How to pick a SIPP

A self-invested personal pension (SIPP) is your own private retirement pot. Typically independent of your workplace pension, it can be easier to keep track of and is often called a ‘pot for life’. But that doesn’t mean you should be stuck with the same provider forever. Whether you’re looking for your first SIPP or a new home for your current retirement savings, it’s a good idea to compare providers to get the best deal in 2026.

Opening a SIPP can pay dividends in later life, providing a welcome private pension boost on top of your state pension entitlement, as well as any workplace pension and life savings.

Picking a SIPP account with the lowest costs is a good place to begin. The fees you pay for your SIPP could eat into your retirement pot. But beware providers often charge different fees for different services. The most cost-effective provider can depend on the size of your pension pot and often, the cheapest deals are often reserved for those with bigger pots.

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Jo Groves, investment specialist at research firm Kepler Partners, said: “The number of SIPPs has surged sixfold over the last decade, recently passing the milestone of six million holders, as people take control of their retirement and tax planning.

“Choosing the best SIPP provider can make a significant difference to individual retirement savings, particularly in terms of maximising the value of your portfolio and minimising fees. Over the long term, even small differences in fees can reduce the value of a portfolio by hundreds of thousands of pounds.”

For example, a £100,000 portfolio growing at 10% a year for 30 years could be worth £200,000 less with a 0.45% annual platform fee versus no fee, according to Kepler’s calculations. Double the starting lump sum to £200,000 and the lost value climbs to £400,000.

“It’s worth carefully weighing up the pros and cons of different pension providers to find the best option to meet your needs,” Groves added.

Customer service can also vary a lot, meaning many pension savers will be looking for value for money: good customer service plus competitive fees., which we’ll also highlight later in this article.

Comparing SIPPs: the top SIPPs for low fees

Broadly speaking, SIPP charges during the accumulation phase (when you're building up the pension fund) fall into three categories. You need to consider the administration charge that the provider charges for the plan itself; dealing fees incurred when you buy and sell various investments; and the charges on the underlying funds in your SIPP.

Research from Kepler Trust Intelligence puts Freetrade at the top of the cheapest SIPP provider list in terms of all fees for portfolios worth between £20,000 and £250,000.

Freetrade also has a 4.3-star rating on Trustpilot and offers customer support via email and in-app chat, alongside a solid selection of educational guides and market insights. “Overall, Freetrade is an excellent choice for cost-conscious SIPP investors, particularly investors wanting shares above a wide range of funds,” said Groves.

The next cheapest for smaller portfolios, up to £20,000, is AJ Bell. The cheapest for larger portfolios, up to £250,000, is Interactive Investor.

The below table summarises Kepler’s indicative fee calculations by provider.

^{Source: Kepler Trust Intelligence}

Comparing SIPP: the top SIPPs for customer service

Despite being edged into second place on price (for smaller portfolios), AJ Bell is ranked highest among SIPP providers for customer service. AJ Bell holds the highest Trustpilot rating of 4.9 of any of the SIPP platforms tested, and provides customer support via phone and live chat, alongside extensive research, webinars and podcasts, Groves pointed out.

In terms of fees, AJ Bell has one of the lowest platform fees amongst the mainstream providers both by percentage and tier value, being 0.25% on the first £250,000, 0.1% on the next £250,000 and no fee over £500,000, as well as a competitive trading fee.

“Overall, AJ Bell may appeal to customers looking for a high level of customer service, as well as competitive fees and a broad investment range,” Groves said.

Comparing SIPP: the best overall SIPP

Overall, Interactive Investor took top honours in the Kepler rankings due to its competitive fee structure, broad choice of investments and strong customer support. “The SIPP platform offers customer support via phone and messaging and provides an excellent range of educational content and market analysis. It has a mid-table 4.5-star rating on Trustpilot,” Groves said.

Interactive Investor is one of the few platforms with a flat (rather than percentage-based) platform fee, as well as one of the lowest trading fees amongst the mainstream providers which may appeal to more frequent traders.

“Overall, Interactive Investor is an excellent all-rounder with a wide range of investment options and is a particularly cost-effective option for investors with high-value portfolios,” Groves added.

Source: Kepler Trust Intelligence

How much can I contribute to a SIPP?

Like any pension, SIPPs carry financial benefits in the form of tax relief on your contributions.

These take the form of a 25% government top-up on any contributions you make, provided that these don’t exceed £60,000 (including employer contributions) or 100% of your earnings each tax year.

Note that if you earn more than £260,000, including bonuses and employer pension contributions, your pension allowance will taper down by £1 for every £2 of adjusted income.

This means the highest earners are left with an annual pension allowance of just £10,000.

Craig Rickman, pension expert at Interactive Investor, points out that if you pay higher rates of tax, you might be able to claim an extra 20% or 25% of the total contribution (your payments plus the government top-up) via self-assessment – “helping to trim your annual tax bill and put more money towards your future”.

Here’s a breakdown of the tax benefits available:

^{Source: Bestinvest}

For more on SIPPs, read our guide on How to build your own ‘pot for life’ pension with a SIPP and Saving for retirement: ISAs vs. SIPPs.