Best Pension Providers 2026

I’ve compared 9 personal pension providers, from DIY SIPPs to fully managed pensions, on fees, minimums and what customers say about them. My pick is InvestEngine: its DIY SIPP (a self-invested personal pension, which is a pension you run yourself) has no platform fee and a big range of low-cost ETFs. If you’d rather not choose investments yourself, Moneyfarm is my pick for hands-off pensions.

• Best overall: InvestEngine, for a low-cost DIY SIPP.
• Best sign-up offer: IG.
• Best for hands-off investors: Moneyfarm, with Wealthify close behind.
• Best for ISAs and a pension in one app: Moneybox.

When you invest, your capital is at risk.

All 9 compared

Some providers price their pension differently from their ISA, so check the pension price list before you move any money. Moneybox, Vanguard’s Personal Pension and interactive investor’s SIPP are also worth a look, but they’re priced differently from their ISAs (interactive investor adds a monthly SIPP fee on top of its plan), so they’re not in the table.

How I picked

• Fees: a pension can run for 40 years, so even small yearly fees add up to serious money.
• Choice: a decent range of low-cost funds and ETFs (exchange traded funds, which bundle lots of investments into one).
• DIY or managed: I’ve included both, so there’s an option whether you want control or want it done for you.
• Transfers: how easy it is to bring old workplace pensions in.
• Reputation: FCA authorisation and Trustpilot scores.

Fees and scores in the table were checked on each provider’s own site in October 2026. Some links on this page are affiliate links, so we may earn a fee if you sign up through them. That’s how the site stays free, and you can read exactly how we make money.

The best pension providers by category

Best overall: InvestEngine

InvestEngine’s DIY SIPP has no platform fee and no dealing fees, and you choose from ETFs run by big names like Vanguard and iShares. It’s quick to set up online. It doesn’t do individual shares, it doesn’t pay interest on cash, and its managed portfolios are closed to new customers right now, so it suits people happy to pick a couple of funds themselves. Read my InvestEngine review.

Best sign-up offer: IG

IG has a big welcome offer and commission-free UK and US shares, plus interest on uninvested cash. Its pages give different fees for the self-managed SIPP, and the Smart Portfolio SIPP (where IG picks the investments) carries a yearly fee, so check exactly which one you’re opening.

Best for hands-off investors: Moneyfarm

Moneyfarm builds a portfolio around a questionnaire about your goals and attitude to risk, then manages it for you, with ethical options available. Its fees fall as your pot grows. If you’re transferring an old pension in, you’ll need at least £500. Wealthify is the other hands-off pension I rate. Here’s my Moneyfarm review.

Best for ISAs and a pension in one app: Moneybox

Moneybox lets you keep your ISA, Lifetime ISA, savings and pension in one app, which makes it easy to see everything in one place. Its pension is priced differently from its ISA, so check the pension charges before you transfer. Read my Moneybox review.

How to choose a pension provider

The best pension for you depends on how hands-on you want to be and how big your pot is. These are the questions I’d ask before picking one.

• Do you want to choose your own investments? If yes, a DIY SIPP is usually the cheapest route. If not, a ready-made pension picks and manages the investments for you, for a higher fee.
• How is the fee charged? A percentage fee grows as your pot grows, while a flat monthly fee stays the same. Percentage fees tend to work out cheaper on small pots and flat fees on big ones.
• What can you invest in? Some providers only offer ETFs or their own funds, others offer thousands of funds and shares. More choice isn’t better if you’ll only ever hold one or two global funds.
• Can your employer pay in? Not every personal pension accepts employer payments. If you run your own company, or your employer will pay into a pension you choose, check this first.
• What happens when you retire? Check the provider offers drawdown (taking an income while the rest stays invested), or you may have to move your pension later on.
• How easy are transfers in? Look for online transfers and no fee to bring old workplace pots across.
• Can you talk to a person? A slick app is great, but you’ll want a real human when you’re moving a big pot.

How much do pension fees really cost?

Every provider charges differently, so look at the total cost, not just the headline fee. Watch out for:

• Platform fee: a yearly percentage of your pot, or a flat monthly fee, for holding your pension.
• Fund charges: the yearly cost of each fund you hold, shown as a percentage.
• Dealing fees: what you pay to buy and sell. Often included with managed pensions, but common with SIPPs.
• Transfer fees: rare now, but some providers still charge to move your pension out.

Here’s why it matters. Say you have £50,000 in a pension and leave it for 20 years without paying in any more, and it grows by 5% a year before fees. With total fees of 0.25% a year it ends up at roughly £126,500. With fees of 0.75% a year it ends up at roughly £114,900. That half a percent costs you around £11,500. This is an illustration only: growth isn’t guaranteed, and investments can fall as well as rise.

