Trusted by UK's most prolific procrastinators

Your future self called.
They're furious about the fees.

A typical UK saver pays over £150,000 in pension fees by retirement. Switching to a lower-cost provider could leave you with tens of thousands more in retirement.

Your workplace pension details

We'll use these details to calculate the fees your workplace pension is silently charging you, and show you how much more you could have at retirement by switching.

Usually shown on your payslip, pension app, or any letters from your pension provider. Not sure? Search your emails for "pension" or "retirement".
The total currently saved in your workplace pension.
How to find your pension pot value:
  • Log in to your pension provider's app or website
  • Check your most recent annual pension statement (usually sent by post or email)
  • Search your email inbox for your provider's name
  • Call your provider - they'll tell you in minutes
Don't know your provider? Check your payslip - it's often listed there, or ask your HR team.
Total monthly pension contribution including your employer's. Tax relief assumed included.
How to find your pension contribution:
  • Check your payslip - it shows your pension deduction each month
  • Add your employer's contribution (usually at least 3% of your salary)
  • If you're on auto-enrolment, the minimum total is 8% of your qualifying earnings
Your pension fees
Select your provider above and we'll fill these in automatically.
Got other pension pots? (optional)
Old jobs often mean old pensions. Add up to 2 more to include them in your total.
Investment growthHow much we assume your pension investments grow each year. The default of 9.1% is based on the 20-year average annual return of a globally diversified balanced portfolio between 2005 and 2024. This is a historical average only and is not a guarantee of future returns.
Contribution growthHow much we assume you'll increase your contributions each year. The default of 2% matches inflation, so your contributions stay flat in today's money. Set this to wage growth (~3-4%) to model a rising career, or 0% to keep contributions fixed in nominal terms.
InflationWe use inflation to show your final pot in today's money, so the figures feel meaningful rather than inflated. The default of 2% is the Bank of England's official inflation target.
Tax reliefThe government adds tax relief to your pension contributions. Basic rate taxpayers receive 20% added automatically. We assume this is already included in the monthly contribution figure you entered above.
Retirement ageThe age we project your pension pot to. This defaults to 67, which is the current UK state pension age. You can adjust this using the slider below.
Annual Growth Rate9.1%
Contribution Growth Rate2.0%
Inflation Rate2.0%
Retirement Age67

How it works

Three simple steps to understand your true fee impact

1

Enter Your Details

Tell us about your current pension pot, provider, and contributions. Add multiple pots if you have them.

2

See Real Impact

Our calculator shows exactly how much your fees will reduce your final pension pot by retirement.

3

Compare & Switch

Get personalised recommendations for lower-cost alternatives and see how much more you could have in retirement.

Frequently Asked Questions

Everything you need to know about pension fees

The fee comparisons are based on real published data from pension providers. The projected pot values are illustrative - they use historical investment returns as a guide, but past performance can't predict the future. Think of the numbers as a directional estimate, not a guarantee. The important thing is the difference between providers, not the exact figures.
Yes - if you've had more than one job, you might have more than one pension. You can add up to 2 extra pots and we'll include them all in your total calculation.
You'll see a table comparing your current provider against every other provider in our database. We show exactly what each one charges so you can see at a glance which ones could save you money - and how much.
It's the main yearly fee your pension provider takes - charged as a percentage of your total pot. On a £50,000 pot, a 0.5% charge costs you £250 a year. That might not sound like much, but compounded over decades it adds up to tens of thousands of pounds.

Ready to understand your real
fee impact?

YOUR POT COULD GROW BY
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more at retirement vs staying with your current provider
PROJECTED POT
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at retirement
EXPECTED FEES
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by retirement
EXTRA AT RETIREMENT
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by switching to a lower-cost provider

How much more could you have at retirement?

We've compared what your pot could be worth at retirement with your current provider against every alternative in our database. The difference shown is opportunity cost: money that stays invested rather than being taken in fees.

These figures are illustrative and based on assumed investment growth of 9.1% per year, shown in today's money using 2.0% inflation. This tool measures the impact of fees only and assumes equivalent investment performance across providers. In reality, returns vary depending on your fund choice — providers offering actively managed funds may perform differently to those offering passive index funds. Your actual returns will depend on how your investments perform. Past performance is not a guide to the future. Always do your own research before switching, and consider speaking to a financial adviser if you're unsure.

Guide

How to switch your pension provider

You've done the hard part - finding out what your fees are costing you. Here's how to actually do something about it.

This is not financial advice. This guide is designed to help you understand the process and raise awareness of your options. Everyone's situation is different - if yours is complex (multiple pots, defined benefit pension, large pot size, approaching retirement), we'd recommend speaking to a regulated financial adviser before making any changes.

Before you do anything - things to check first

Switching sounds simple, but there are a few things worth checking before you start.

