Hargreaves Lansdown SIPP Review 2026: Is the UK's Biggest Platform Still Worth the Cost?
Updated: Oct 13
Hargreaves Lansdown is the UK's largest retail investment platform with over 1.8 million clients and £150 billion in assets under administration. HL cut its charges in March 2026. Its SIPP now charges 0.35% a year on shares and ETFs, capped at £150 a year, 0.35% on funds up to £250,000 (less above that), £6.95 per online share deal and 0.99% foreign exchange on the first £10,000 of an overseas trade.
For a GIP investor holding 25 global equities in a £200,000 SIPP and making six US share purchases a year, the total annual cost at HL is now about £287. That compares with about £222 at AJ Bell and £252 at Interactive Investor. This Hargreaves Lansdown SIPP review 2026 answers whether the premium is justified.
HL SIPP Charges 2026: The Full Cost Breakdown
The HL SIPP fee structure has three layers. Account charge: 0.35% a year on shares, ETFs and investment trusts, capped at £12.50 a month (£150 a year). Funds pay 0.35% on the first £250,000, 0.25% from £250,000 to £1 million, 0.10% from £1 million to £2 million and nothing above, with no cap.
Dealing: £6.95 per online share deal, falling to £3.95 if you made 20 or more share deals the month before. Fund deals cost £1.95 and regular monthly investing is free. Foreign exchange: 0.99% on the first £10,000 of a trade, 0.50% from £10,000 to £25,000 and 0.20% above. FX is still HL's main cost disadvantage for GIP investors buying US equities, which make up most of the high-CROCI stocks on the Approved List.
Running the numbers for a typical GIP portfolio. On a £200,000 SIPP holding 25 global equities: the account charge is capped at £150; six share deals at £6.95 cost £41.70; FX on six US purchases of £1,600 each costs about £95. Total annual cost: about £287.
On a £500,000 SIPP of shares with the same trading pattern the cost is the same, about £287, because of the cap. That is 0.06% of assets, which is competitive. At £100,000 it is 0.29%. If you hold funds instead of shares there is no cap, so £500,000 in funds costs £1,500 a year in account charges alone.
HL vs AJ Bell vs Interactive Investor in 2026
Platform costs are one of the few things in a SIPP you fully control. On a £200,000 portfolio growing at 7% a year, a 0.1% yearly cost difference adds up to roughly £14,000 over 20 years.
For the £200,000 share portfolio above (six US purchases of £1,600 a year): HL costs about £287, AJ Bell about £222 (£120 cap, £5 deals, 0.75% FX) and Interactive Investor about £252 (£14.99 a month on its Plus plan, which includes one free trade a month, and 0.75% FX). HL is £35 to £65 a year dearer at this size. For the full side-by-side, see my AJ Bell vs Hargreaves Lansdown 2026 comparison.
The FX comparison is where the gap widens for active international stock buyers. For a GIP investor making twelve US stock purchases a year at £2,000 each, FX costs about £238 at HL (0.99%) and £180 at both AJ Bell and Interactive Investor (0.75%).
Specialist brokers charge a small fraction of that on currency conversion. If you buy US shares often, read my Interactive Brokers vs Hargreaves Lansdown comparison before choosing.
What HL Offers That Competitors Do Not
HL's research platform is the most comprehensive of any UK retail broker. The HL share research section covers over 3,000 companies with analyst notes, consensus data, historical earnings, dividends, and share price performance going back 10 years.
For GIP investors building positions in unfamiliar international names, the research depth is a genuine advantage that cheaper platforms don't match. The HL Wealth Shortlist provides curated fund and investment trust selections with qualitative research explaining each pick.
Customer service is a second differentiator. HL operates a UK-based telephone service with consistently high response rates. The Which? 2024 platform satisfaction survey rated HL above average for customer service response times.
App-first and low-cost platforms tend to rely on digital support, which can mean slower answers to complex SIPP queries. For investors who expect to phone with SIPP-specific questions, including drawdown setup, beneficiary nominations and transfer mechanics, HL's service model reduces friction significantly.
Stock universe breadth. HL covers UK, US and major international markets, including European, Asian and Australian exchanges. For GIP investors whose Approved List includes stocks on the Frankfurt Stock Exchange, Euronext Paris or the ASX, check that any cheaper platform you are considering offers those markets online before you move.
Is HL Safe? Regulation and Protection in 2026
HL is FCA-authorised and listed on the London Stock Exchange. It is the UK's largest direct-to-consumer investment platform by assets under administration at £150 billion. Client assets are held under FCA CASS client asset rules, segregated from HL's own balance sheet.
FSCS protection applies up to £85,000 on the investment platform. In practice the most significant protection for a SIPP investor is the FCA CASS regime, which ensures that client assets are ring-fenced and cannot be used to satisfy HL's own creditors in an insolvency scenario. HL has operated for over 40 years without a client asset loss.
Who the HL SIPP Suits Best in 2026
HL suits three investor profiles in 2026. First, investors with smaller SIPPs, where the 0.35% charge is low in absolute terms and the research tools and customer service are proportionately good value.