Want to run your own numbers? Try my compound interest calculator.

What is a pension?

A pension is a pot of money you build up while you work and live off when you stop. It’s invested so it can grow, and the government adds tax relief on what you pay in. The trade-off is that it’s locked away until you’re 55, rising to 57 from 6 April 2028.

Types of pension

Workplace pension

If you’re aged 22 or over and earn at least £10,000 a year, your employer has to enrol you in a workplace pension. They must pay in at least 3% of your qualifying earnings, with a minimum of 8% going in overall. Some employers will match more if you pay more. It’s literally free money, so don’t opt out unless you really have to.

The downside is your employer picks the provider, and they won’t usually pay into a personal pension you’ve set up yourself.

State Pension

The State Pension is paid by the government based on your National Insurance record. You can claim it from State Pension age, which is 66 now and rising to 67 between 2026 and 2028. It’s paid on top of any other pensions, but on its own it’s unlikely to cover your costs. Check your State Pension forecast on GOV.UK to see what you’re on track for.

Personal pension

A personal pension is one you set up and pay into yourself. You choose the provider and where the money goes, so you can shop around for low fees. There are two main kinds:

• SIPP (self-invested personal pension): you choose the investments. Usually the cheapest route, but the decisions are all yours, so only go this way if you’re confident picking funds.
• Ready-made pension: the provider manages a portfolio for you based on your goals and risk. Great if you want it hands-off.

Personal pensions are especially useful if you’re self-employed, or if your workplace pension won’t be enough on its own.

Workplace pension vs personal pension

	Workplace pension	Personal pension
Who picks the provider	Your employer	You
Does your employer pay in?	Yes, at least 3% of qualifying earnings	Usually not, unless your employer agrees and the provider accepts it
Tax relief	Yes	Yes
Choice of investments	The scheme’s funds	Whatever your provider offers
Fees	Set by the scheme	You can shop around

For most employed people the answer is both: keep the workplace pension for the employer money, and use a personal pension on top if you want lower fees or more control.

How pension tax relief works

The government tops up what you pay in to make up for the income tax you’ve already paid. Pay in £80 and your provider claims £20 from the government, so £100 goes into your pension.

If you pay higher-rate tax (on income over £50,270 in England, Wales and Northern Ireland), you can claim a further 20% back through a Self Assessment tax return. Additional-rate taxpayers can claim a further 25%. Scotland has different tax bands, so the numbers there are slightly different.

How much can you pay into a pension?

You can pay in up to 100% of your earnings each tax year, or £3,600 if you don’t earn, and get tax relief. The annual allowance (the most you can pay in across all your pensions, including your employer’s payments, and still get tax relief) is £60,000 for most people.

If you haven’t used your full allowance in the previous three tax years, you may be able to carry the unused amount forward. Your allowance can be cut if you’re a very high earner (it starts to taper when your threshold income is over £200,000 and your adjusted income is over £260,000), or once you’ve started taking taxable money out of a pension flexibly.

The Lifetime Allowance, which used to cap the total size of your pensions before extra tax kicked in, was abolished in April 2024. There’s no longer a limit on how big your pot can grow, but there is a cap on tax-free cash.

What’s the best pension if you’re self-employed?

There’s no employer to enrol you or pay in, so a personal pension is how most self-employed people save for retirement. Any of the providers above will do the job: pick on fees and whether you want DIY or hands-off. You still get tax relief, so £80 from you becomes £100 in your pension, and if your profits are taxed at the higher rate you claim the extra back on your Self Assessment return.

If you run a limited company, the company may be able to pay into your pension directly as an employer payment, which can be tax-efficient. Check your provider accepts employer payments and talk it through with your accountant first. Because nobody else is paying in for you, a regular monthly payment set up the day after you pay yourself makes it far easier to stick with.

How to open a personal pension

1. Decide DIY or ready-made. Pick your own funds in a SIPP, or let the provider manage it.
2. Choose a provider from the table above, and check its pension price list (not its ISA one).
3. Sign up online. You’ll usually need your National Insurance number and bank details, and it takes minutes.
4. Pick your investments, or answer the risk questions for a ready-made pension.
5. Pay in. Set up a monthly payment or add a lump sum. Your provider claims the basic-rate tax relief for you.
6. Bring old pensions across if it makes sense (see below).
7. Fill in the nomination form so your provider knows who should get your pension if you die.

Transferring a pension

Opening a personal pension takes minutes. Transferring an old one takes longer, because your old provider usually sells your investments and sends the cash across. When I moved an old workplace pension into my personal pension after leaving a job, it took about three weeks.

