Compare UK Pension Services

Compare pension services for self invested pensions (SIPPs)  where you can pull your existing pension plans into one place.
Lost track of old pension plans? Service for tracking down plans from previous employments.
Annuity service if you are looking to buy a guaranteed income from your pension pot.

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 Pensions cannot usually be withdrawn until age 55 (increasing to 57 in 2028).

FREE Guide – 8 Tips To Retire At 55 »

Self Invested Pension

Take Control of your pension!

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.

  • Security – Hargreaves Lansdown are a FTSE 100 company and the UK’s biggest SIPP provider
  • Control – Check your pension whenever you like, online and with the HL app
  • Support – Pensions Helpdesk is on hand to answer your questions six days a week
  • Expertise – Research, ideas, and updates to help you with your investment decisions

Low Cost Self Invested Pension »

Self Invested Pension – FREE Guide

Compare Self Invested Pension Providers

SIPP Name
Fidelity SIPP
Set Up Fee
FREE
Annual Fee
0.35%
Features

Save more with low costs, no hidden fees or charges and no additional fees to switch or exit. Expert guidance to help you invest your savings. Regular savings plan from as little as £50 per month

SIPP Name
Interactive Investor SIPP
Set Up Fee
FREE
Annual Fee
£120
Features
A low cost award-winning SIPP that gives you a choice of over 40,000 investments
SIPP Name
Hargreaves Lansdown Vantage SIPP
Set Up Fee
FREE
Annual Fee
0.45% (max £200)
Features

Choose from more than 2,500 funds, shares, investment trusts, gilts, corporate bonds, ETFs and cash

Pension Name
Pension Bee Personal Pension
Set Up Fee
FREE
Annual Fee
From 0.5% to 0.95%
Features

100% FSCS protected range of 7 different Pension Plans,  managed by the world’s biggest fund managers

Pension Name
Nutmeg Personal Pension
Set Up Fee
FREE
Annual Fee
From 0.35% to 0.75% including VAT
Features

In a nutshell we choose investments for you and then, with your contributions, build and manage your pension portfolio on your behalf

SIPP Name
AJ Bell Youinvest SIPP
Set Up Fee
FREE
Annual Fee
Tiered up to £100
Features

The AJ Bell Youinvest SIPP has over 4,000 funds and over 21 markets, investment trusts, tracker funds (ETFs) and stocks and shares to choose from

Annuity Services

Annual Income
£5,138
Payment Terms
Annual income for life
Purchase Amount
£100,000

Pension Finder & Transfer Service

Setup Fee
No Fee
Annual Fee
From 0.35% pa
Pension Service
PensionBee will find all your old pensions and combine them into a single, good-value, online plan.
Drawdown Option

Pension Bee Finder & Consolidation Service

Pension Overview

The term ‘pension’ means different things to different people. However, what can be said with some certainty is that in the UK over the last 30 years successive governments have done their best to make the whole area of pensions as complex as possible –  making it very difficult for the layperson to understand .

When we talk about pensions we might be referring to:

On 6th April 2016 the state pension system changed for men born after 6 April 1951 and for women born after 6 April 1953.

The UK government brought in a new single tier state pension of £155.65 per week (£8,092 a year) at the full level. Depending on the national insurance contributions you have made you may get more or less than this amount.

The existing sytem is based on 3 parts:

(a) Basic State Pension – As at April 2016 the full basic state pension is £119.30 per week per individual calculated on the number of years you have made national insurance contributions or acquired credits because of looking after children or people with disabilities.

(b) State Second Pension (formerly known as SERPS) – This is paid in addition to your basic state pension and is based on your earnings and national insurance contributions you have made whilst working.

(c) The Pension Credit is an income related benefit for pensioners in the UK which is means tested and is aimed at people who have no other income apart from the basic state pension.

There may be additional monies available if you are disabled, have caring responsibilities or certain housing costs, such as mortgage interest payments.

Depending on who you work for you will typically find one of the following types of schemes (some companies will have both):

(a) Final Salary Schemes – Where the employer will provide the employee with a pension based on their final salary at retirement and their length of service. With these types of schemes the pension is often inflation protected in some way e.g. linked to retail price inflation. With final salary schemes the risk is on the employer to ensure that the pension assets will cover the pension payments required.

(b) Money Purchase Schemes – This is where the employee pays a proportion of salary into a pension scheme with usually a contribution also made by the employer. The final pension pot available to the employee at retirement will depend on the investment performance of the pension scheme. In this respect the employee bears the risk that if investment returns are not as good as expected then this will impact on the fund size at retirement. In addition to this the income that can be achieved by using the fund to buy an annuity will be affected by prevailing interest rates and life expectancy rates. Annuity rates fluctuate and good timing can make a difference to the income you receive in your retirement.

Allows anyone under the age of 75 to save money within their own private pension with contributions eligible for income tax relief.

Personal pension providers will make available a set range of different asset classes for you to choose from for investing and so the pension fund you build up will depend on the performance of your investment choices over time. At retirement you can take up to 25% of the fund tax free and the remainder of the fund must be used to generate an income – typically an annuity. Different types of personal pension include Self Invested Personal Pensions (SIPPs) which provide a broader range of investments for you to invest in.

Working out what level of pension we can expect in retirement may require expert pension advice. For many people a proper assessment of what pension to expect in retirement is left too late in the day. For many this lack of planning can have serious financial implications. What holds true is that we have to take responsibility for our own pension arrangements and be proactive in ensuring that our retirement provision is adequate in line with our expectations.

 

Consolidate Your Pensions

10 COSTLY PENSION MISTAKES

10 Costly Pension Mistakes Millions of Britons Make

  • How to discover if your pension will be enough
  • What ‘free money’ most private sector workers miss out on
  • How to get a share of £41 billion from the taxman
  • How to benefit from the pension freedoms and avoid the traps

FREE Guide – 10 Costly Pension Mistakes »

Offers

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.