Hargreaves Lansdown SIPP review
Most Popular SIPP
The UK's most popular SIPP with over £130bn under management. Widest investment choice, excellent research, and award-winning service. No platform fee on shares.
Overview
Hargreaves Lansdown operates the most popular SIPP in the UK, managing over £130 billion in pension assets. It offers the widest investment range, the most comprehensive research tools, and an award-winning customer service team — at a premium price.
Who Is the HL SIPP Best For?
- Active pension investors — those who want maximum choice and research
- People consolidating multiple pensions — transfer old pots into one place
- Those approaching retirement — drawdown and retirement planning tools
- Investors who value service — phone support with pension specialists
Fee Breakdown
| Fee Type |
Cost |
| Platform fee (funds) |
0.45% (tiered — reduces over £250k) |
| Platform fee (shares) |
0.45% (capped at £200/year) |
| Fund dealing |
£0 |
| Share dealing |
£11.95 (reduces with frequency) |
| SIPP admin |
£0 |
| Drawdown |
£0 (no charge to enter drawdown) |
On a £200,000 pension invested in funds, HL charges £900/year in platform fees. At Vanguard, the same amount costs £300/year (capped at £375). Over 20 years, that £600/year difference — invested instead — grows to roughly £25,000. Fees matter enormously in pensions because of the long time horizon.
Why People Choose HL Despite Higher Fees
- Wealth Shortlist — expert-curated fund recommendations
- Retirement planning tools — model different drawdown scenarios
- Pension transfer service — they handle the paperwork
- Human support — speak to pension specialists by phone
- Everything in one place — ISA, SIPP, LISA, JISA on one platform
Drawdown and Retirement
HL's drawdown service is one of the most comprehensive:
- Enter drawdown at no extra charge
- Flexible income — take what you need, when you need it
- 25% tax-free lump sum
- Remaining pot stays invested
- Retirement planner tool to model different scenarios
If you have 3-4 old workplace pensions with different providers, consolidating into the HL SIPP gives you a single view of your retirement savings. HL handles the transfer process and you can track everything in one app.
What the HL SIPP Lacks
- High ongoing fees — 0.45% is nearly 3x Vanguard's 0.15%
- Share dealing charges — £11.95 per trade adds up
- 1% FX fee — expensive for international shares
- Fee structure benefits HL — percentage fees grow with your pot
- Can overcomplicate things — too much choice can paralyse beginners
The Bottom Line
The HL SIPP is the premium choice for pension investors who want maximum control, research, and support. If you actively manage your pension, use the research tools, and value human customer service, HL delivers. If you want to set up a monthly contribution to a global index fund and forget about it, Vanguard will save you tens of thousands over your pension lifetime.
Pros
- Widest investment range in UK
- Excellent research and Wealth Shortlist
- No platform fee on shares over £45k
- Award-winning customer service
- Ready-made portfolios available
Cons
- 0.45% platform fee on funds
- Dealing charges (£11.95 per trade)
- Expensive for small pots
- Drawdown charges apply
- Fee structure complex