Comparing SIPP Platforms for Self-Directed Investors in 2026

The SIPP (Self-Invested Personal Pension) platform market is crowded with providers, each with different fee structures, investment options, and levels of drawdown functionality. For self-directed investors managing their own pension — whether accumulating in their working years or drawing down in retirement — choosing the right platform is a decision that compounds over decades.

This guide compares the main UK SIPP platforms used by self-directed investors: Hargreaves Lansdown, AJ Bell Youinvest, Interactive Investor, Charles Stanley Direct, Vanguard Investor, and PensionBee. We cover fee structures, investment universe, drawdown capabilities, customer service, and the specific considerations for expats accessing UK SIPPs from abroad.

Important caveat: Platform fees, investment options, and terms change frequently. The information below reflects the general position as understood in mid-2026 but should be verified directly with each provider before making a decision. This is a comparative overview, not a personal recommendation — the right platform depends on your specific circumstances.

The Fee Tiers That Matter Most

Platform charges are the single most predictable long-run cost in a SIPP. Unlike investment returns (which are uncertain), platform fees are certain — they compound against your wealth every year regardless of performance. Over a 20-year drawdown, a difference of 0.2% per annum in platform charges represents a material difference in terminal wealth.

The fee structures vary between:

Percentage-based fees (ad valorem): The platform charges a percentage of assets under management. This is simple to understand but expensive for large portfolios — a 0.45% charge on £1m costs £4,500 per year. Most percentage-fee platforms apply tiered rates, with the percentage falling as asset size increases.

Flat fees: Some platforms charge a fixed fee per month or per year, regardless of portfolio size. For larger portfolios, flat fees are far cheaper in percentage terms. A £120 flat annual fee represents 0.012% of a £1m portfolio — far below any percentage-based model at that scale.

Hybrid models: Some platforms combine a percentage charge (capped at a maximum annual amount) with flat fees for specific services (dealing, drawdown, transfers).

The break-even point — the portfolio size at which a flat-fee platform becomes cheaper than a percentage-fee platform — is typically in the range of £50,000–£100,000, depending on the specific fees. For HNW investors with substantial SIPPs, flat-fee platforms almost always represent better value.

Hargreaves Lansdown (HL)

Hargreaves Lansdown is the UK's largest retail investment platform by assets under management. Its SIPP is widely regarded as the gold standard for ease of use, customer service, and breadth of investment options.

Fees: HL charges an annual platform fee on SIPPs of 0.45% on the first £250,000, reducing to 0.25% on the next £750,000, 0.1% on the next £1m, and nil above £2m. Dealing charges apply for shares (free for funds). There is a separate charge for drawdown functionality (income drawdown from the SIPP).

For a £500,000 SIPP: approximately £1,875 per year in platform charges (blended rate approximately 0.375%). For a £1m SIPP: approximately £2,875 per year (blended rate approximately 0.29%).

Investment universe: Very broad — funds, investment trusts, ETFs, UK and international equities, bonds, gilts. Access to a large selection of managed funds across all major asset classes and geographies.

Drawdown functionality: HL offers a well-developed flexi-access drawdown service with flexible income options. Income can be taken flexibly and altered regularly online.

Customer service: Generally regarded as excellent for a large platform — telephone access to knowledgeable staff, good online account management.

Expat access: HL imposes geographic restrictions on account-holding by non-UK residents. Non-residents can generally maintain an existing HL account but opening a new account as a non-resident may be declined or require specific documentation. Access via telephone and online banking is available.

AJ Bell Youinvest

AJ Bell is a mid-size platform competing directly with HL on both fee and service. It is considered good value at medium portfolio sizes.

Fees: Platform fee of 0.25% on SIPPs up to £250,000; 0.1% on funds between £250,000–£500,000; 0% on shares above £500,000. Dealing charges apply (slightly lower than HL for shares). Drawdown functionality included at no additional charge.

For a £500,000 SIPP held in funds: approximately £1,125 per year (blended rate 0.225%). More competitive than HL at this level.

Investment universe: Broad, with funds, ETFs, investment trusts, UK equities, and international equities. Slightly smaller selection than HL but covers the major needs of self-directed investors.

Drawdown functionality: Good online drawdown management with flexible income options.

Expat access: AJ Bell generally allows non-UK residents to hold existing accounts but has restrictions on new account openings from overseas. Requirements vary by country of residence — verify directly.

Interactive Investor (ii)

Interactive Investor operates a flat-fee model that makes it significantly cheaper than percentage-fee platforms at larger portfolio sizes.

Fees: Fixed monthly subscription fee (which includes a standard level of dealing per month, with additional dealing charges beyond that). As of mid-2026, the SIPP subscription is typically in the range of £12.99–£19.99 per month depending on plan, roughly £156–£240 per year. For a £1m SIPP, this represents approximately 0.016–0.024% — dramatically below the percentage-fee competitors.

