Best pension drawdown providers 2025

There is an annual Sipp admin fee of £75.

Advance’s Retirement Account charges a percentage fee, which varies according to the value of your pot:

• First £100,000: 0.35%
• Next £150,000: 0.30%
• Next £250,000: 0.25%
• £500,000+: 0.10%

Aegon charges a £75 annual admin fee, whether you take regular or ad hoc payments.

You’ll also be charged a percentage fee, depending on the value of your pot.

Each percentage fee applies to different amounts held in the pension, rather than a single percentage fee applied to your entire pension:

• First £29,999.99: 0.60%
• Next £20,000 (£30,000 to £49,999.99): 0.55%
• Next £50,000 (£50,000 to £99,999.99): 0.50%
• Next £150,000 (£100,000 to £249,999.99): 0.45%
• £250,000 and over: 0%

AJ Bell’s Sipp charges a percentage fee in tiers.

It works a bit like income tax bands – each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:

• First £0 – £250,000: 0.25%
• Next £250,000-£500,00: 0.1%
• Value over £500,000: No charge

There are no charges for drawdown set-up or withdrawals.

Aviva’s product charges a percentage fee in tiers.

It works a bit like income tax bands – each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:

• Up to and including £500,000: 0.35%
• Over £500,000: No charge

There is an annual admin fee of £150 (levied by AJ Bell) and a drawdown set-up fee of £75.

Barclay Smart Investor’s Sipp also charges an annual percentage fee of 0.25% on investments up to £200,000 and 0.05% on investments above £200,000.

Bestinvest’s Sipp charges an annual percentage fee, which varies according to the value of your pot.

Each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:

• Up to £250,000: 0.4%
• £250,001 – £500,000: 0.2%
• £500,001-£1m: 0.1%
• Over £1m: no charge

When you move into drawdown you’ll pay a fee of £180. 

There is also a payroll charge of £60 for regular income payments; £30 for one-off payments and a Sipp admin charge of £120 if you’ve less than £30,000 in your Sipp.

Charles Stanley Direct’s Sipp also charges an annual percentage fee of 0.30% on the amount in your pot (minimum of £60/maximum of £600 per year).

Close Brother’s Sipp charges an annual admin fee of £180.

It also charges a percentage fee (deducted monthly) that varies according to the value of your pot.

Each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:

• The first £500,000: 0.25%
• Next £500,000: 0.2%
• Next £500,000: 0.1%
• £1.5m+: no charge

EQi’s Sipp charges an annual administration fee of £118.80 and an annual drawdown fee of £180.

It also charges an annual percentage fee, which varies according to the value of your pot.

Each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:

• First £50,000: 0.3%
• £50,000.01-£250,000: 0.25%
• £250,000+: 0.15% (max £250 per quarter)

Fidelity’s Sipp charges an annual percentage fee, which varies depending on the size of your pot:

• Less than £25,000: 0.35% if you have a regular savings plan, or £90 a year if you don’t.
• £25,000 to £249,999: 0.35%
• £250,000 to £1m: 0.2%
• £1m+: 0.2% for the first £1m and no service fee for investments over £1m. This means the maximum fee is £2,000 a year. 

The same service fee is charged across all of your investments. So, if you hold £300,000 – the fee would be 0.2% across the full amount.

There is an annual service fee of 0.25%, plus an annual ‘investor fee’ of £45 (if not already being paid on another account).

Halifax’s Sipp charges an annual admin fee of 0.25% (capped at £16.50 a month). There are no transfer or drawdown charges. 

Hargreaves Lansdown charges an annual percentage fee that varies according to the amount in your pot.

Different fees apply to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:

• First £250,000: 0.45%
• £250,000 to £1m: 0.25%
• £1m to £2m: 0.1%
• Over £2m: no charge

Interactive Investor charges a flat fee of £5.99 a month for Sipps worth up to £50,000. 

For Sipps worth more than £50,000, the fee is £12.99 a month. 

There are no charges for taking an income from your pension.

L&G applies an annual service charge of 0.25% of the value of your pension.

There is also a fund management charge, which varies depending on the fund (between 0.14% and 0.31%).

LV’s Flexible Transitions Account (extended funds) charges a percentage fee in tiers.

