Start with what you actually need

A pension provider's suitability depends heavily on why you're choosing one — consolidating old workplace pensions, opening a SIPP as a self-employed person, or simply wanting a better option than your current default fund all point toward different priorities.

Charges compound more than people expect

A platform charging 1% a year versus 0.25% a year sounds like a small difference, but over a 20–30 year working life it can amount to a substantial share of the final pot, purely from fees. Always check the total cost — the platform fee, the underlying fund charges, and any dealing or transfer fees — not just the headline percentage a provider advertises.

Practical things to compare

  • Investment range: enough choice to build a sensibly diversified portfolio, without so much choice it's overwhelming if that's not what you want.
  • Default fund quality: if you'd rather not pick investments yourself, check how the default option is built and its long-term performance and risk profile.
  • Customer service and app/platform quality: you'll likely be checking this for decades — a clunky interface is a real cost of time and frustration.
  • Consolidation support: if you're transferring old pensions in, check the provider handles transfers smoothly and doesn't charge exit fees on the sending side (check your old provider for this too).

Before transferring old pensions

Check whether any old pension has valuable guarantees attached (a guaranteed annuity rate, for instance) before moving it — these can be worth giving up only after careful comparison, since they're often impossible to get back once transferred. If in doubt, or if a pension is a Defined Benefit scheme, get regulated advice before transferring.

Key takeaways

  • Match the provider to your actual need — consolidation, SIPP flexibility, or a better default fund.
  • Small percentage differences in charges compound significantly over decades.
  • Check for valuable guarantees on old pensions before transferring them away.
  • Customer service and platform usability matter for a product you'll use for decades.