8 cheapest pension providers for low-cost retirement saving
By Boring Money
18 Feb, 2025
Choosing the cheapest pension can often feel overwhelming with so many options, providers, and confusing fees to navigate. With platforms like PensionBee and Interactive Investor offering low-cost pensions, how can you determine which one is truly the best value?
That’s where we come in. Each year, our team of in-house investment experts put pension providers to the test, identifying the most low-cost options and separating the genuinely good value pensions from those that only look cheap on paper.
Whether you're an experienced investor or just starting to build your pension pot, keeping costs to a minimum is essential. After all, the less you pay in fees, the more your money can grow - helping you secure a financially comfortable future.
Peruse our shortlist of the pension providers with the lowest fees without compromising on the quality of service - so you can find the best and cheapest pension for you.
We’ve listed providers in alphabetical order below.
AJ Bell
AJ Bell's pension is a solid choice for those who want to take the reins of their retirement savings. With a wide array of investment options - funds, shares, ETFs, and Investment Trusts - you can tailor your pension to suit your goals.
The platform's fees are competitive, with an annual custody charge of 0.25% on portfolios up to £250,000, decreasing to 0.10% for amounts between £250,000 and £500,000, and no charge beyond £500,000. Dealing charges are straightforward: £1.50 per fund transaction and £5 for shares, with a reduced rate of £3.50 if you've made 10 or more deals in the previous month.
The user-friendly interface and robust research tools make managing your pension a breeze. As of 2025, AJ Bell continues to be a top contender for those seeking a flexible and cost-effective personal pension solution, winning three of our coveted annual awards: Best Buy Pension, Best For Low-Cost Pension <£50k, and Best For Low-Cost Pension >£50k.
AJ Bell has been developing over the last few years into a seriously credible player. They are a bigger force to be reckoned with now and are one of the best all-rounders, and competitively priced for most types of investors.
*This is the view of investment expert Holly Mackay based on her first-hand customer experience as a test account holder. This does not constitute regulated advice. You can read more about Holly's investments here.
See how much it would cost you
Use the handy calculator below to calculate the cost of an account. Just select which type of account you want to use, type in the amount you want to invest and - hey presto! - our calculator will give you an estimate of how much it costs. Please note estimated fees are calculated excluding promotional offers.
Step 1. Select account type.
Step 2. Enter the amount you are looking to invest.
Estimated fees:
£0
+ Investment fees
Cost shown is the administration fee only. There may be additional third-party investment or fund fees, which depend entirely on what you pick. Expect these to add about 0.25% to 1% a year to the total cost.
The boring disclaimer bit
This is a free resource for our readers. We’ve tried really hard to ensure that these calculations are correct and can promise you there’s no monkey business or favouritism going on. But please don’t rely on these calculations without double checking yourself. If you do think you have seen an error please contact community@boringmoney.co.uk and help us to make this better. More information on the assumptions we've used to calculate these investment fees can be found here.
AJ Bell Dodl
AJ Bell Dodl's pension is a good choice for those seeking a streamlined, no-fuss approach to pension investing. With a carefully curated selection of investment options - including UK and US shares, AJ Bell's own funds, and themed ETF investments - you can build a retirement portfolio without getting overwhelmed by endless choices.
The platform's fees are remarkably straightforward: a competitive 0.15% annual account fee with zero trading charges. For example, if you opt for their dedicated Pension Builder fund (0.31%), your total annual cost would be just 0.46%. Investment options range from low-cost regional ETFs starting at 0.05% to actively managed funds at 0.45%.
The mobile-first approach through their sleek app makes pension management simple and accessible. With minimum investments of just £100 lump sum or £25 monthly, Dodl is particularly appealing to younger investors starting their retirement journey. As of 2025, this streamlined approach has earned them Boring Money's Best For Low-Cost Pension <50k award!
Those who remember the launch of Dodl in 2024 may be upset to learn that the parent brand AJ Bell sent the furry monster brand to the glue factory, creating a more adult look for this pared-back service which is aimed at younger investors with fairly straightforward needs. If you only want a handful of funds and shares to choose from, a sleek app for valuations and trading, and a very decent fee, then this is well worth a look. Nice for Lifetime ISAs and ISAs for those who don't want bells, whistles, or pointless complexity.
*This is the view of investment expert Holly Mackay based on her first-hand customer experience as a test account holder. This does not constitute regulated advice. You can read more about Holly's investments here.
See how much it would cost you
Use the handy calculator below to calculate the cost of an account. Just select which type of account you want to use, type in the amount you want to invest and - hey presto! - our calculator will give you an estimate of how much it costs. Please note estimated fees are calculated excluding promotional offers.
Step 1. Select account type.
Step 2. Enter the amount you are looking to invest.
Estimated fees:
£0
+ Investment fees
Cost shown is the administration fee only. There may be additional third-party investment or fund fees, which depend entirely on what you pick. Expect these to add about 0.25% to 1% a year to the total cost.
The boring disclaimer bit
This is a free resource for our readers. We’ve tried really hard to ensure that these calculations are correct and can promise you there’s no monkey business or favouritism going on. But please don’t rely on these calculations without double checking yourself. If you do think you have seen an error please contact community@boringmoney.co.uk and help us to make this better. More information on the assumptions we've used to calculate these investment fees can be found here.
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