Second, investors who hold a significant proportion of their SIPP in funds rather than individual stocks, where HL's fund universe and research depth provide genuine selection utility.
Third, investors who place high value on telephone customer service and UK-based SIPP administration, particularly those going through drawdown for the first time.
HL is less suitable for investors with SIPPs above £100,000 who hold mainly funds or buy US shares often. Funds have no cap at HL, and its FX rate is higher than AJ Bell's or Interactive Investor's.
A GIP investor with a £300,000 SIPP making twelve US share purchases of £2,000 a year pays about £471 at HL against £360 at AJ Bell, a saving of about £111. Hold the same £300,000 in funds and the yearly account charge is £1,000 at HL against £675 at AJ Bell. Left invested at 7% a year for 20 years, a £325 yearly saving grows to about £13,300.
Frequently Asked Questions: Hargreaves Lansdown SIPP Review 2026
How much does Hargreaves Lansdown charge for a SIPP in 2026?
HL charges 0.35% a year on shares, ETFs and investment trusts in the SIPP, capped at £150 a year. Funds pay 0.35% up to £250,000, 0.25% from £250,000 to £1 million, 0.10% from £1 million to £2 million and nothing above. Online share deals cost £6.95 (£3.95 after 20+ deals the previous month) and fund deals £1.95. FX on overseas shares costs 0.99% up to £10,000, 0.50% up to £25,000 and 0.20% above. These are the charges after HL's March 2026 price cut.
Is my pension safe with HL?
Yes. HL is FCA-authorised, listed on the London Stock Exchange, and has operated for over 40 years. Client assets are held under FCA CASS rules, ring-fenced from HL's own balance sheet. FSCS protection applies up to £85,000 on the investment platform. HL is the UK's largest retail investment platform by assets under administration at approximately £150 billion.
Is Hargreaves Lansdown cheaper than Interactive Investor for a SIPP in 2026?
It depends on what you hold and how big the pension is. Interactive Investor charges a flat £5.99 a month up to £100,000 and £14.99 a month above that (with one free trade a month). For a share-only SIPP above £100,000, HL's £150 cap is slightly below ii's £179.88 a year, but ii's 0.75% FX beats HL's 0.99%. For funds, ii's flat fee is usually cheaper because HL's fund charge has no cap.
Can I hold international stocks in a Hargreaves Lansdown SIPP?
Yes. HL provides access to UK, US and major international equities, including European, Asian and Australian markets. FX costs 0.99% on the first £10,000 of a trade, 0.50% up to £25,000 and 0.20% above.
How do I transfer my existing pension to HL?
Open an HL SIPP account online, then initiate the transfer through the HL platform. HL handles the transfer administration and contacts the existing provider. Most defined contribution transfers complete within 15 to 30 working days for cash transfers, longer for in-specie transfers. Before transferring, check whether the existing pension contains any guaranteed annuity rates, enhanced protection, or fixed protection arrangements, as these may be lost on transfer.
What is the HL Wealth Shortlist and should I use it for my SIPP investments?
The HL Wealth Shortlist is a curated list of funds, investment trusts, and ETFs selected by HL's in-house research team. For GIP investors using the five-screen quantitative framework to select individual equities, the Wealth Shortlist is not directly relevant. It is most useful for investors holding managed funds or ETFs alongside individual stocks, or for portions of the portfolio where passive exposure is preferred.
Paying In and Taking Money Out
HL makes the practical side easy. You can set up regular investing by monthly direct debit, which smooths the price you pay over time, and your employer contributions can be paid in alongside your own. Basic-rate tax relief is added to personal contributions automatically.
Access follows the standard rules. You can take money from age 55, rising to 57 from 2028, and usually take 25% tax free. The rest is taxed as income when you draw it.
One point people miss: the SIPP itself is execution-only. HL does not tell you what to buy unless you pay separately for its personal advice service. Read the key features and important information documents before you transfer, particularly the sections on charges and exit terms.
Sources and Further Reading
Hargreaves Lansdown charges, hl.co.uk/charges (checked 12 October 2026). Hargreaves Lansdown Annual Report 2024, hl.co.uk/investor-relations. AJ Bell SIPP charges, ajbell.co.uk/pensions/sipp/charges. Interactive Investor rates and charges (1 October 2026), ii.co.uk. FCA Investment Platforms Market Study, fca.org.uk. Financial Services Compensation Scheme, fscs.org.uk. FCA Client Assets Sourcebook (CASS), fca.org.uk. Which? Platform Satisfaction Survey 2024, which.co.uk.
About the Author
Alpesh Patel OBE is a hedge fund manager, Bloomberg TV alumnus, Financial Times author, and former Visiting Fellow at Corpus Christi College, Oxford. He is the founder of the Great Investments Programme at campaignforamillion.com.
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Disclaimer: This article is for information and educational purposes only. It does not constitute financial guidance specific to your personal circumstances. Platform charges were checked on 12 October 2026 and are subject to change. Verify all fees directly with the platform before making any decision.
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