Country scope: United Kingdom

SIPP Fees: What to Compare Before Choosing a Provider

SIPP fees can include a platform or pension administration charge, investment dealing charges, fund or product costs, foreign exchange charges, and transfer or closure costs. Compare one defined portfolio and activity pattern, including every cap, tier, and minimum. Check the provider's current SIPP schedule because its charges and features can differ from the same provider's GIA or ISA.

Last reviewed August 10, 2026

Why this matters when choosing a broker

A low platform rate does not describe the full cost of a SIPP. The result can change with portfolio value, the split between funds and listed investments, trade count, foreign currency activity, and one-off administration events.

A cheaper estimate is not useful if the SIPP does not provide the investments, markets, dealing service, or pension features already required. Cost and access need separate checks.

This guide is educational comparison information. It does not tell you to contribute, withdraw, transfer, buy an investment, or choose a provider, and it is not tax or pension advice.

Which SIPP fees belong in the comparison?

Start with a complete list for the exact SIPP service. The FCA found that main platform charges were generally easier to identify than some activity-based costs, including foreign exchange. MoneyHelper also separates pension administration, investment, trading, transfer, and retirement access charges.

Record the amount, calculation basis, conditions, and source date for each row. If a current official schedule does not answer a question, mark the cost as unknown rather than zero.

SIPP fee and feature checks to apply consistently
Item	What to verify	Why it can change the result
Platform or administration	Flat or percentage charge, billing period, valuation basis, tiers, and separate pension administration fee	This is often the main recurring provider cost
Caps and minimums	Annual or monthly cap, minimum fee, qualifying assets, and whether accounts are combined	The headline rate may stop rising or may not fall below a fixed amount
Investment dealing	Funds, shares, ETFs, bonds, regular investing, telephone dealing, and frequency conditions	Different assets and order methods can carry different prices
Fund or product costs	Ongoing charge, transaction costs, entry or exit costs, and the exact share class	These costs sit inside the investment and are separate from the SIPP provider charge
Foreign exchange	FX rate, tiers, minimums, conversion method, and whether foreign currency can be held	Overseas trading can trigger a separate cost on each conversion
Transfer and closure	Cash or in-specie route, full or partial scope, per-holding costs, disinvestment, and account closure	A one-off charge can depend on the assets and transfer method
Investment access	Permitted investments, markets, share classes, currency service, and dealing channels inside the SIPP	A low fee has little value if a required capability is unavailable

How do flat and percentage SIPP fees compare?

A flat charge is a stated cash amount for a stated period. A percentage charge applies a rate to a defined asset value. Neither structure is automatically cheaper because the complete calculation can include different investments, tiers, caps, minimum charges, or account combinations.

Check whether a tier is marginal. A marginal tier applies each rate only to the value inside its band. Also check whether a cap covers funds, shares, ETFs, or all SIPP assets, and whether a minimum is monthly or annual.

Convert every monthly amount to an annual figure before comparing it with an annual percentage.
Apply each percentage only to the assets named in the schedule.
Model caps after calculating the relevant percentage charge.
Apply any minimum to the period and asset group stated by the provider.
Keep a pension administration charge separate when it is not included in the platform price.

Add dealing, product, and FX costs to SIPP fees

Investment dealing charges can depend on whether the order is for a fund, share, ETF, bond, or another supported asset. The price may also change for regular investing, telephone orders, larger trades, or a stated level of recent activity.

Fund and product costs are not the same as the provider's platform charge. Record the ongoing charge and other disclosed product costs for the exact holding or share class. They can reduce the value of the investment even when the provider does not send a separate bill.

For foreign investments, check both the dealing price and foreign exchange method. A percentage FX charge may apply when sterling is converted to buy, when proceeds are converted back, or during another currency event. If the SIPP can hold foreign currency, confirm when conversion is optional and when it is required.

Check SIPP transfer and closure costs separately

A SIPP schedule may distinguish transfers in from transfers out, cash from in-specie transfers, and full from partial transfers. It may also list a charge per holding, a disinvestment charge, an administration charge, or a closure cost. Record each condition even when the displayed transfer fee is £0.

