Which Drawdown Is Best?

Drawdown providers each operate under a different set of terms and limits with a different target audience. You should choose one that is appropriate for your fund and personal circumstances.

Provider Annual fee Financial strength Service rating Minimum pension fund Actions More info
Royal London
0.50%
A
Gold (90%)
£20,000.00
  • Royal London was founded in 1861 as a friendly society and growing to become the UK's largest mutual life and pensions company. We continually strive to make the most of our founding principles of self reliance, community and putting our members at the heart of everything we do.

  • Additional fees: £180 income release charge
  • UK policyholders: 5.3m
  • Assets managed: £86.3 bn
  • Online access: Yes - View valuations and switch funds
  • Online application: No
  • Fund range: 160 Core Funds and over 1,200 Self Invest Funds
  • Ethical funds: 2
  • Financial strength ratings:
    • Standard & Poor's: A
    • Moody's: A2
    • AKG: B+
  • Awards:
    • Financial Adviser Life & Pension Awards 2015 - Pension Provider of the Year
    • FTAdviser - 5 stars for online service in Life & Pensions, 9 years running
  • Backed by: Royal London Group
Old Mutual
0.99%
Not rated
Gold (91%)
£3,600.00
  • Old Mutual Wealth is owned by Old Mutual plc, one of the largest financial services companies in the world. Old Mutual Wealth combines the expertise and heritage of both Skandia and Old Mutual. We have a reputation for outstanding service and are dedicated to helping you achieve your financial goals.

  • UK policyholders: 16m
  • Assets managed: £319.4 bn
  • Online access: Yes - View valuations and switch funds
  • Online application: Yes
  • Fund range: 8 WealthSelect Portfolios and over 1250 SelfSelect Funds
  • Ethical funds: 37
  • Financial strength ratings:
    • Standard & Poor's: NR
    • Moody's: BAA
  • Awards:
    • Financial Adviser Life & Pension Awards 2014 - Most improved Pension provider 2014
    • FTAdviser - 5 stars Life & Pensions provider
  • Backed by: Old Mutual Plc
AXA Wealth
0.40%
A+
Bronze (80%)
No minimum
  • AXA Wealth is part of the AXA Group one of the largest insurance companies in the world. We operate in 59 countries with over 161,000 employees and 103 million customers worldwide. AXA Wealth is a dedicated Wealth Management company and it's our goal to make investing as simple as possible.

  • Additional fees: £150pa flexi access charge
  • UK policyholders: 10m
  • Assets managed: £931 bn
  • Online access: Yes - View valuations and switch funds
  • Online application: Yes
  • Fund range: 327 funds
  • Ethical funds: None
  • Financial strength ratings:
    • Standard & Poor's: A+
    • Moody's: AA3
    • AKG: B+
  • Awards:
    • Financial Adviser Life Service Awards 2014 - 5*
    • Investment Life & Pensions Moneyfacts Awards 2014 - winner of Best Pension Service
  • Backed by: AXA Group
Scottish Widows
0.40%
A
Bronze (79%)
£30,000.00
  • Scottish Widows has been working in the life, pensions and investment market since 1815 and is now part of the Lloyds Banking Group. Scottish Widows today has over 6 million customers and the research team at IPSOS report Scottish Widows to be one of the UK's most trusted Life, Pensions and Investments providers.

  • Additional fees: Charge on retirement income value - 0.07% for £50,0000
  • UK policyholders: 6m
  • Assets managed: £822 bn
  • Online access: Yes - View only
  • Online application: Yes
  • Fund range: 2400 funds
  • Ethical funds: 30+
  • Financial strength ratings:
    • Standard & Poor's: A
    • Moody's: A2
    • AKG: B+
  • Awards:
    • Financial Adviser Service Awards 2013 - 5* for Life & Pensions
  • Backed by: Lloyds Banking Group
Aegon
0.55%
A+
Bronze (79%)
£20,000.00
  • Aegon is an international provider of life insurance, pensions and asset management. With approximately £542 billion assets under management worldwide, we have businesses in over 25 countries around the world and around 2 million customers in the UK alone.

