversified, ready-made fund inside a SIPP.

Key details

• No account or trading fees
• Offers three "ready-made" portfolio options: Vanguard LifeStrategy funds ranging from conservative to adventurous
• Investors can also choose Vanguard LifeStrategy or Target Retirement Funds from Freetrade's mutual fund range
• With any of these options, the only fee investors will pay is the underlying fund fee, provided you're using Freetrade's Basic (free) plan.

Freetrade has selected three Vanguard fund options to offer as specific "ready-made portfolio" options: LifeStrategy 20% (20% equities), LifeStrategy 60% (60% equities), and LifeStrategy 100% (100% equities). 

This means they're provided by Freetrade, but designed and managed by Vanguard. And as we've already noted, this is a great way to get exposure to Vanguard funds much cheaper than you would with Vanguard themselves, where you could pay fees of up to £375 per year.

There are other managed options available with Freetrade too, though.

The full Vanguard LifeStrategy range is available within their mutual fund selection, along with Vanguard Target Retirement funds, which automatically de-risk as your retirement date approaches. You'd just select the fund with the date that matches the year in which you'll retire – for example, "Vanguard Target Retirement 2050 fund". 

Freetrade also has a default SIPP fund: the Vanguard FTSE All-World ETF (VWRP). It's not a managed portfolio, but as a global index fund it offers broad diversification. 

That said, as an ETF it's 100% equities – so while it's simple and diversified, it won't suit investors looking for a more balanced risk profile.

Check out our stocks & shares ISA rankings for 2026 👀

2. AJ Bell Dodl

AJ Bell Dodl is a user-friendly, low-cost app designed by AJ Bell specifically for beginner and less confident investors. As a fully managed service, though, it's still pricier than some.

Key details

• 0.15% account fee on the value of your investments, paid monthly as a minimum £1 per month charge
• Set of six funds "growth" funds to choose from, ranging from "cautious" to "global growth" 
• AJ Bell's Pension Builder fund is also available, along with an ESG-screened fund
• Option to invest in a small selection of shares with no trading fees.

Another good option for those looking for a hands-off service, Dodl is designed with less confident investors in mind. The platform's approach is refreshingly simple, with everything explained in plain English – even down to the individual shares on offer. 

All options are DIY, meaning there's no "robo advisor" style questionnaire – you'll need to decide your risk tolerance and choose a corresponding fund:

The 0.15% account fee means it's very competitive as a managed option, though it does mean you won't benefit from a fee reduction as your pot grows, as you might with other platforms. 

While 0.15% might not sound like a lot, on a £500,000 portfolio, you'd be shelling out £750 – hardly small change.

One criticism is that it's not easy for investors to figure out their equity exposure, and therefore make an informed decision about whether the risk level is right for them. 

Funds are given a "risk" rating, but nowhere are potential investors told what equity level this corresponds to without hopping off the platform and digging up the information for themselves. 

And even their "adventurous" fund isn't as adventurous as some younger investors might like, holding around 10% in non-equity assets.

The Pension Builder fund is the "balanced" option from AJ Bell’s "growth" range, which holds around 60% equities – which some might again find limiting. 

There's also a limited share-trading option, with a small selection of GBP-listed stocks available. You'll need at least £100 to invest, and fractional shares aren't supported.

We've built a tool to help you easily compare SIPP providers at a glance. Use the toggles to see which providers allow features like employer contributions and drawdowns, and quickly compare fees based on small, medium and large ETF balances.

Best SIPPs for retirement stage

Platform	Once-monthly direct debit ETF investment, 10k pot	Once-monthly direct debit ETF investment, 300k pot	Once-monthly direct debit mutual fund investment, 10k pot	Once-monthly direct debit mutual fund investment, 300k pot
1. Fidelity	£53 (0.35% account fee, £1.50 monthly trading fee)	£108 (£90 capped fee, £1.50 monthly trading fee)	£43 (0.35% account fee, no trading fees apply)	£900 (0.20%, no trading fees apply)
2. AJ Bell	£43 (0.25% account fee, £1.50 monthly trading fee)	£138 (£120 capped fee, £1.50 monthly trading fee)	£43 (0.25% account fee, £1.50 monthly trading fee)	£693 (0.10% account fee on £250k+, £1.50 monthly trading fee)
3. Interactive Investor	£71.88 (£5.99 per month Core plan)	£179.88 (£14.99 per month Plus plan)	£71.88 (£5.99 per month Core plan)	£179.88 (£14.99 per month Plus plan)

Many of the SIPPs we've looked at so far are ultra low-cost – but cheaper platforms can be far more limited when it comes to actually taking your money out in retirement.

You might want flexible drawdown. You might prefer to take lump sums. You might decide an annuity is right for you. Or you might not be sure yet, and simply want a provider with proper retirement functionality and support when the time comes.

Our top SIPP picks for the retirement stage combine reasonable fees with robust withdrawal options, flexible drawdown and the infrastructure to support you once you move from building your pot to spending it.