1
Are you still contributing to this pot through your employer?

If your current pension is a workplace pension that your employer pays into, you can't redirect future contributions to a different provider. But the pot of money already sitting in that scheme is a different story. Some providers will let you transfer your existing pot out to a lower-cost provider while keeping the scheme open for future contributions. Not all allow this, so call your provider and ask: "Can I transfer my existing pot to another provider while keeping my account open for future contributions?" Old pots from previous jobs can always be moved freely.

2
Do you have a defined benefit (final salary) pension?

Defined benefit pensions promise a specific income in retirement based on your salary and years of service. Transferring out can mean giving up guaranteed income. If your pot is worth more than £30,000, you're legally required to take financial advice before transferring. Don't rush this one.

3
Check for exit fees

Some older pension providers charge exit fees when you transfer out. These are now capped at 1% for pensions set up after 2012, but older contracts may be different. Check your policy documents or call your provider and ask directly: "Is there an exit fee if I transfer my pension?"

4
Consider your investment funds, not just the fees

Fees matter a lot - but so does what your money is actually invested in. A lower-fee provider with poor fund choices isn't necessarily better. When you switch, you'll need to choose where your money gets invested at the new provider. Take some time to understand your options before you commit.

5
Your money won't be invested during the transfer

While your pension is being transferred, it's usually held as cash - meaning it's not growing. Transfers typically take 2-6 weeks. This isn't a reason not to switch, but it's worth knowing.

The switching process, step by step

Once you've done your checks and chosen a new provider, the actual process is more straightforward than most people expect.

1
Open an account with your new provider

Go to your chosen provider's website and open a pension account. Most providers have an online application that takes 10-15 minutes. You'll need your National Insurance number and bank details.

2
Gather your existing pension details

You'll need the name of your current provider, your policy or plan number (found on any letter or statement from them), and the approximate value of your pot. If you can't find your policy number, call your provider - they'll give it to you in minutes.

3
Request a transfer through your new provider

Most modern providers handle the transfer for you. Once your account is open, there will be a "transfer in" or "consolidate pensions" option. You provide your old provider's details and they contact them on your behalf. You don't usually need to contact your old provider yourself.

4
Choose your investments

When the money arrives, you'll need to decide how it gets invested. Most providers offer a default fund that does this automatically based on your age - that's fine to start with. You can always change it later.

5
Wait and confirm

Transfers typically take 2-6 weeks. Your new provider will notify you when the money arrives. Check your old account afterwards to make sure the balance has gone - and keep any final statements for your records.

What about my ongoing employer contributions?

If your employer currently pays into your workplace pension, you can't redirect those future contributions to a different provider. Your employer's contributions are tied to the scheme they've chosen.

However, the pot of money already sitting in that scheme is a different story. Some workplace pension providers will let you transfer your existing pot out to a lower-cost provider while keeping the scheme open for future contributions. This means you could move your accumulated savings somewhere cheaper without losing a single penny of future employer contributions.

Not all providers allow this. The best way to find out is to call your provider and ask: "Can I transfer my existing pot to another provider while keeping my account open for future contributions?"

Some people end up with two pension accounts running side by side: their workplace scheme receiving new contributions, and a personal pension holding their transferred savings. That's a completely reasonable approach and can significantly reduce the fees on the money you've already built up.

Do I need a financial adviser?

Not always - but sometimes it's worth it. Consider speaking to a regulated financial adviser if:

  • You have a defined benefit (final salary) pension worth more than £30,000 - it's a legal requirement
  • Your total pension savings are significant and you're within 10 years of retirement
  • Your situation is complicated - multiple employers, overseas income, large self-employed pension
  • You're unsure about investment choices and want personalised guidance

You can find a regulated adviser at unbiased.co.uk or vouchedfor.co.uk. Initial consultations are often free.

Not sure which provider to switch to?

Use our fee calculator to compare providers side by side and see exactly how much more you could have at retirement.

Education

Understanding pension fees

Your pension pot is quietly being eaten by fees you probably didn't know you were paying. Here's exactly what they are, how they work, and why they matter more than you think.

Why fees matter so much

A fee of 0.5% doesn't sound like much. But pension fees compound against you in exactly the same way that investment returns compound for you, and over 30 or 40 years the difference is enormous. The figures below show what your pot could be worth at retirement under each scenario, not the fees charged directly. The gap is the opportunity cost of money taken in fees rather than left to compound.

£50,000 pot, 30 years, 0.3% fees
~£362,000
lower fee provider
£50,000 pot, 30 years, 0.75% fees
~£313,000
higher fee provider
Difference
~£49,000
lost to a 0.45% fee gap

Assumes 9.1% annual growth, £300/month contributions, values in today's money. Illustrative only - past performance does not predict future returns.

The four fees that drive most of the cost

Most of the fee impact on your pension comes down to four charges. These are the ones that compound against you over decades and account for the vast majority of what you pay. Understanding these is the most important starting point.