  • UK policyholders: 2m
  • Assets managed: £542 bn
  • Online access: Yes - View valuations and switch funds
  • Online application: Yes
  • Fund range: 101 funds
  • Ethical funds: 3
  • Financial strength ratings:
    • Standard & Poor's: A+
    • Moody's: NR
  • Backed by: Aegon
Standard Life
0.80%
A+
Silver (84%)
£30,000.00
  • Standard Life was established in 1825 and has been growing globally since then. Today, the Standard Life group employs 6,500 people internationally - through businesses in the UK, Europe, North America and Asia. We're one of the Fortune Global 500's largest companies by revenue and wherever we operate in the world, we're motivated by a sense of responsibility. It's what helps us to be a sustainable business. We're proud to be listed as a leader for corporate sustainability in our industry in the Dow Jones Sustainability Indices.

  • UK policyholders: 4.5m
  • Assets managed: £312 bn
  • Online access: Yes - View valuations and switch funds
  • Online application: Yes
  • Fund range: Over 2000 funds
  • Ethical funds: 42
  • Financial strength ratings:
    • Standard & Poor's: A+
    • Moody's: A1
  • Awards:
    • Shares Awards - Best SIPP Provider 2014. Defaqto 5 star rating for Active Money SIPP
  • Backed by: Standard Life
LV
0.51%
BBB+
Silver (82%)
£30,000.00
  • As the UK's largest Friendly Society we have more than 5 million members and customers and exist to grow the value of our business for the benefit of our members. Because we're a mutual we're owned by our members', rather than private shareholders. So, instead of focusing on making short-term profits for external shareholders, we channel our energies and resources into doing what’s right for everyone who deals with us; and most importantly generating value for our members. Any profits we make are reinvested into the business to generate future growth and can also be distributed to all or some of our members depending on our trading performance.

  • Additional fees: Drawdown activation charge - £175 for over £37,500 and £295 for under £37,500
  • UK policyholders: 5m
  • Assets managed: £11.8 bn
  • Online access: No
  • Online application: Yes
  • Fund range: 170 funds
  • Ethical funds: 1
  • Financial strength ratings:
    • Standard & Poor's: BBB+
    • Moody's: NR
    • AKG: B+
  • Awards:
    • Gold Standard Award 2013 for Individual pensions
    • Financial Adviser Life Service Awards 2014 - 5 Star
  • Additional benefits:
    • Access to free Health, Counselling & Legal advice
    • Discount on other LV products
  • Backed by: LV
Aviva
0.85%
A+
Bronze (80%)
£30,000.00
  • Aviva provides around 31 million customers worldwide with insurance, savings and investment products. We are the UK's largest insurer and one of Europe's leading providers of life and general insurance with a history of over 300 years. We combine strong insurance, general insurance and asset management businesses under one powerful brand. We are committed to serving our customers well in order to build a stronger, sustainable business which makes a positive contribution to society and for which are people are proud to work.

  • UK policyholders: 16m
  • Assets managed: £246 bn
  • Online access: Yes - View only
  • Online application: Yes
  • Fund range: 100 Funds in Core range, 2,800 in Choice range & ETF's, Equities, SP and Property in Flex range
  • Ethical funds: 49
  • Financial strength ratings:
    • Standard & Poor's: A+
    • Moody's: A1
    • AKG: B+
  • Awards:
    • FT Adviser Online Service Awards 2014 - 5 Star & Company of the Year
  • Backed by: Aviva Plc
Prudential
1.15%
AA
Gold (86%)
£50,000.00
  • Prudential plc is an international financial services group with significant operations in Asia, the US and the UK. We serve more than 23 million customers and have £443 billion of assets under management. We are listed on stock exchanges in London, Hong Kong, Singapore and New York. Prudential uses long term thinking to create long term value. Through our strong financial performance and international strategy, we create financial benefits for our shareholders and investors and deliver economic and social benefits for the communities in which we operate.

  • UK policyholders: 7m
  • Assets managed: £443 bn
  • Online access: No
  • Online application: Yes
  • Fund range: Over 100 funds
  • Ethical funds: 2
  • Financial strength ratings:
    • Standard & Poor's: AA
    • Moody's: AA2
  • Awards:
    • FT Adviser Online Service Awards 2015 - Company of the Year
  • Backed by: Prudential Plc