Investment universe: Very broad — funds, investment trusts, ETFs, UK equities, international equities, bonds. Generally comparable to HL and AJ Bell.

Drawdown functionality: ii offers flexi-access drawdown. Income can be managed online.

Expat access: ii has restrictions for non-UK residents. Its terms and conditions should be checked for your specific country of residence.

Best suited for: Investors with larger portfolios (generally above £50,000–£100,000 where the flat fee becomes meaningfully cheaper) and those who trade frequently, since the subscription includes some free deals per month.

Charles Stanley Direct

Charles Stanley Direct offers SIPP services at competitive fee levels for medium-sized portfolios.

Fees: Platform fee of 0.35% per year (reducing for larger portfolios). The precise tiers should be verified directly. Dealing charges apply.

Investment universe: Comparable to the main platforms — broad access to funds, ETFs, and equities.

Drawdown functionality: Flexi-access drawdown available.

Expat access: Similar restrictions to other UK platforms for non-resident account holders. Charles Stanley has historically been willing to work with British expats in many jurisdictions, but specific country rules apply.

Best suited for: Investors who want a mid-size, established platform with good fund selection and do not require the very cheapest fees.

Vanguard Investor

Vanguard's UK direct platform offers a limited but very low-cost SIPP.

Fees: Platform fee of 0.15% per year, capped at £375 per year for SIPPs above £250,000. For investors with large Vanguard-fund-only portfolios, this is extremely competitive.

Investment universe: Limited to Vanguard's own range of funds and ETFs. This is a fundamental constraint — if you want exposure to active funds from other managers, individual equities, or investment trusts, Vanguard cannot provide it.

Drawdown functionality: As of 2026, Vanguard's UK SIPP has had more limited drawdown functionality compared to HL, AJ Bell, or ii. Verify the current position directly.

Expat access: Vanguard's UK direct platform is generally restricted to UK residents. Non-residents may be unable to hold or open accounts.

Best suited for: Long-term passive investors who are content with a Vanguard-only, index-fund portfolio and want to minimise platform costs.

PensionBee

PensionBee is a newer entrant aimed at simplicity and consolidation of old pensions. It is not a traditional self-directed SIPP — it manages the investments for you through a choice of plan options (e.g., tracker plan, sustainable plan, pre-annuity plan).

Fees: Annual management charge built into the plan cost, typically in the range of 0.25–0.95% depending on the plan chosen. All-in — no separate platform and fund charges.

Investment universe: The member chooses a plan, not individual funds. Investment management is handled by PensionBee in partnership with institutional asset managers. Not appropriate for those who want self-directed fund selection.

Drawdown functionality: PensionBee has developed a drawdown service. Functionality continues to expand.

Expat access: PensionBee can accept UK pensions from expats in many jurisdictions; it has marketed specifically to expats wanting to consolidate old UK pension pots. Verify specific country access.

Best suited for: Those who want a simple, managed approach to pension consolidation rather than self-directed investment. Not comparable to the self-directed SIPPs above for experienced investors.

Key Considerations for Expat SIPP Holders

UK expats face specific platform selection challenges:

Account maintenance vs new applications: Most UK platforms are more willing to maintain accounts for existing customers who subsequently move abroad than they are to accept new applications from non-UK residents. If you are planning to emigrate and currently have a UK SIPP, review and potentially switch providers before leaving — your options narrow materially as a non-resident.

Dealing in foreign currencies: If your spending currency is not sterling, the currency risk of a GBP-denominated SIPP is a real consideration. Some platforms allow currency conversion within the SIPP (to USD-denominated ETFs, for example) but the SIPP itself remains a GBP wrapper.

International SIPP providers: For UK expats in most jurisdictions, a specialist international SIPP (offered by providers regulated in the UK or in offshore centres) may provide more flexibility than a mainstream UK retail platform. These providers are typically experienced in working with non-UK-resident clients and understand the cross-border tax implications.

Regulatory protections: UK platforms are FCA-regulated and covered by the FSCS up to £85,000 per institution. Non-UK platforms may have different (and potentially lower) regulatory standards. Always verify the regulatory status of any provider.

How Global Investments Can Help

Selecting a SIPP platform is not just about fee comparison — it is about ensuring the platform supports your investment strategy, drawdown requirements, and residency situation over a potentially very long time horizon.

Global Investments can assist with:

• Platform comparison analysis specific to your portfolio size, investment objectives, and country of residence
• Introduction to specialist international SIPP providers for expat clients
• SIPP consolidation from multiple legacy providers into a single efficiently managed platform
• Review of existing SIPP platform arrangements for clients who moved overseas and may face access restrictions
• Ongoing SIPP investment oversight and drawdown management as part of a comprehensive wealth management service

This guide is for educational purposes only and does not constitute a personal recommendation. Fee information is indicative and subject to change — always verify directly with providers. The value of pension investments can fall as well as rise. FSCS protection levels are subject to change. Consult an FCA-authorised adviser before switching platforms or making significant pension decisions.