We have trialled 40 of the main pension suppliers. Here are the seven high ‘all rounders’, exactly what you’ll pay annually and what to do if you happen to’re self-employed
There are more pensions available than ever before that you can open yourself and manage online. This is great news if you’re looking for choice, but tough if you have to wade through them all to find the best for you.
That’s why I have over 40 test accounts with all the major providers and conduct a review each year of who is hot and who is not.
Through my website boringmoney.co.uk, we look at the apps, websites, customer service and costs of each pension provider.
Who makes the cut?
Of the 40 we trialled, seven providers won our 2026 Best Buy Pension award this year. The table below summarises my views on who we think they are good for and what you should expect to pay each year depending on how big your pension is.
Finding the best pension provider for you is not a one-size-fits-all approach. Which suits you best will depend on how confident you are investing and how much you have to put into the market.
If you are confident and experienced, you might like to pick and choose specific investments that you put into your pension. In that case, you’ll need a provider that offers this option.
Opening your own pension is a great idea if you don’t have a workplace one. But if you’re employed, chances are you have a workplace pension… and these are well worth paying into because you will benefit from contributions from your employer
If you are a beginner – or have no interest in building a portfolio – you’ll want a provider you trust to build a portfolio for you.
If you have no interest in choosing the underlying investments, then the beginner options will be best, as these providers will help and guide you into the best solution.
If you’re after a hassle-free, ready-made pension, the UK’s largest DIY investment and pension shop – Hargreaves Lansdown – will cut charges from March, which make them among the lowest around. AJ Bell is another good choice.
If you have more money in a pension, then Interactive Investor is strong on cost. JP Morgan Personal Investing and PensionBee will be more expensive, but they are easier to navigate on an app and some prefer to pay a little more for an easier life.
Don’t forget your work pension
Pensions specialist Holly Mackay
Opening your own pension is a great idea if you don’t have a workplace one. But if you’re employed, chances are you have a workplace pension from a big brand such as Aviva, Royal London or Scottish Widows. These are well worth paying into because you will benefit from contributions from your employer as well.
Do investigate any perks they offer, as some employers will match any additional contributions you choose to make. This ‘free money’ catapults these workplace pensions into ‘no-brainer’ territory ahead of a pension that you open yourself – even if they are typically way behind the names mentioned here in terms of apps and user experience. So you might want to investigate paying more into your work pension instead of opening your own.
The self-employed get left behind with pensions. If you’re self-employed and want to set up a pension, but feel overwhelmed I’d suggest you have a look at JP Morgan Personal Investing, Penfold or PensionBee.
In general, I don’t think you should pay more than 0.8 per cent all-in for a ready-made pension at a £50,000 account size or more than 0.75 per cent all-in if you have £100,000 or more. If you assemble your own investments, an admin fee of 0.4 per cent a year or more is a no-no.
How do you rate your pension provider? Email us at [email protected]
