Top 10 Best Personal Pension Plan in UK

Welcome to our comprehensive guide on the top 10 best personal pension plans in the UK! If you’re looking for a reliable and profitable way to secure your retirement, then you’ve come to the right place. With so many investment options available, it can be overwhelming to choose the best one that suits your needs. That’s why we’ve done all the research for you and compiled a list of the crème de la crème when it comes to SIPP investments. So sit back, relax, and let us take you through this exciting journey of financial possibilities! Let’s dive into our top picks without further ado.

Top 10 Best Personal Pension Plan in UK

1. Fidelity

When it comes to personal pension plan, Fidelity is a name that stands tall. With decades of experience in the financial industry, Fidelity has earned its reputation for providing top-notch investment options and exceptional customer service.

Fidelity offers competitive service fees that are tailored to different levels of investment value. Let’s take a closer look at their fee structure:

1. For investments valued less than £25,000:

• If you have a regular savings plan, the service fee is 0.35%
• If you don’t have a regular savings plan, the fee is £90 per year (£7.50 per month)

2. For investments valued between £25,000 and less than £250,000: The service fee remains consistent at 0.35%

3. For investments valued between £250,000 and less than £1 million: The service fee decreases to 0.20%

4. For investments valued at £1 million or more:

• Fidelity charges a service fee of 0.20% for the first £1 million
• However, investments over £1 million do not incur any service fee

It is important to note that with this fee structure, the maximum fee you will ever pay on all of your personal accounts with Fidelity is £2,000 per year. This means that if your investments exceed £1 million, you will not be charged any additional service fees.

Website: www.fidelity.co.uk

Address: Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP

Contact: 0800 368 6868

2. Aviva

Aviva is a well-known name in the financial industry, and their personal pension plan is highly regarded by many investors. With Aviva’s SIPP, you have access to a wide range of investment options, allowing you to create a diversified portfolio that aligns with your goals and risk tolerance.

Aviva’s fee structure is designed to be transparent and flexible based on the value of your funds or cash investments. Let’s delve into the details:

1. Aviva Charge: You will incur an Aviva Charge, which is calculated as a percentage of the value of your funds or cash. The exact percentage depends on the amount you have invested.

For example, if your funds or cash investment with Aviva amounts to £5,000, the Aviva Charge will be £20 per year (0.40% of £5,000).

2. Fund Manager Charge: In addition to the Aviva Charge, there is also a Fund Manager Charge. The specific amount of this charge will vary depending on the funds you have chosen for your investment portfolio. The Fund Manager Charge is already factored into the price of the fund and is not separately charged.
3. No Charges for Buying or Selling Funds: Aviva does not impose any additional charges or fees for buying or selling funds. This means that you have the flexibility to make changes to your portfolio without incurring any transaction fees.

It’s worth noting that while the information provided here is accurate as of the current date, it is always advisable to consult with Aviva directly to obtain the most up-to-date and accurate information regarding their charges, fees, and any other specific inquiries you may have about their services.

Aviva’s SIPP stands out as an excellent choice for individuals seeking reliable and flexible investment options within their self-invested pension plan.

Website: www.direct.aviva.co.uk/wealth/PensionUpgrade/

Contact: 0800 260 0361

3. Vanguard

Vanguard is a highly reputable investment company that offers a wide range of personal pension plan options in the UK. With its focus on low-cost index funds, Vanguard aims to provide investors with an effective way to grow their retirement savings.

Vanguard offers a choice between two approaches when it comes to managing your SIPP pension account: the “Do it Yourself” option and the “We do it for you” option. Let’s examine the fees associated with each.

“Do it Yourself” Option:

1. Account Fee: With the “Do it Yourself” option, Vanguard charges an account fee of 0.15% per year. This fee is calculated based on the value of your investments.
2. Fund Fee: The fund fee varies depending on the funds you choose for your investment portfolio. It can range from 0.06% to 0.80% per year. The fund fee is deducted from the returns generated by the funds.
3. Total Fee: The total fee for the “Do it Yourself” option is determined by adding the account fee and the fund fee. The total fee can range from 0.21% per year, depending on the funds you select.

“We do it for you” Option:

1. Account Fee: With the “We do it for you” option, Vanguard charges the same account fee of 0.15% per year as in the “Do it Yourself” option.
2. Fund Fee: The fund fee for the “We do it for you” option is typically 0.16% per year. This fee is all-inclusive and covers the management and administration of your investments.
3. Management Fee: Additionally, Vanguard charges a management fee of 0.30% per year for the “We do it for you” option.
4. Total Fee: The total fee for the “We do it for you” option is the sum of the account fee, fund fee, and management fee. It amounts to 0.61% per year.

Vanguard’s reputation for quality investments at affordable prices makes it a top choice for those looking for the best SIPP investments in the UK market.

Website: www.vanguardinvestor.co.uk

Address: 85 Great Portland St, London W1W 7LT

Contact: 0800 587 0460

4. Close Brothers

Close Brothers is a well-known financial institution in the UK that offers a range of investment options for personal pension. With decades of experience in the industry, Close Brothers has built a strong reputation for providing reliable and competitive investment solutions.

