You might need to choose a personal pension product if:

  • you’re looking to consolidate your existing pensions into a new account

  • you’re self-employed, or not eligible for a workplace pension, but still want to save for retirement

  • you’d like to diversify your savings by having a personal account as well as a workplace pension

  • you’d like to change your current personal pension to get a better deal or find something more suited to your needs

We’ve rounded up the key info about six popular personal pension providers. We’ve divided them into two categories:

  • Simple: These providers don’t give you much choice or control over your investments. This might be a better option if you don’t want to do too much pension management, but instead prefer to pick a general direction and then let the pension provider decide exactly where to put your money.

  • Advanced: These providers usually allow you to make limited choices about your investments, OR get more involved with your investments on a more detailed level, for example buying and selling from individual funds. This might be a better option if you’re really interested in investing and know what kind of funds you’d prefer to be in. But be aware that you’ll need to be on top of managing the risk level of your investments over time.

NB: Fees may differ depending on which investment plans or specific funds you pick. We give a sense of rough fees in the table below.

Provider

They say

Fees

Investment options

Pensionbee

Combine, contribute and withdraw online. Take control of your retirement today and join over 538,000 customers using PensionBee.

Annual management fee 0.5-0.95%

Fee reduction for pots over £100k

Early exit fee of £480 if you withdraw everything within 12 months.

Select from 9 plans including Tailored (shifts as you age), Fossil-Fuel Free and 4 Plus (high growth strategy).

Moneybox

Track down your old workplace pension pots and combine them into one simple Moneybox Personal Pension.

Platform fee: 0.45% up to £100k, 0.15% above

0.14%-0.58% Annual Fund provider costs

4 main plans: ESG, Life Path (shifts as you age), Fidelity Index World Fund and Islamic Global Equity.

Nutmeg

Start or transfer a personal pension in minutes.

Choose your investment style and risk profile.

Take control of your retirement.

Platform fee: 0.45%-0.75% up to £100k, 0.35% above

Fund charges: 0.19-0.29%

4 main investment styles:

Fully Managed, Smart Alpha (managed by JP Morgan), Socially Responsible and Fixed Allocation (fixed at a certain risk level).

AJ Bell

An affordable, flexible pension pot.

Fund charges: 0.25% up to £100k, 0.10% up to £1m, 0.05% above

Deal charge: £1.50 upwards

Individual funds may apply extra fees

Thousands of funds, trusts and shares to invest in.

Eight ready-made portfolios if you don’t want to micromanage, based on desired risk and growth level.

Hargreaves Lansdown

We offer the HL SIPP for people who want to take control of their retirement savings. It's low cost, and you can even transfer your old pensions in to make them easier to manage.

Fund charges:

0.45% up to £250k, 0.25% up to £1m, 0.1% up to £2m, 0% above

Deal charge: free for funds, £5.95 upwards for shares

Individual funds may apply extra fees

Thousands of funds, trusts and shares to invest in.

Six ready-made portfolios if you don’t want to micromanage, based on desired risk and growth level.

Vanguard

The Vanguard Personal Pension is a flexible and tax-efficient way to save for your retirement. It's a Self Invested Personal Pension – so you have control over how you want your money to be invested.

Account fee: 0.15% (capped at £375)

Deal charge: free

Fund charges: 0.06% - 0.80%

75 funds to invest in, or pick a Target Retirement Fund, which invests for you depending on your targeted date of retirement.

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