Best broker for SIPP in 2024

While many SIPP brokers catering to clients in the United Kingdom offer an excellent service, the ones in our toplist go the extra mile. These international brokers and trading platforms are suitable both for beginners and advanced clients, looking for great customer experience.

Popularity of the best SIPP brokers

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

Below you can see the fees charged by the different online providers for the most important assets like stocks, ETFs and mutual funds.

Customer experience is a complex question, yet crucially important when it comes to broker selection. Here you can see a breakdown of customer experience angles and how the different providers perform along them.

And now, let's see the top SIPP brokers one by one, starting with the winner, Interactive Brokers.

Recommended for traders looking for broad market access and a professional trading environment

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Recommended for traders of any experience level looking for an easy-to-use trading platform

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75% of retail CFD accounts lose money

Recommended for investors and traders looking for a great trading platform and solid research

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64% of retail CFD accounts lose money

Recommended for beginners and buy-and-hold investors focusing on the UK market

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Recommended for long-term investors on the hunt for low fees and focusing on the UK and US markets

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Recommended for beginners and investors with small and medium portfolios focusing on the UK market

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Recommended for beginners and investors focusing on the UK market

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Recommended for beginners and buy-and-hold investors looking for an easy-to-use trading platform

Visit broker

Recommended for beginners and long-term investors focusing on the UK market

Visit broker

Recommended for beginners and long-term investors

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• We looked at brokers that offers SIPP accounts and made sure the broker is regulated by a trusted regulator.
• Compared fees, including trading and non-trading fees such as account management costs of inactivity fees.
• Compared the number of long term products (i.e. stocks, mutual funds, ETFs) available.
• Assessed the customer experience (e.g. mobile platform, customer service, and account opening process).

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BrokerChooser evaluates 9 key areas for all brokers, including fees, safety, ease of account opening, education and trading platforms. We check more than 600 criteria for each broker and fine-tune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 60,000 data points overall.

What investments are tax-free in the United Kingdom?

If you are looking for tax-efficient investment options, the United Kingdom has a lot to offer. Self-Invested Personal Pensions (SIPPs) and Individual Saving Accounts (ISAs), along with others, can help to reduce your tax liabilities.

A SIPP account can provide significant tax benefits if you are saving for your retirement. One of the main benefits of a SIPP account is that any contributions you make to sour SIPP retirement pot are tax-free! This means you can use pre-tax income to contribute to your SIPP account, saving money on taxes.

On top of this, any profits you make from your investments under a SIPP account (e.g: dividends), are also exempt from capital gains tax and income tax. In the long-run, this can make a notable difference in the amount you save for retirement. You won't have to declare any returns you make on your annual tax return, which simplifies your tax reporting process. There is no limit to the amount you can earn tax-free in a SIPP account, and you can withdraw your money at any time after age 55 without penalty.

However, once you start withdrawing from your SIPP account, that money will be subject to Income Tax. We recommend planning your withdrawals carefully to minimize your tax liability.

Is SIPP a good idea?

SIPPs, or self-invested personal pensions allow individuals to manage their own investments, instead of leaving it to a fund manager. This means greater control over the investments and potentially higher returns. In addition, contributing to a SIPP account can increase pension savings, thus giving you a higher income in retirement.

What are the disadvantages of SIPP?

While SIPPs offer several benefits, there are a few drawbacks to keep in mind:

• You can only access your money when you are 55 or older.
• Withdrawal from a SIPP account is subject to income tax, and there are limits on how much you can contribute to a SIPP each year without incurring tax penalties.
• SIPPs might have higher fees than other pension plans, as they often require investors to pay for trading fees and administrative costs.

What is SIPP and how does it work?

SIPP, or self-invested personal pension is a type of personal pension plan available in the United Kingdom. SIPP is a tax-efficient retirement saving account, which allows users to take greater control over their investments by managing their own investments. The way it works is the following:

The way it works is the following:

1. Open a SIPP account
2. Make contributions
3. Choose and manage your investments
4. Withdraw funds in retirement

What is the difference between a pension and a SIPP?

A pension is a type of retirement savings plan, which is offered by your employer or government and it provides income during retirement. A SIPP, or Self-Invested Personal Pension, is a type of personal pension plan that allows individuals to take greater control over their retirement savings by managing their own investments. That being said, SIPPs come with greater control over your investments, and more options to invest in.

Are SIPP pensions risky?

SIPPs can be riskier than other types of investments as it comes with greater control over your investments. As your pension fund will remain invested until the age of 55, the way you choose your investment may increase or decrease the level of pension you can take out in retirement.