Compare Drawdown

How we compare drawdown platforms

Exactly what our cost figures include, where the data comes from, how often it is checked and how the ranking works — so you can check our numbers rather than take them on trust.

What we compare

We list 20 UK pension platforms that offer flexi-access drawdown — letting you keep your pension invested while taking income or lump sums when you choose. Platforms that only offer UFPLS lump sums, or that require you to transfer out to take an income, are not included in the ranking.

What the cost figure includes

For the pot size you enter, we calculate an estimated yearly cost from each provider's published charges.

Included

• The platform, product or SIPP administration charge, applying each provider's published tiers, caps and minimum fees to your pot size.
• Recurring yearly drawdown or pension administration fees.
• Dealing and withdrawal charges, when you set how often you deal or withdraw and the provider publishes a figure we have verified.

Not included

• Fund charges (OCF), which depend on the investments you choose — unless the provider quotes an all-in fee, which we label.
• One-off drawdown set-up fees, shown separately in each cost breakdown.
• Interest retained on cash, foreign exchange charges, and telephone or paper dealing surcharges.
• Any charge a provider does not publish. Where a charge applies but we have not verified a figure, the breakdown says so instead of assuming £0.

Like-for-like labels. A few providers quote a single fee that covers more than the platform. We keep them in the ranking but label them as including fund charges (for example PensionBee and Penfold), or as including investment management with fund charges extra for J.P. Morgan Personal Investing (formerly Nutmeg), whose fee pays for investment management. The Cost Index leaves all of these plans out of its headline range so that range compares platform charges like for like.

DIY and advised. The ranking only includes plans you can open and take drawdown from yourself. Providers that need a financial adviser — such as Quilter, Royal London and St. James's Place — are compared separately on advised drawdown, where the adviser's fee is shown alongside the platform charge.

Percentage or flat fee. Percentage fees rise with your pot; flat fees do not. That is why the order changes as you move the pot size — there is no single cheapest platform for everyone.

What you hold. Platform charges assume you hold funds. Some platforms cap charges on shares, ETFs and investment trusts, which can be much lower.

Where the data comes from

• Fees: each provider's own published charges page, key features document or terms. Where we hold the source link, it is shown next to the "fees checked" date on the comparison.
• Regulatory status: the FCA Register.
• Customer ratings: Trustpilot scores and Which? ratings are shown as recorded when the provider was last reviewed. They are shown for context and do not affect the cost ranking.

How often it is checked

Every provider shows the date its fees were last checked against the source. We re-check when a provider announces a change and aim to review every provider at least once a quarter. The Drawdown Cost Index is published as a dated quarterly snapshot.

How the ranking works

Providers are ranked by estimated yearly cost for your inputs, lowest first. You can re-sort by Trustpilot rating or name, and filter by provider type, fee type and what you can invest in; the rank number always shows the position on cost across the whole market.

No provider pays to appear, to be ranked higher or to be excluded. There are no affiliate or referral links, and we earn nothing if you choose a provider.

Corrections

If you spot a fee that has changed or a figure you think is wrong, send us a message with a link to the provider's published source. We check every report and update the data and its "checked" date.

Who is responsible

Compare Drawdown is a trading style of Arthur Browns Wealth Management Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN 825843). Comparison data and guides are reviewed by Phil Handley.

The comparison is information and guidance, not personal advice. Want personal advice? Contact Phil Handley, Chartered Financial Planner. Advice is a separate, paid service; fees depend on the work involved and are agreed before any work starts. · Check the FCA Register