Most SIPP comparisons fail before they start, because they compare one number from each provider and those numbers are not measuring the same thing. A useful comparison fixes the pot size, adds up every layer of charge on that pot, and then asks what each account is actually allowed to hold and what it costs to leave.
Compare the whole charge stack on your own pot
There are usually three layers: the wrapper or platform charge for holding the pension, the dealing charge for buying and selling inside it, and the fund charges underneath, which the provider never sees but you still pay. Ask each provider for a single annual figure in pounds on the pot you actually have and the trading you actually do. A percentage that is capped and a flat fee cross over at some pot size, so the cheapest provider is a function of your balance rather than a fixed fact about the market.
Compare what the wrapper may hold
A low cost platform typically permits funds, investment trusts and listed shares, which covers what most people need. A full SIPP can additionally hold commercial property, including trading premises, and assets that are not listed. The wider permissions cost more every year whether or not they are used, so paying for a full SIPP to hold three funds is the most common way people overpay. For a company director considering holding the business premises in the pension, the calculation runs the other way.
Compare the exit, not just the entry
Ask what it costs to start taking an income, to make regular withdrawals, to transfer out and to close. These charges arrive at the point when moving again is least attractive, and they are where a low headline fee is often recovered. A provider that is cheap to hold and expensive to draw from is a different proposition for somebody five years from retirement than for somebody thirty years away, and the comparison should be run at the stage you are actually at.
What is not a comparison point
Past investment performance belongs to the funds, not to the SIPP, and a platform does not manage your money unless you ask it to. Service quality matters but is hard to compare honestly from marketing. This page sets out the basis on which accounts can be compared; it does not rank providers or recommend one, and it does not advise on transferring an existing pension, which is a regulated activity handled by authorised firms.
Questions people ask about SIPP comparison
What should I actually compare between SIPPs?
The total annual cost on your own pot including fund charges, what the wrapper is permitted to hold, and what it costs to draw an income or transfer out. Comparing a single headline percentage puts two different products side by side and produces a meaningless answer.
Is a percentage charge or a flat fee better?
It depends on the size of the pot. A flat fee is proportionally heavy on a small balance and light on a large one; an uncapped percentage does the opposite. Work out the pounds on your own balance, because the crossover point is what decides it.
Do I need a full SIPP?
Only if you intend to hold something a low cost platform will not accept, such as commercial property or unlisted assets. The wider permissions carry a higher annual charge whether or not they are used, so paying for them to hold ordinary funds is straightforwardly more expensive.
Does this page rank SIPP providers?
No. This site is an introducer and not an authorised adviser, so it does not rank or recommend regulated firms. It sets out the basis for a comparison you can run yourself, and passes an enquiry to an authorised firm where you want a recommendation.