Wealthify Pension Review: Best Private Pension Provider 2025

Is Wealthify's pension any good?

Wealthify won “Best Pension” in the 2025 Good Money Guide Awards as it lets you invest either in an original portfolio of investments from the UK and overseas or choose an ethical investment plan made from a blend of environmentally and socially responsible investments.

Pension Fees: Wealthify has recently cut management fees for SIPP accounts holding more than £100,000 by introducing a tiered charging structure.

Any amount above £100,000 in Wealthify Personal Pension accounts will be charged at a lower annual fee of 0.3%, putting the service in a very competitive position against other providers.

This represents a reduction on the offering’s standard annual fee of 0.6% on balances up to £100,000. Both fees are charged monthly. In real terms, that means if you have £200,000 in your Welathify pension, your fees will now be £300 a year lower

The updated pricing structure is aimed at enhancing the appeal of Wealthify’s SIPP, particularly among more affluent clients.

Wealthify chief executive Richard Ambrose said: “Too many people are unaware of what they are paying in fees. It’s our duty as pension providers to make this clear. Fees are charged as a percentage of the pension pot, so the more you put in, the more fees will eat into your retirement savings.

“Whatever stage people are at with their pensions, I hope Wealthify’s new tiering inspires them to review their fees and vote with their feet so that they aren’t paying more than they need to.”

By introducing tiered fees, Aviva-owned Wealthify’s  SIPP offering comes in line with its direct digital wealth manager competitors Nutmeg and Moneyfarm, as well as other personal pension providers.

Nutmeg and Moneyfarm have slightly higher tiered management fees depending on the amount of assets held in their SIPPs. Wealthify’s decision to cut its pension management fees on sums above £100,000 to 0.3% puts it in a more competitive position.

Nutmeg charges an annual fee of 0.75% for assets up to £100,000 and then 0.35% on money above this amount  for three of its four personal pension services. 

Its “Fixed Allocation” service carries a fee of 0.45% up to £100,000 and then 0.25% on further investments.

By contrast, Moneyfarm has multiple fee tiers, starting at 0.75% from £500 before falling to 0.7% on investments above £10,000, 0.65% above £20,000 and 0.6% above £50,000. 

Moneyfarm’s SIPP management fees then fall to 0.45% above £100,000, 0.4% above £250,000 and 0.35% above £500,000.

It is important to note these charges concern only the management of the SIPP and do not account for other costs such as the fees of funds in which portfolios are invested or transaction fees.

Also perhaps influencing the new structure of Wealthify Personal Pension, major investment platforms Hargreaves Lansdown and AJ Bell also charged tiered fees with their SIPP offerings.

Hargreaves Lansdown charges 0.45% per year for assets up to £250,000, 0.25% on amounts between £250,000–£1,000,000 and 0.1% between £1,000,000–£2,000,000. There is no fee on assets above £2 million.

AJ Bell charges 0.25% on SIPP accounts holding up to £250,000 and 0.25% above this amount up to £500,000. There is no charge on assets above this amount.

The UK’s second largest retail investment platform interactive Investor (ii) is an outlier here due to its structure of charging flat fees as opposed to percentages.

For ii accounts with a minimum value of £10,000, charges start at £5.99 a month up to £50,000. It then charges £12.99 a month for accounts above this amount on its Pension Builder plan. It also offers substantial cash back on deposits and transfers.

Performance: Excluding fees, Wealthify plans have returned just over 24% since 2019, with an average return of just over 4% per year. Which, if we’re honest, is not great seeing as the S&P, the major US stock market that contains 500 of the biggest US public companies, has returned around 85%. It’s not exactly a fair comparison because Wealthify plans are diversified (as portfolios are supposed to be) across bonds and different countries.

It will certainly be interesting to see the 2026 performance update after the most recent stock market crash, where you’d expect a diversified portfolio to be more resilient than an index tracker.

Remember that past performance is not an indication of future results.

Capital at risk. Your tax treatment will depend on your individual circumstances and it may be subject to change in the future.