Compare self-invested personal pensions (SIPPs)

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Product	Min investment	Min monthly investment	Number of funds	Transfer available	Brand description	Offer
Hargreaves Lansdown SIPP	£100	£25	2500		Hargreaves Lansdown is the UK's biggest wealth manager. It's got three different retirement options. Capital at risk.	Go to site Capital at risk More info	loading
Charles Stanley SIPP	£0	£0	12000		Get up to £1,500 cashback when you transfer your cash and/or investments to Charles Stanley Direct. T&Cs apply. Capital at risk.	Go to site Capital at risk More info	loading
Interactive Investor SIPP Offer	£0	£25	3000		Get between £100-£2,000 cashback if you are a new or existing customer and open a SIPP and deposit £10,000. Cashback paid within 30 days of qualification. Offer ends 31 July 2025. Not available to existing SIPP holders. T&Cs apply.	Go to site Capital at risk More info	loading
AJ Bell SIPP	£500	£25	2000		AJ Bell has two different pension options, a self managed pension and one that is managed for you. Capital at risk.	Go to site Capital at risk More info	loading
CMC Invest SIPP	£1	£0	1,400+		More info	loading

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Self-invested personal pensions (SIPPs) are private pensions for which you manage the investments yourself. To draw an analogy, if a standard personal pension is equivalent to paying someone to build your flatpack furniture for you, a SIPP is the equivalent of building it yourself. To make this option work well, it helps to have experience and knowledge of investing, and to be prepared to do some research. Some people opt for a SIPP because they want more control, and because they’re hoping to achieve higher gains by the time it comes to retiring.

What is a self-invested personal pension?

A SIPP, or self-invested personal pension, is a type of private pension (as opposed to a workplace pension that is opened via your employer). SIPPs are defined-contribution (DC) pension schemes and, as with all DC pensions, the money you pay in is invested. The idea is that your investments will grow over your lifetime, giving you a decent pot to pull on when you retire. However, because the performance of investments can be variable, there’s no certainty over exactly how much you’ll end up with.

When you put money into your SIPP, you will benefit from the same tax advantages of any regulated pension product. Specifically, you’ll benefit from tax relief on the money you pay in.

What are the different types of SIPP?

There are three broad categories of SIPP, though the boundaries can sometimes blur.

Low-cost DIY SIPPS

While all SIPPs are DIY to a certain extent, in that you are in control of your own investments, SIPPs with the lowest charges tend to leave you completely to your own devices. While some may offer online tools or apps to make management easier, you typically won’t get any investment guidance or advice directly from staff the SIPP company. The range of investment types available will tend to be fairly straightforward and mainstream; you may not be able to invest in commercial property or offshore funds, for example.

• Pros of low-cost SIPPs: the clue is in the name – they’re likely to be your cheapest SIPP option, full control over the management of your investments
• Cons of low-cost SIPPs: execution-only (so no support or advice on what to invest in), smaller range of investments than full SIPPs, fairly high time commitment to stay on top of things

Robo-adviser SIPPs

With these platforms you’re asked a series of questions about your goals, appetite for risk and investment preferences, and a “robo-adviser” (essentially a clever, automated algorithm) will allocate you to a suitable portfolio of investments and manage them on your behalf. They can be a good half-way house between a standard personal pension, where you have very little control over where your money is invested, and a fully DIY SIPP. They do tend to be more expensive than low-cost DIY SIPPs though. And, despite the name, they’re not a substitute for full, personalised financial advice.

• Pros of robo-adviser SIPPs: offer limited (automated) support to help you make investment choices, may be a good half-way house between a fully DIY SIPP and a standard personal pension, less expensive than full SIPPs, requires less time commitment
• Cons of robo-adviser SIPPs: typically more expensive than fully DIY SIPPs, “robo-advice” is not a replacement for tailored advice from a regulated financial adviser

Full SIPPs

These offer the widest choice of investments, often including commercial property and off-shore funds. They’re typically more expensive than other options, though, so are usually best for people with large pots and who want access to less-mainstream, more sophisticated investments. Part of the reason for the higher costs is that you usually have access to a team that can help you make investment decisions and may be able to help with the administration of more complex investments.

• Pros of full SIPPs: backed by support and advice from staff at provider, wider range of investments than other types of SIPP
• Cons of full SIPPs: expensive, investments more complex than most people are likely to need, usually not right for those with small pots

How to choose the best SIPP for you

Comparing SIPPs side-by-side allows you to find an option that is suited to your specific needs. Some of the core factors to compare when weighing up SIPPs include:

• SIPP type. The type of SIPP you want; low-cost, full access or robo-advisor (we explain the differences between each type below).
• Platform fees. The charges for opening and maintaining an account (most platforms have some sort of monthly or annual fee).
• Investing costs. Any costs or fees to buy or sell investments.
• Minimum contributions. Any restrictions around contributions like minimum monthly deposits or lump sums.
• Penalties. If you can pause, restart or defer payments into the accont, without penalty.
• Investment choice. The range of investment options available suit your preferences, appetite for risk and investing goals.
• Support. The guidance and support that the provider offers to help plan for your retirement.
• Accessing the pot. Your options for accessing and withdrawing funds once you reach retirement.
• Transfer costs. Any costs or fees if you decide to transfer your SIPP elsewhere.
• Communication. How you’ll receive updates about your investments.
• Portfolio management methods. Whether you can manage your investments by phone or post, as well as online.

Frequently asked questions

• What are the tax benefits of SIPPs?

  As with all private pensions, you get a nice little top up from the government when you pay into a SIPP. A basic rate taxpayer (that’s someone that pays 20% tax) only pays in £80 of every £100 that goes into your pension pot. Higher rate taxpayers pay in £60 for every £100 paid in. As well as this, you’ll get to withdraw the first 25% tax free when it comes to withdrawal (from the age of 55). As with other tax wrappers such as ISAs, the money you put into a SIPP can grow without you having to pay capital gains tax or income tax.

• Can I manage my own SIPP?

  Yes. In fact, that’s the whole point of opening a SIPP. Unlike standard personal pensions, you have control over how your money is invested. You can also pay a financial adviser to help you manage your investments.

• Is a SIPP a registered pension scheme?

  Yes. SIPPs have been registered pensions since 2006. Pension schemes must be registered with HMRC to benefit from the tax reliefs available for pensions.

• Do I have to declare a SIPP on my tax return?

  If you’re withdrawing an income from a SIPP and HMRC has said you need to complete a tax return, you will need to declare SIPP income on your tax return along with any other income. If you haven’t yet retired and started drawing money from your SIPP and you are a basic rate (20%) taxpayer, you don’t need to declare your SIPP on your tax return or do anything else to claim back the tax (it will be automatically added to your pension pot). If, however, you’re a higher-rate tax payer and complete a tax return, it’s in your interests to declare your SIPP on your tax return in order to claim back the additional tax. If you don’t complete a tax return, you can apply to claim it directly from HMRC.