It works a bit like income tax bands – each percentage fee applies to different amounts held in the pension, rather than a single percentage fee applied to your entire pension. There is a minimum fee of £195 per year.

It works like this:

• First £700,000 – 0.3%
• Over £700,000 – No charge

M&G Wealth applies an annual percentage charge, which varies depending on the amount in your pot.

Each percentage fee applies to different amounts, rather than a single percentage fee applied to your entire pension.

• First £1m: 0.3%
• Next £2m: 0.10%
• Next £2m: 0.06%

Nucleus charges an annual percentage fee that varies depending on how much you have in your pot.

Each percentage fee applies to different amounts, rather than a single percentage fee applied to your entire pension.

• First £200,000: 0.33%
• Next £300,000: 0.3%
• Next £500,000: 0.175%
• £1m+: 0.05%

It works a bit like income tax bands – each percentage fee applies to different amounts held in the pension, rather than a single percentage fee applied to your entire pension.

It works like this for the Tracker drawdown option:

• First £100,000 – 0.50%
• Funds over £100,000 – 0.25%

The People’s Pension charges an annual management charge of 0.5% of the value of your pot.

It offers a rebate on some of the management charge for savings over £3,000:

• Up to £3,000: no rebate
• Over £3,000 and up to £10,000: rebate of 0.1%
• Over £10,000 and up to £25,000: rebate of 0.2%
• Over £25,000 and up to £50,000: rebate of 0.25%
• Over £50,000: rebate of 0.3%.

Prudential’s Retirement Account charges an annual percentage fee, which varies depending on the size of your pension pot.

The bigger your pension, the lower the fee charged on all the money you hold:

• Up to £99,999: 0.3%
• £100,000 to £249,999: 0.2%
• £250,000 to £499,999: 0.15%
• £500,000 to £749,999: 0.15%
• £750,000 to £999,999: 0.125%
• £1m or above: 0.1%

Quilter charges an annual percentage fee, which varies depending on the size of your pot.

Each percentage fee applies to different amounts held in the pension, rather than a single percentage fee applied to your entire pension.

• First £50,000: 0.35%
• £50,000 to £250,000: 0.25%
• £250,000 to £750,000: 0.2%
• £750,000+: 0.15%

Royal London Pension Portfolio Income Release plan charges a percentage fee (1%), which is not a separate fee – it’s built into the price of the investments you choose.

The fee for its internally managed funds and Governed Range portfolios is therefore included in the core charge.

Then, it applies a discount based on how much you have in your pension. The discount applies to your entire pension pot. The lack of additional fund costs means that this is a competitive option.

It works like this:

• £0-£46,600- 0.25% per year, so the charge is 0.75%
• £46,601-£93,200 – 0.50% per year, so the charge is 0.50%
• £93,201-£279,000 – 0.55% per year, so the charge is 0.45%
• £279,001-£932,000 – 0.60% per year, so the charge is 0.40%
• £932,001+ – 0.65% per year, so the charge is 0.35%

Scottish Widows’ Retirement Account charges a single percentage fee, which varies depending on the size of your pension pot.

The bigger your pension, the lower the fee charged on all the money in it:

• £0 to £29,999: 0.9%
• £30,000 to £49,999: 0.4%
• £50,000 to £249,999: 0.30%
• £250,000 to £499,999: 0.25%
• £500,000 to £999,999: 0.2%
• £1m+: 0.1%

Standard Life’s ready-made Investment Pathways Option funds have a bundled charge. 

The service charge is 0.45% with an investment charge of 0.09% or 0.10%.

Transact charges an £80 annual Sipp charge, plus a tiered percentage fee.

This works a bit like income tax bands – each percentage fee applies to different amounts held in the Sipp, rather than a single percentage fee applied to your entire pension:

• First £600,000: 0.26%
• £600,000 to £1.2m: 0.17%
• £1.2m to £5m: 0.07%
• Anything over £5m: 0.05%

Vanguard’s Personal Pension charges an account fee of £4 a month for pots of up to £32,000.

If you have more than £32,000, you’ll pay an annual fee of 0.15% up to a maximum of £375 (this cap applies across all accounts you have on the platform – e.g. if you have an Isa as well as a pension, the maximum charge for both will be £375).

If you opt for Vanguard to choose and manage your investments for you, you’ll also pay a management fee of 0.3%.