Putting old pots in one place makes them easier to track and can cut your fees. Before you move anything, check:

• Exit fees on the old pension.
• Guaranteed benefits you’d lose, like a guaranteed annuity rate or the right to take more than 25% tax-free.
• Employer payments: don’t move a workplace pension you’re still paying into, or you could lose your employer’s contributions.
• Final salary pensions: if it’s a defined benefit pension worth more than £30,000, you must get regulated financial advice before you can transfer it.

And never move a pension because of a cold call, text or social media advert. Pensions are a big target for scammers. If you’ve lost track of old pots, my PensionBee review covers one way to find and combine them.

When and how can you take money out?

You can access a personal pension from 55, rising to 57 from 6 April 2028, unless you have to retire early through serious ill health. When you do, you can usually take 25% tax-free (capped at £268,275 for most people), and the rest is taxed as income when you draw it. The main ways to take it are:

• Drawdown: take your tax-free cash, leave the rest invested and take an income as and when you need it.
• Annuity: swap some or all of your pot for a guaranteed income for life.
• Lump sums: take chunks as you go. Usually a quarter of each one is tax-free and the rest is taxed.
• A mix: you don’t have to choose just one.

Once you start taking taxable money out flexibly, a lower annual allowance (the money purchase annual allowance) applies to anything you pay in afterwards, so think twice before dipping in while you’re still saving. Pension Wise, the government’s free guidance service, can talk you through your options, and if you’re unsure, speak to your provider or a regulated financial adviser. To see what your pot might pay you, try my retirement income calculator.

Pension or Lifetime ISA?

• You can open a Lifetime ISA between 18 and 39 and pay in up to £4,000 a year.
• The government adds a 25% bonus, up to £1,000 a year.
• You can take the money out for your first home, or from age 60.
• Take it out for anything else and you pay a 25% charge, which takes back the bonus and some of your own money. If you use it on a first home costing more than £450,000, the charge has been 20% since 29 October 2026.
• Withdrawals after 60 are tax-free.

Tax-free withdrawals are the big win, but the £4,000 limit and no employer payments mean a Lifetime ISA works best alongside a pension, not instead of one. The government plans to replace the Lifetime ISA for new savers with a First Time Buyer ISA from April 2029, and existing Lifetime ISAs carry on under the current rules. For the full comparison, read SIPP vs ISA: which should you pay into first.

FAQs

Are personal pensions safe?

Check your provider is authorised by the Financial Conduct Authority. If an investment firm fails, the Financial Services Compensation Scheme (FSCS) can cover eligible investments up to £85,000 per person, per firm. The £120,000 FSCS limit is for bank deposits. Pensions are a big target for scams, so never act on a cold call about your pension.

Can I have a workplace pension and a personal pension?

Yes. Keep getting your employer’s contributions and pay into a personal pension too. When I was employed full-time I did exactly that, then moved the workplace pot into my personal pension when I left so I could keep tabs on it all in one place.

Can I have more than one personal pension?

Yes, there’s no limit on how many you have. You could have a SIPP and a managed pension and pay into both. Your total payments across all of them still count towards the £60,000 annual allowance.

How much should I save into my pension?

Start with how much you want to spend each year in retirement and work backwards. For context, see my breakdown of the average pension pot in the UK to see how yours compares, and the rule of 25 for a quick way to set a target.

How do I find an old workplace pension?

Ask your employer or HR team, or look for the welcome letters and emails you got when you were enrolled. For older jobs, the government’s free Pension Tracing Service can find the provider’s details.

What happens to my pension when I change jobs?

Your old workplace pension stays invested, you just stop paying in. You can leave it where it is, or transfer it to your new workplace scheme or a personal pension.

What happens to my pension if I die?

Fill in your provider’s nomination form (sometimes called an expression of wish) to say who should get it, and keep it up to date alongside your will. If you die before 75, most lump sums are paid out tax-free; from 75, the people who inherit it pay income tax on what they take. From 6 April 2027 most unused pensions will also count towards your estate for inheritance tax, so it’s worth getting advice if your pot is large.

Can I take my pension before 55?

Usually not, unless you’re seriously ill or have a rare protected pension age. Anyone offering to unlock your pension early is very likely a scammer, and you could face big tax charges. More in my guide on whether you can withdraw your pension before 55.

Did the October 2026 Budget change pensions?

The main things to know: from 6 April 2027 most unused pensions will count towards your estate for inheritance tax, which was already legislated, and the Budget on 28 October 2026 added a new Pension Tax Allowance from 6 April 2027 so pensioners whose income is no higher than the full new State Pension won’t pay income tax on it. The minimum age for taking a personal pension still rises to 57 on 6 April 2028.

Do I need a financial adviser to open a pension?

No. You can open a personal pension yourself in a few minutes and choose between DIY and managed. Advice is worth paying for if your situation is complicated, or if you’re moving a final salary pension. Here’s when a financial adviser is worth it.

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