Close Brothers offers a range of services for managing your SIPP pension account. Let’s take a closer look at their fees:

1. Set up Account: Close Brothers does not charge any fees for setting up an account
2. Annual Administration Fee: There is an annual administration fee of £150 plus VAT
3. Contributions into Your Account: Close Brothers does not charge any fees for making contributions to your account
4. Transfers In: There are no charges for transferring funds into your Close Brothers SIPP pension account
5. Transfers Out: Close Brothers does not impose any charges for transferring funds out of your SIPP pension account
6. On-going Platform Fee: Close Brothers charges an ongoing platform fee that is deducted monthly. The fee is competitive and starts at 0.25%. The fee reduces in tiers to 0% depending on the amount you and your family invest. The platform fee is based on the value of your investments, excluding cash.
7. Buying, Selling, or Switching Unit Trusts or OEICs: Close Brothers does not charge any fees for buying, selling, or switching Unit Trusts or Open-Ended Investment Companies (OEICs).
8. Buying, Selling, or Switching Exchange Traded Investments: If a dealing fee is applicable, Close Brothers ensures that it will not exceed £8.95

It is important to note that while the information provided here is accurate as of the current date, it is always recommended to consult with Close Brothers directly to obtain the most up-to-date and accurate information regarding their fees, services, and any other specific inquiries you may have about their SIPP pension offerings.

Website: https://www.closebrothers.com/

Contact: 0191 300 6295

Address: 10 Crown Place, London, EC2A 4FT

5. Freetrade

Freetrade is one of the leading personal pension plan providers in the UK and offers a range of features that make it an attractive option for investors. With Freetrade, you can invest in stocks, ETFs, and investment trusts with no trading fees. This means that you can build a diversified portfolio without worrying about expensive transaction costs.

Freetrade offers a variety of services for managing your SIPP pension account. Let’s delve into the details:

1. Buying or Selling Shares: Freetrade provides a free basic plan for buying or selling shares. However, they also offer a Plus plan that comes with additional features. The Plus plan is priced at £11.99 per month.
2. Fractional Shares: Freetrade allows you to purchase fractional shares, which means you can invest in smaller portions of a share. For fractional share purchases, Freetrade charges an exchange rate plus 0.39%.
3. Transfer-in Fee: Freetrade does not charge any fees for transferring your existing pension or investments into their SIPP pension account.
4. UK Stock or Cash Transfer-out Fee: If you decide to transfer your UK stocks or cash out of your Freetrade SIPP pension account, there is a transfer-out fee £17.
5. US Stock Transfer-out Fee: Freetrade charges a transfer-out fee per holding if you choose to transfer your US stocks out of your SIPP pension account. The exact amount of this fee is not specified, so it is advisable to contact Freetrade directly for more information.

If you’re looking for a user-friendly platform with low fees and a diverse range of investment options for your SIPP plan, Freetrade is definitely worth considering!

Website: https://freetrade.io/

Contact: 0808 802 0133

6. Interactive Investor

Interactive Investor is a well-known investment platform that offers a range of options for those looking to invest in their personal pension plan like Self-Invested Personal Pension (SIPP). With its user-friendly interface and comprehensive research tools, it has become a popular choice among investors.

Interactive Investor offers various services for managing your SIPP pension account. Let’s explore the details:

1. Buying or Selling Shares: Interactive Investor provides different pricing plans. Their standard plan is priced at £3.99 per month and includes one free trade per month for buying or selling shares.
2. SIPP Account: Interactive Investor offers a Self-Invested Personal Pension (SIPP) account. However, the specific details or terms regarding the SIPP account are not provided. It is recommended that you consult directly with Interactive Investor for more information about their SIPP offerings.
3. Fractional Shares: For fractional share purchases, Interactive Investor charges an exchange rate plus 1.5%. This fee reflects the cost associated with buying a fraction of a share.
4. FX Rate: Interactive Investor does not charge any fees for foreign exchange (FX) transactions.
5. Transfer-in Fee: Interactive Investor does not impose any fees for transferring your existing pension or investments into their SIPP pension account.
6. Transfer-out Fee: The specific details regarding any transfer-out fees are not provided. It is advised to contact Interactive Investor directly for the most up-to-date information on transfer-out fees.

Interactive Investor offers a comprehensive package for SIPP investors. From its wide range of investment options and competitive pricing structure to its educational resources and expert analysis tools, it provides everything needed for successful investing within an SIPP framework.

Website: www.ii.co.uk

Contact: 0345 646 2368

Email: complaint.info@financial-ombudsman.org.uk

Address: interactive investor, 2nd floor, One Embankment, Neville Street, Leeds, LS1 4DW.

7. Barclays

Barclays is a prominent name in the personal pension provider industry, consistently ranking among the top 10 providers. With a focus on transparency, Barclays ensures that customers fully understand their fees and what they are paying for.

One of the key highlights of Barclays’ fee structure is its transparency. They have a clear and straightforward approach to fees, enabling customers to easily comprehend the costs associated with their investments.

For funds, there is a monthly fee of 0.2% applied, while other investments incur a monthly fee of 0.1%. It’s important to note that these fees are capped at £125 per month, ensuring that individuals with larger investments do not face disproportionately high charges.

