2021 SIPP & SSAS Moneyfacts Star Ratings Revealed | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 13/01/2021

The 2021 SIPP (Self-Invested Personal Pension) and SSAS (Small Self-Administered Scheme) Annual Moneyfacts Star Ratings have been revealed today, making it easier for consumers wanting to take control of their pension using SIPPs and SSASs to find the best products currently available on the market.

A full list of the five and four star rated SIPP and SSAS products can be found on our SIPP and SSAS star rating page . When deciding which products should be awarded a star rating, a team of experts at Moneyfacts analyse thousands of products across 16 categories, in which extensive analysis of more than 2,000 data fields is done to make the final choice.

Commenting on today’s star rating announcement, Lee Tillcock, editor of Investment Life and Pensions Moneyfacts, said: “The need for individuals to take control of their own retirement planning has never been more important and is reflected in the greater demand for self-invested pensions such as SIPPs and SSASs. There is a diverse range of SIPP and SSAS products that individuals can select from, making comparisons potentially difficult. The Moneyfacts Annual SIPP and SSAS Star Ratings highlight the companies that offer the schemes with the most extensive range of features and competitive charges, helping consumers to direct their focus when considering their options.

“The Moneyfacts Annual SIPP and SSAS Star Ratings concentrate on the individual features of a product that consumers will come across when going through the decision-making process. The ratings therefore provide consumers with an extra seal of approval, which should give them the added assurance that they have found a high-quality product for their retirement needs.”

Consumers can find out more information about SIPPs and whether it is the right pension product for them by reading our SIPPs explained guide.

How the SIPP and SSAS star ratings were chosen

When considering which products to award a SIPP star rating, the team at Moneyfacts reviewed a range of features, including:

• Minimum contributions and transfers in
• Investment options
• Number of segments allowed
• Set-up and admin fees
• Dealing fees
• Property purchase fees
• In specie fees
• Cash transfer fees
• Lifetime annuity availability and charges
• Capped drawdown charges
• UFPLS availability and charges
• Flexi access charges
• Transfer out charges
• Online valuation availability
• Deposit account choice
• Product closure charges.

The features that were reviewed when assessing SSAS products included:

• Types of service offered
• Minimum contributions and transfers in
• Number of SSASs
• Investment options
• Funds under administration
• Set-up and admin fees
• Property and admin fees
• VAT registration and admin charges
• Capped drawdown charges
• Debt consolidation limit
• Lifetime annuity availability and charges
• Flexi access charges
• UFPLS availability and charges
• Scheme pension availability and charges
• Product closure charges
• Transfer out charges.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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