Vanguard vs Fidelity Personal Investing for drawdown: fees and features compared (2026)
A side-by-side comparison of what Vanguard and Fidelity Personal Investing charge for pension drawdown, and what you get for it. On published charges alone, Vanguard works out cheaper at all three pot sizes modelled below.
Platform charges only.
What each one charges
Provider
Published fee structure
What it covers
Fees checked
Vanguard
0.15% flat fee (capped at £375 annually; minimum £48 a year, £4 a month, below £32,000)
Platform charge only; fund charges extra
23 Sept 2026
Fidelity Personal Investing
0.35% up to £250k, 0.20% over £250k (minimum £90 a year)
Platform charge only; fund charges extra
23 Sept 2026
Annual cost by pot size
Pot size
Vanguard
Fidelity Personal Investing
Cheaper
£100,000 pot
£150
£350
Vanguard is cheaper
£250,000 pot
£375
£500
Vanguard is cheaper
£500,000 pot
£375
£1,000
Vanguard is cheaper
Vanguard is cheaper than Fidelity Personal Investing at every pot size between £10k and £1m.
Fund charges, dealing and withdrawal fees are extra. Platform charges assume you hold funds. Some platforms cap charges on shares, ETFs and investment trusts, which can be much lower. See how we compare.
Features compared
Feature
Vanguard
Fidelity Personal Investing
What the charge covers
Platform charge only; fund charges extra
Platform charge only; fund charges extra
Investment range
85+
5,000+
Ready-made portfolios
Yes
Yes
Regular income payments
No extra charge
No extra charge
One-off withdrawals
No charge
No charge
UFPLS lump sums
No charge
No charge
Minimum pot to start drawdown
Not confirmed
£50,000
FSCS protected
Yes
Yes
Fees checked
23 Sept 2026
23 Sept 2026
“Not confirmed” means the provider does not publish the figure or we have not yet checked it; it does not mean the charge is zero.
Which suits you?
Choose Vanguard if you…
want the lower platform charge at every pot size we model (£100,000 to £500,000)
Choose Fidelity Personal Investing if you…
want a wider choice of investments (5,000+ against 85+)
This is comparison information, not advice.
Free, impartial guidance:Pension Wise offers free appointments to people aged 50 or over with a defined contribution pension, and MoneyHelper’s investment pathways comparison tool compares drawdown providers’ ready-made options. Both are backed by the government.
Pros and cons
Vanguard
Pro: Extremely low annual fee capped at £375
Pro: Simple, transparent pricing
Pro: Access to renowned Vanguard funds
Pro: No withdrawal fees
Pro: Strong brand reputation
Con: Limited to Vanguard products only
Con: No individual shares trading
Con: Basic platform features
Con: Minimum £48 annual fee (£4/month for pots under £32k)
Fidelity Personal Investing
Pro: Trusted global brand
Pro: Good range of investments
Pro: User-friendly platform
Pro: Free UK fund dealing
Pro: Quality research available
Con: More expensive than ii for large pots
Con: Smaller investment range than AJ Bell
Con: Limited advanced features
Con: £90/year flat fee for pots under £25,000
Frequently asked questions
Which is cheaper for drawdown, Vanguard or Fidelity Personal Investing?
Vanguard is cheaper at all three pot sizes we model. Yearly platform charges for Vanguard and Fidelity Personal Investing are £150 and £350 on a £100,000 pot; £375 and £500 on £250,000; and £375 and £1,000 on £500,000. Vanguard is cheaper than Fidelity Personal Investing at every pot size between £10k and £1m. Fund charges, dealing and withdrawal fees are extra.
What does Vanguard charge for drawdown?
0.15% flat fee (capped at £375 annually; minimum £48 a year, £4 a month, below £32,000). Platform charge only; fund charges extra. Regular income payments: no extra charge. One-off withdrawals: no charge. UFPLS lump sums: no charge. We last checked these fees on 23 September 2026.
What does Fidelity Personal Investing charge for drawdown?
0.35% up to £250k, 0.20% over £250k (minimum £90 a year). Platform charge only; fund charges extra. Regular income payments: no extra charge. One-off withdrawals: no charge. UFPLS lump sums: no charge. We last checked these fees on 23 September 2026.
What can I invest in with Vanguard and Fidelity Personal Investing?
Vanguard: 85+, including ready-made portfolios. Fidelity Personal Investing: 5,000+, including ready-made portfolios.
How do customers rate Vanguard and Fidelity Personal Investing?
Vanguard has a Trustpilot score of 4.7 out of 5 (checked 8 September 2026). Fidelity Personal Investing has a Trustpilot score of 4.6 out of 5 (checked 8 September 2026). Scores change over time, and they do not affect our cost comparison.
How do I choose between Vanguard and Fidelity Personal Investing?
Start with the yearly cost at your own pot size, then check what you want to hold, how you plan to take income and whether you want ready-made portfolios. This page is comparison information, not advice. Free, impartial guidance on your options is available from MoneyHelper's Pension Wise service.