Understanding drawdown fees is crucial — even a 0.5% difference in annual charges can cost you thousands over retirement. Use the calculator on this page to compare total costs.
20 UK flexi-access drawdown platforms, with their published platform fee structures. The interactive calculator on this page applies these fees to your pot size and to how you take money out (monthly income, occasional lump sums or UFPLS payments). Platforms with a charge that is not published are listed after the fully priced ones.
Data as at 24 Jun to 24 Sept 2026.
| Provider | Headline fee structure | Checked |
|---|---|---|
| Vanguard | 0.15% flat fee (capped at £375 annually; minimum £48 a year, £4 a month, below £32,000) | Fees checked 23 Sept 2026 |
| Interactive Investor | SIPP: Core £5.99/mo (£71.88/yr, pots up to £100k); Plus £14.99/mo (£179.88/yr); Premium £39.99/mo (£479.88/yr). Each price already includes the pension admin fee (£2.50/mo on Core, £6/mo on Plus and Premium) | Fees checked 23 Sept 2026 |
| AJ Bell Youinvest | 0.25% to £250k, 0.10% £250k–£500k, 0% over £500k (shares & ETFs capped at £10/month) | Fees checked 23 Sept 2026 |
| Hargreaves Lansdown | 0.35% first £250k, 0.25% £250k-£1m, 0.10% £1m-£2m, 0% over £2m (£150 annual cap for shares) | Fees checked 23 Sept 2026 |
| Fidelity Personal Investing | 0.35% up to £250k, 0.20% over £250k (minimum £90 a year) | Fees checked 23 Sept 2026 |
| Bestinvest | 0.40% up to £250k, 0.20% £250k-£500k, 0.10% £500k-£1m, 0% over £1m (minimum £120 a year, £10 a month) | Fees checked 23 Sept 2026 |
| Charles Stanley Direct | 0.30% flat platform charge (minimum £60, capped at £600 a year); SIPP admin £100+VAT (waived over £30k); drawdown payroll £50+VAT a year; £25+VAT per ad-hoc withdrawal | Fees checked 23 Sept 2026 |
| PensionBee | 0.50%–0.95% depending on plan, halved on the portion over £100k (≈0.70% on a typical plan) | Fees checked 23 Sept 2026 |
| Aviva | 0.35% a year on the first £500,000, with no charge above £500,000 (drawdown included) | Fees checked 23 Sept 2026 |
| Standard Life | 0.45% annual charge (Standard Life Personal Pension; plus ~0.10% fund charge), no dealing, switching or exit fees | Fees checked 23 Sept 2026 |
| Scottish Widows | 0.25% a year, capped at £16.50/month (£198/year) - Share Dealing SIPP | Fees checked 24 Jun 2026 |
| IG | £210/year SIPP admin fee plus a yearly drawdown income fee of £240 (monthly), £180 (quarterly) or £150 (twice-yearly or yearly), both via Options UK; £300 per crystallisation; no IG custody fee (removed January 2026). Our cost assumes quarterly income | Fees checked 23 Sept 2026 |
| Legal & General | 0.25% service charge a year plus fund charge 0.14%–0.31% (four investment pathway funds; Personal Pension drawdown, not a full SIPP) | Fees checked 23 Sept 2026 |
| J.P. Morgan Personal Investing (formerly Nutmeg) | Fully Managed: 0.75% on the first £100k then 0.35% above (Fixed Allocation: 0.45% then 0.25%) | Fees checked 23 Sept 2026 |
| InvestEngine | £0 SIPP account fee and £0 dealing; ETF ongoing charges apply | Fees checked 3 Sept 2026 |
| Barclays Direct Investing (formerly Smart Investor) | £0 customer fee; SIPP administration £125 + VAT a year (£150); flexi-access drawdown £100 + VAT a year (£120) plus £75 + VAT set-up | Fees checked 3 Sept 2026 |
| EQi | EQi subscription £4.99/mo under £50k or £10.99/mo at £50k+; SIPP administration £118.80 a year (Platform One); flexi-access drawdown £180 a year (£150 + VAT) | Fees checked 23 Sept 2026 |
| Moneybox | Moneybox funds: 0.15% service fee capped at £150 a year (plus 0.29% fund fee). Other providers’ funds: 0.45% service fee on the first £100k, then 0.15% above (no cap) | Fees checked 23 Sept 2026 |
| CMC Invest | Premium plan £10.99 a month (£131.88 a year) for SIPP access; £0 dealing commission | Fees checked 3 Sept 2026 |
| Penfold | Default Plan single all-in fee: 0.75% a year on the first £100k and 0.40% on the amount above; no benefits withdrawal fees | Fees checked 23 Sept 2026 |
Fund charges (Ongoing Charges Figure) sit on top of these platform fees and depend on the funds you choose — typically 0.10–0.20% for index trackers and 0.50–1.00% for active funds. Some providers also charge dealing fees or admin fees; check the full schedule before transferring. Platform charges assume you hold funds. Some platforms cap charges on shares, ETFs and investment trusts, which can be much lower.
The main annual charge for using the provider's platform. Usually a percentage of your pot (0.15%–0.45%) or a flat monthly fee. Percentage vs flat fee: percentage fees grow with your pot, while flat fees stay the same. Flat fees are usually better for larger pots (£100,000+).
Ongoing Charges Figure for the funds you invest in. Typically 0.1%–1% per year depending on fund type:
Even small fee differences compound significantly over retirement. The table below shows the cumulative cost on a £250,000 pot, before any investment growth.
| Annual fee | Cost over 10 years | Cost over 20 years |
|---|---|---|
| 0.25% | £6,250 | £12,500 |
| 0.50% | £12,500 | £25,000 |
| 0.75% | £18,750 | £37,500 |
| 1.00% | £25,000 | £50,000 |
Based on a £250,000 pot, excluding growth. With investment growth applied to the same balance, the actual impact is even higher because the fees you didn't pay would themselves have compounded.
Most charge a platform or administration fee (a percentage of your pot, often 0.15% to 0.45% a year, or a flat fee). You also pay the ongoing charges of the funds you hold, and dealing charges when you buy or sell shares, ETFs or investment trusts. Some providers add a separate drawdown fee, a charge per withdrawal or UFPLS payment, or an exit fee.
It depends on your pot size. Percentage fees are usually cheaper on smaller pots; flat fees tend to win as the pot grows because the charge does not rise with it. As an example at £250,000, interactive investor’s Plus plan costs £179.88 a year including pension administration, while a 0.25% fee would be £625. Enter your own pot size above to see the crossover for your figures.
Check for charges per income payment or UFPLS withdrawal, exit or transfer-out fees, higher dealing charges for telephone orders, foreign exchange fees on overseas investments, and interest retained on cash held in your pension. All should be in the provider’s published charges schedule.
More than it looks. On a £250,000 pot, the difference between a 0.25% and a 1% yearly charge is £1,875 a year before any investment growth — £37,500 over 20 years — and more once lost growth on those fees is included.
No. Fund charges depend on the investments you choose, so our figures cover the platform, product and drawdown administration charges only. A few providers quote an all-in fee that includes fund costs or ongoing advice; those are clearly labelled in the table so you can compare like with like.
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.