Editorial staff
SIPPs have not only increased in popularity for UK residents in recent years, but they’ve also helped to significantly grow the wealth of many pension holders along the way.
Data shows that the number of SIPP millionaires has increased by 20% in the space of two years, with 3,794 Britons holding seven figures in their pension pots in 2024.
The great thing about self-invested personal pensions is that you gain a more hands-on approach to your pension investments. Instead of relying on multiple workplace pension providers to manage various pots, it’s possible to combine them into a SIPP and create a portfolio of investments that perfectly match your retirement goals and risk appetite.
There are also plenty of tax benefits for SIPP holders, and you can opt in for the government to apply instant tax relief top-ups of 20% on your personal contributions.
As your investments grow, you have no Capital Gains Tax (CGT) or income tax obligations for the profits you make, meaning that you can build a substantial pot ahead of your retirement.
There are many different providers offering varying fees and account perks to SIPP savers, and Wealthify’s award-winning self-invested personal pension accounts deserve consideration for their competitive costs and flexible management options.
The Pros and Cons of Wealthify SIPPs
When looking at a strong SIPP provider, it’s important to keep factors like fees, usability, and flexibility in mind. So, how does Wealthify measure up in their offerings? Let’s explore the pros and cons of Wealthify as a self-invested personal pension provider:
Pros
- Low-cost fees: With a competitive management fee of 0.6%, which drops to 0.3% for any portion of your pension worth £100,000 or more, Wealthify is a cost-friendly SIPP provider
- Freedom of choice: Wealthify offers a range of SIPP products to suit your risk tolerance and ethical investing considerations
- Perfect for passive investors: SIPPs provided by Wealthify are managed on your behalf and tailored to your investment style
- High-quality support: Equipped with pension calculators to provide insights into your earning potential and an on-hand Customer Care team, you’re well supported
- Backed by Aviva: Wealthify is backed by Aviva, ensuring a high degree of security and trust for customers.
Cons
- £1,000 minimum deposit: For pension savers looking to dip their toes into SIPP ownership, Wealthify’s minimum deposit may be too costly
- Inability to invest in individual shares: If you’re a hands-on investor, you may find being unable to invest in specific stocks and shares a challenge
As a SIPP provider, Wealthify has won the Best Pension Platform 2025 award from Money.com, was recognised as the Best for Customer Service by Boring Money in 2025, and has been acknowledged as the Best Personal Finance Online Service for three years running at the Personal Finance Awards.
But what is it about Wealthify’s SIPPs that has won so many plaudits? Let’s take a deeper look at the anatomy of the provider's self-invested personal pension:
Wealthify’s SIPP Fees
Wealthify offers a transparent SIPP fee structure, which is centred on a simple annual management cost of 0.6%.
If your pension pot reaches a value of £100,000 or above, this platform fee is cut to 0.3% for that higher portion, making it a highly competitive rate for pension investors.
These fees are payable monthly and are deducted automatically from your accounts. The percentage represents the portion of your investments that you are liable to pay, meaning that you won’t have to worry about inhibitive costs if you’re building your SIPP from scratch.
Easy to Set Up
One of the biggest advantages of Wealthify as a SIPP provider is that there’s plenty of potential for tailoring your pension to your specific needs and financial goals.
When you create your personal pension, Wealthify will ask you about your risk appetite and whether you want to create a cautious-focused SIPP or a more adventurous pension pot.
You’ll also have the freedom to set up an original SIPP plan or a pension that focuses more on ethical stocks.
Once Wealthify determines the type of investments you want to set up, its team of experts will create your Personal Pension Plan to help you reach your goals.
Your Pension Plan will then be regularly monitored by Wealthify, with financial professionals making adjustments to ensure that you’re always on track for the retirement you want.
Comprehensive Management
With the help of Wealthify’s Pension Calculator, you’ll gain a holistic view of your investments in a way that helps to illustrate exactly where you are in terms of your plan and how contribution changes could affect the value of your pot when you retire.
The feature can even help you to map out your retirement, showcasing how much your pension could be worth at any given age in the future.
Simple Pension Transfers
It’s also entirely possible to transfer your old pensions to Wealthify, with the provider offering help every step of the way if you aren’t accustomed to the process.
Simply let Wealthify know a few details about your old pensions using the online transfer form supplied. Here, information like your reference number and recent pot value is needed to provide an overview of the pensions you already hold.
Then, Wealthify will pick up the slack by talking to your providers and beginning the transfer process, which is usually completed within 30 days.
Opening a SIPP with Wealthify
Wealthify is an excellent SIPP provider for individuals who want to build a pension pot passively to suit their individual investment needs and retirement goals.
Although the platform’s services may be a little restrictive for those craving more hands-on personal pension access, the low-fee structure and ability to personalise plans mean that you can save for your retirement, safe in the knowledge that you can grow your pension pot on your terms.
Editorial staff
