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Private pensions are a great way to boost your income in retirement. Your pension is invested, so you have the opportunity for it to grow before you retire. You can also get some great tax benefits, as the government tops up your contributions, meaning that for every £80 put in, the government adds £20. Not bad.
We’ve ranked some of the best private pensions for a range of different features.
Best private pension for range of portfolios: Nutmeg
When it comes to personal pensions, it can be nice to have some choice. Nutmeg has the most options available with 10 different portfolios. All the portfolios have different risk profiles, so it’s easier to tailor it to what you’re looking for.
Nutmeg has pretty reasonable fees and great reviews for its mobile app on both Google Play and Apple App Store.
Best private pension for consolidating pensions: PensionBee
PensionBee is known for consolidating all of your old pensions in one place. You only need some basic information on the providers.
PensionBee’s account managers, which they appropriately call “BeeKeepers” help you transfer them to PensionBee. Once they’re all consolidated, you can keep track of your pot using the mobile app whenever you like by logging in to your “BeeHive”.
Best private pension for its app: Moneyfarm
Moneyfarm’s app is one of the best rated on Google Play and the App store. Reviewers rave about how simple and easy it is to use.
Moneyfarm rates quite highly for its features too. You can transfer other pensions in and help prepare for retirement with its pension calculator. While it isn’t the cheapest of the providers we’ve ranked, it isn’t the most expensive, either.
Best private pension for fees
For pension pots below £100,000: Aviva
Aviva has one of the lowest annual fees that we’ve ranked for smaller pension pots. You can choose between a personal pension and a self invested personal pension (SIPP) with Aviva. This means that you can choose ready made funds or you can choose your investments yourself, it’s completely up to you.
The costs are still low for larger pension pots, but there are cheaper options available so it’s worth sizing up your pot and working out what’s best for you.
Best for pension pots above £100,000: Moneybox and interactive investor
For personal pensions: Moneybox
If you’ve got a larger pension pot but would prefer not to opt for a self invested personal pension (SIPP) then Moneybox has one of the lowest fees available.
It doesn’t have very many portfolios to offer, but it does have a pension calculator, a nice look into the future feature and the option to consolidate your old pensions into it.
For SIPPs: interactive investor
If you want to go down the self invested personal pension route and have a large sum to invest then you might find that interactive investor’s set monthly fees are more suited to you. This isn’t cost effective for smaller pension pots but can work out cheaper for those over £100,000.
Compare pension providers
How do I compare pension providers?
Deciding which private pension provider to go with will depend on what it is you need. Decide on these key things to get you started:
- Are you looking for a self invested personal pension (SIPP)? You’ll want a SIPP if you want more control over your investments.
- How much does the provider charge? Fees and charges come out of the growth of your investments. Compare how much each provider will charge you based on how much you are investing.
- Exit fees. If you think you might want to transfer out at any point, you might have to pay exit fees.
- Does the provider have a mobile app? This isn’t essential, but it’s nice to be able to check in from time to time.
- How many portfolios are available? It’s nice to have some choice between portfolios, so typically, the more, the better.
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