1. Fidelity

As one of the largest pension providers in the UK, it's no surprise that Fidelity offers a wide range of options and support when it finally comes time to relax and enjoy the fruits of your labour.

Key details

• Fee-fee drawdown supported, meaning your money can stay invested while you receive an income from it
• Uncrystallised funds pension lump sums (UFPLS) are also supported, allowing you to take one-off lump sums directly from your pension 
• Lots of retirement guidance provided online
• The option to receive general retirement guidance for free, or personalised advice for a fee
• Investors receive a free retirement pack, detailing their current pension value and their retirement options.

With Fidelity, you'll have the option to arrange your retirement income in a way that suits you – whether that's taking your 25% tax-free lump sum upfront and moving into flexible drawdown or withdrawing ad-hoc lump sums as needed. They have a handy drawdown calculator to help you figure out how long your retirement income might last.

There's also the option to purchase an annuity, as you could with any SIPP. This is something you'd arrange separately through an insurer, but Fidelity does provide plenty of online guidance to help. 

You'll receive a retirement pack you'll receive through the post, which lays out your options for retirement. Conveniently, you can also receive paid-for financial advice directly through Fidelity, or non-personalised guidance for free. 

Although Fidelity isn't the cheapest option for the accumulation stage of life, it is one of the more reasonably priced of the more traditional brokers – cheaper than AJ Bell for most medium and large pots, and cheaper than Hargreaves Lansdown in almost all circumstances. 

All in all, it's a solid option for investors who are happy to pay a little more for the extra support and flexibility, and don’t want the hassle of transferring a pension from a cheaper provider before they retire.

2. AJ Bell

As another UK investing heavyweight, AJ Bell makes withdrawing from your SIPP every bit as simple as you'd expect, with the full range of withdrawal options and plenty of support along the way.

• Fee-fee drawdown supported, so your money can stay invested while you receive an income 
• Uncrystallised funds pension lump sums (UFPLS) are also supported, allowing you to take one-off lump sums directly from your pension 
• Online retirement hub with lots of information and guidance, including video explainers
• No advice service is available, but AJ Bell's Touch app allows investors to easily receive, review and approve actions from their own financial advisers.

Just like Fidelity, AJ Bells offers the whole suite of options, from flexible drawdown to receiving tax-free lump sums.

You could also purchase an annuity, the process of which is described in detail in their guide to accessing your pension – a useful PDF which details everything from where to go for more support, to the finer details of accessing your SIPP you might’ve forgotten about. 

And again, there's plenty of other support available – their dedicated online retirement hub is likely to answer any questions you might have, and you can speak to a real person over the phone whenever you need to. 

For those choosing between AJ Bell and Fidelity, it'll likely come down to fees. Which provider is cheaper for you will depend on how you’re investing, and how much you have in your pot. 

AJ Bell charges an unavoidable £1.50 per trade for regular investing, whereas Fidelity doesn't charge a fee at all for mutual fund trades. 

This means if you're investing in mutual funds and your balance is below around £18,000, Fidelity can actually be cheaper despite AJ Bell’s lower headline platform charge. 

Fidelity can also work out cheaper for larger pots, too. Once your SIPP pot grows beyond £250,000 and up to £390,000, Fidelity's slashed platform fee on the entire balance can also make them the cheaper option. 

You'd also be better off with Fidelity on pots over £1 million, as you wouldn’t pay any account fees at all at that point.

3. Interactive Investor

Along with a simple, flat-fee structure that takes all the guesswork out of how much you'll actually be paying, Interactive Investor will also take good care of you and your money when the time comes.

Key details

• Fee-fee drawdown supported, meaning your money can stay invested while you receive an income from it
• Uncrystallised funds pension lump sums (UFPLS) are also supported, allowing you to take one-off lump sums directly from your pension 
• Range of online retirement planning tools, along with plenty of guides and resources
• Option to receive ongoing financial advice for a flat monthly fee.

Interactive Investor is another provider fully set-up to help you make the most of your retirement income, with the full range of options available through their platform.

If you opt for drawdown, ii also helpfully offers four "Investment Pathway" options for how your remaining funds will be invested, depending on your long-term objectives. 

For example, money market funds are selected if you're planning on taking out all your money soon, while Vanguard LifeStrategy 60% is selected for investors who plan to leave their money untouched for at least five years:

Whichever option you pick, ii has a tonne of guidance available to help you feel more confident, including in-depth, step-by-step guides. And for those with a substantial pot, their flat-fee financial advice feature means you can access your services all in one place, and potentially make a hefty saving, too.

Whether Interactive Investor is a cheaper option for you will – once again – depend on how much you have invested, and what you're investing in.

If you have a large mutual fund pot, their Plus plan is well worth it – you could save hundreds compared to providers like AJ Bell and Fidelity who charge a percentage-based fee with no set cap.

Using an auto-enrolled work-based pension?

The fund you're contributing to might not be right for you

Send the info