%
Annual Management Charge (AMC)Most common

The main fee - charged every year as a percentage of your total pot. If you have £50,000 and your AMC is 0.5%, that's £250 taken out automatically each year. As your pot grows, the fee grows with it.

Most workplace pensions charge between 0.3% and 0.75%. By law, the default fund in a workplace pension can't charge more than 0.75% (the charge cap). Some providers charge significantly less - which is where the savings opportunity lies.

On a £100,000 pot: 0.3% = £300/yr vs 0.75% = £750/yr. That's £450 more every single year.
£
Fixed yearly fee (platform fee)Common with SIPPs

Some providers - particularly SIPPs - charge a flat fee each year regardless of how much is in your pot. For example, £100/yr whether your pot is £10,000 or £500,000.

For small pots, a fixed fee can actually be more expensive than a percentage fee. For large pots, it can be much cheaper. Worth doing the maths for your specific pot size.

£100 flat fee on a £20,000 pot = 0.5% effective rate. Same fee on a £200,000 pot = just 0.05% effective rate.
+
Investment fund fee (OCF)Often overlooked

On top of the provider's charge, the funds your money is invested in have their own fees - called the Ongoing Charges Figure (OCF). It's built into the fund's performance - you don't see it as a separate deduction, but it's being charged.

For index-tracking funds, OCFs are typically 0.1-0.2%. For actively managed funds, they can be 0.5-1.5% or more.

A 1% fund fee vs a 0.15% index fund fee on a £50,000 pot costs you an extra £425/yr before compounding.
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Contribution chargeLess common

A small number of providers deduct a percentage from every payment before it's invested. Nest charges 1.8% on each contribution (though their AMC is lower at 0.3% to compensate).

This means if you contribute £300 this month, only £294.60 actually gets invested.

1.8% on £300/month contributions over 30 years = approximately £19,440 in contribution charges alone.

Other fees to keep an eye out for

The four charges above are the most significant, but they are not the only fees your pension may carry. These additional charges are less common or more one-off in nature, but they can still add up and are worth understanding before you make any decisions.

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Exit feesCheck before switching

Some providers charge a fee when you transfer your pension out. For schemes set up after 2012, exit fees are capped at 1% of your pot value. Older contracts may have higher charges, sometimes significantly so. Always ask your current provider what their exit fee is before starting a transfer.

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Entry or set-up feesRare in modern pensions

Some older pension contracts deduct a percentage when you first start the plan or make early contributions. These are rare in modern workplace pensions but still exist in older policies. They appear in your Key Features Document or your original policy paperwork.

~
Transaction costsOften not visible

Every time your fund buys or sells investments, there are small costs involved. These are not charged directly to you as a line item but are built into the fund's performance. For passive index funds they are typically 0.01% to 0.10% per year. For actively managed funds they can be considerably higher. They should be disclosed in the fund's Key Investor Information Document (KIID).

!
Active member discountsWatch out if you change jobs

Some providers offer lower fees while you are actively contributing. If you leave that employer and stop paying in, the discount disappears and your fee goes up. This is sometimes referred to as an "active member discount" but the effect is that former members pay more. Check whether your provider applies this before assuming your current fee is permanent.

£
Drawdown feesRelevant when you retire

When you reach retirement and start withdrawing from your pension, some providers charge an annual fee for managing the drawdown process. This can be a flat fee per year or a percentage of withdrawals. It is worth checking what your provider charges for this before you get close to retirement, as it affects the cost of accessing your money.

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Transfer-in feesLess common now

A small number of providers charge a fee for accepting incoming pension transfers. Most modern providers do not, but it is worth confirming with your new provider before starting a transfer so there are no surprises.

Always check your full charges. The only way to know exactly what you are paying is to ask your provider directly for a complete breakdown of all fees, or review your annual pension statement which is required to disclose total costs. The charges covered in this article are the most common and the most impactful, but every pension contract is different. Read the small print before making any decisions, and consider speaking to a regulated financial adviser if anything is unclear.

Why don't people know about this?

Fees are disclosed - but buried. They appear in documents written in financial jargon, sent once a year. Most people never read them. The fees are deducted automatically, silently, without a notification or reminder. You never see the money leave - you just end up with less at retirement than you would have had.

That's exactly why we built this tool. Not to alarm you - but to show you what's actually happening to your money, in plain numbers.

See what your fees are really costing you

Enter your pension details and we'll calculate exactly how much you're paying in fees - and show you how much you could have by switching to a lower-cost provider.

This is not financial advice. The examples above are illustrative and use assumed growth rates. Past performance does not predict future returns. illdoitlater is a fee comparison tool - we help you understand charges, but decisions about switching should take into account your full financial situation. Consider speaking to a regulated financial adviser if you're unsure.