Barclays Direct Investing (formerly Smart Investor) pension drawdown hub: published fees, investment options and features. Updated for 2026. Guidance, not advice.
Estimated yearly cost at £250,000: £270 a year (monthly income, no share deals; Platform fee only — fund charges extra).
Position on cost: Ranks 4 of 18 fully priced platforms on cost at £250,000. Barclays Direct Investing (formerly Smart Investor) against every DIY platform
| Drawdown admin fee | £120 a year Included in the yearly cost above |
|---|---|
| Regular income payments | Free |
| One-off (ad-hoc) withdrawal | £30 each |
| UFPLS payment | £90 each |
| Transfer out (exit fee) | Free |
| Minimum pot | Not confirmed |
| Cash in the pension | Not confirmed |
Fees checked 3 Sept 2026. “Not confirmed” means the charge is not published or we have not verified it; it is never counted as free.
Sources: SIPP pension provider fees (PDF) · Fees and interest rates
Capital at risk. Comparison information only, not advice. Confirm charges on the provider’s own pages before you act.
Barclays Direct Investing (the 2026 name for Smart Investor) charges no customer fee to hold investments. The SIPP adds AJ Bell’s £125 + VAT administration charge. Official SIPP fees include flexi-access drawdown, with extra set-up and annual administration charges paid to AJ Bell.
Retirement access: Flexi-access drawdown. Official SIPP fee PDF: flexi-access and capped drawdown available. Annual drawdown administration £100 + VAT even if no income is paid; set-up £75 + VAT.
Direct Investing is the 2026 name for Barclays Smart Investor. The SIPP is administered by AJ Bell. Official costs page: no customer fee; SIPP administration £125 + VAT a year.
Official SIPP fee documents include flexi-access drawdown, with extra set-up and annual administration charges paid to AJ Bell.
Platform fees: £0 customer fee; SIPP administration £125 + VAT a year (£150); flexi-access drawdown £100 + VAT a year (£120) plus £75 + VAT set-up
Fund charges (Ongoing Charges Figure) apply on top of platform fees and depend on your chosen investments. Use our calculator above to see the total annual cost for your specific pot size.
Range: Funds, shares, ETFs
Funds dealt free online; shares, ETFs, investment trusts, bonds and gilts £6 a trade
Eligible claims may be covered by the Financial Services Compensation Scheme (FSCS). If a SIPP operator or investment firm fails, the limit is £85,000 per person per firm; a pension provided by an insurer is normally covered in full. FSCS pension protection
Guidance only — this is not regulated financial advice. Confirm charges on the provider's official pages before you act.
No new verified updates this month. We only list items we can cite from an official RNS, company newsroom or official blog.
4 Jun 2026
Barclays’ 4 June 2026 newsroom release said Direct Investing customers no longer pay a monthly customer fee, so it is free to hold investments on the platform. It stated that customers previously paid 0.25% on balances up to £200,000 and 0.05% above that level.
23 Apr 2026
Barclays announced on 23 April 2026 that Smart Investor would be renamed Direct Investing. It said this was a name change only, with no change to the service.
Last verified: 8 Sept 2026.
Also compare: Vanguard, Interactive Investor, AJ Bell Youinvest, Hargreaves Lansdown, Fidelity Personal Investing, and all UK providers we track.
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.