Additionally, Barclays charges a transaction fee whenever customers buy or sell an investment. For funds, this fee is set at £3 per transaction, while it is £6 per transaction for other investments. However, customers have the option to set up regular investments, which can significantly reduce this fee to just £1 per transaction.

In addition to these fees, Barclays applies a SIPP administration fee of £31.25 plus VAT per quarter. This fee covers the administrative services provided by Barclays to manage and maintain customers’ self-invested personal pension (SIPP) accounts.

Website: www.barclays.co.uk

Contact: 0333 202 7580

8. Bank of Scotland

Bank of Scotland has earned its place among the top 10 personal pension plan for several compelling reasons. Let’s explore these features in detail:

• No confusing % based platform fees: Unlike some competitors, Bank of Scotland does not burden its customers with complicated percentage-based platform fees. The absence of such fees ensures greater transparency and allows customers to easily comprehend the costs associated with their SIPPs.
• Convenient bundled offering: Bank of Scotland offers a unique advantage by allowing individuals to hold an ISA and Share Dealing Account, all under a single charge of £36 per year, which is just £3 per month. This consolidated pricing structure simplifies the management of multiple investment accounts and presents a cost-effective solution for customers.
• Competitive SIPP pricing: Bank of Scotland offers attractive rates for SIPPs. Individuals with a SIPP value of £50,000 or less are charged £22.50 per quarter, while those with a SIPP value above £50,000 face a slightly higher cost of £45 per quarter. This tiered pricing model ensures that customers benefit from affordable options, regardless of the size of their pension fund.

Website: www.rbs.co.uk

Contact: 0800 056 0567

9. Dentons Pension

Dentons Pension has established itself as one of the top 10 personal pension plan due to its clear and transparent administration charging structure. Let’s delve into the details:

• Clear administration charging structure: Dentons Pension takes pride in offering clients a straightforward fee system for their SIPPs. This clarity ensures that clients have a clear understanding of their administration costs and can make informed decisions about their pension investments.
• Full asset SIPP (Dentons SIPP): Dentons Pension provides a full asset SIPP that charges a standard annual administration fee of £675 plus VAT (Value Added Tax). This fee enables clients to access a comprehensive range of investment options, giving them flexibility and control over their pension funds.
• Sippchoice Bespoke SIPP: For clients who prefer to invest their funds exclusively in a single portfolio with an investment manager or platform, Dentons offers the Sippchoice Bespoke SIPP. The standard annual administration fee for this option is £465 plus VAT. This lower-cost solution caters to individuals who have specific investment strategies in mind.

Website: https://www.dentonspensions.co.uk/

Contact: 01483 521 521

Email: enquiries@dentonspensions.co.uk

Address: Sutton House, Weyside Park, Catteshall Lane, Godalming, Surrey, GU7 1XE

10. AJ Bell

AJ Bell has secured its position among the top 10 personal pension plan with compelling features and benefits that empower individuals to take control of their retirement savings. Let’s explore these aspects in detail:

• A top-up from the UK Government: One of the key advantages of having a SIPP with AJ Bell is the opportunity to benefit from SIPP tax relief. With this scheme, it only costs 80p of an individual’s own money to save £1 due to the tax relief provided by the UK Government. This means that individuals can enjoy an immediate boost to their pension savings, making it even more efficient, particularly for higher earners.
• Your pension is in your hands: AJ Bell offers a self-managed SIPP, allowing individuals to have full control over their pension investments. This means that individuals can make decisions about where their money is invested, ensuring they have the best opportunity for growth. Additionally, when individuals reach the age of 55 (rising to 57 from 2028), they can access their retirement savings with free access. This flexibility gives individuals the freedom to nFidelity personal pensionavigate their retirement and make choices that align with their financial goals.

AJ Bell’s inclusion in the top 10 SIPP pension providers is a testament to its commitment to providing individuals with the tools and opportunities to maximise their pension savings. With SIPP tax relief and the ability to manage their own investments, customers can make informed decisions and tailor their pension funds to suit their specific needs and aspirations.

Website: www.ajbell.co.uk

Address: AJ Bell, 4 Exchange Quay, Salford Quays, Manchester M5 3EE

Email: help@ajbell.co.uk

Contact: 0345 54 32 600

Conclusion

In this article, we have explored the top 10 best personal pension plans like Self-Invested Personal Pension in the UK. These investment options offer individuals the opportunity to take control of their pension savings and potentially secure a comfortable retirement.

When considering which SIPP provider suits your needs best, it’s important to evaluate factors such as fees, fund selection, customer support, user-friendly platforms, and overall performance history. Each investor’s circumstances are unique, so conducting thorough research before selecting a SIPP plan will ensure you make an informed decision that aligns with your financial goals.

Remember that investing always carries some level of risk; therefore, diversification and regular portfolio reviews are essential elements in managing your investments effectively within an SIPP account.

It’s crucial to consult with independent financial advisors or professionals who can provide personalised guidance based on your specific situation before making any significant financial decisions regarding SIPPs or other tax relief investments.