The receiving provider must support the SIPP transfer route and the investments involved. MoneyHelper warns that a pension transfer can affect valuable existing benefits. This guide does not assess those benefits or suggest a transfer, sale, withdrawal, or closure.

Compare SIPP investment access, not only SIPP fees

GOV.UK describes a SIPP as a type of personal pension that lets the holder control the specific investments making up the pension fund, subject to the scheme and current rules. That does not mean every SIPP offers the same funds, shares, ETFs, bonds, markets, currencies, or dealing methods.

SIPP charges and features can differ from the same provider's GIA or stocks and shares ISA. Providers can apply wrapper-specific administration terms, separate asset caps, different cash treatment, or a different investment list. Use the dedicated SIPP schedule and product terms, not a general platform headline or another account's pricing page.

Confirm the exact SIPP, not only that the provider offers a GIA or ISA.
Check each required investment and market inside the SIPP.
Check web, app, regular investment, and telephone dealing access where relevant.
Verify which service or price plan the published fees describe.

Worked comparison

Illustrative example

Generic annual SIPP cost example

Inputs

SIPP value: £80,000, made up of £60,000 in funds and £20,000 in shares
Platform charge: 0.25% a year on funds and 0.25% a year on shares, with the share charge capped at £120 a year
Activity: 8 fund trades at £1.50 and 4 share trades at £5
Foreign exchange: one £2,000 conversion charged at 0.50%
Fund product cost: 0.20% a year on the £60,000 fund holding

Formula: Platform charge = (£60,000 × 0.25%) + min(£20,000 × 0.25%, £120). Dealing = (8 × £1.50) + (4 × £5). FX = £2,000 × 0.50%. Fund product cost = £60,000 × 0.20%.

Result: The platform charge is £200, dealing is £32, FX is £10, and the estimated fund product cost is £120. The stated annual total is £362, of which £242 is provider, dealing, and FX charges and £120 is the product cost.

Excluded from this example

No transfer, closure, withdrawal, advice, or other pension administration event
No bid-offer spread, market movement, tax, levy, or change in portfolio value
No different share class, tier, minimum, plan condition, or dealing channel
Generic figures only, not the schedule of a named provider or an estimate for a particular person

Common mistakes and misinterpretations

Comparing a SIPP percentage rate with a flat fee without using the same annual period and portfolio value.
Applying a headline percentage to the whole SIPP when funds and listed investments have different rules.
Missing a cap, minimum, marginal tier, or separate pension administration charge.
Treating free dealing as proof that the SIPP, investment product, or currency conversion is free.
Using the provider's GIA or ISA charges and features as if they automatically apply to its SIPP.
Leaving a transfer or closure charge out of the record because it is not recurring.
Choosing on modeled cost before checking the required investments and service features.

How to apply this

Open a functional destination with the relevant country or account filter applied. Recheck current official terms before acting.

Compare UK platforms supporting SIPPs Estimate modeled UK SIPP provider costs

Key takeaways

Compare SIPP fees using one stated portfolio, asset split, activity pattern, and period.
Separate platform and pension administration charges from dealing, FX, and product costs.
Model flat fees, percentage rates, caps, minimums, and tiers exactly as the SIPP schedule states.
Check transfer and closure terms even when they are outside the annual recurring total.
Verify SIPP investment access and wrapper-specific terms before comparing price.
Confirm every material figure on the provider's current official schedule before acting.

Official and authoritative sources

These pages were checked for the claims used in this guide. Follow the descriptive link to verify the current source.

Findings from our investment platforms costs and charges review: good and poor practiceFinancial Conduct Authority · checked August 10, 2026
Pension scheme fees and charges explainedMoneyHelper · checked August 10, 2026
Personal pensions: OverviewGOV.UK · checked August 10, 2026
SIPP charges and ratesAJ Bell · checked August 10, 2026
SIPP charges and interest ratesHargreaves Lansdown · checked August 10, 2026
Fees and chargesInteractive Investor · checked August 10, 2026