Moneyfacts is pleased to announce the Moneyfacts Annual Star Ratings 2024 for the SIPP and SSAS arena.
- For self-invested personal pensions, there were 23 Five-Star and 15 Four-Star Ratings.
- For small self-administered schemes, there were 12 Five-Star and 7 Four-Star Ratings awarded.
- A total of 57 self-invested personal pension products were assessed for 2024, down on last year’s 63. The number of small self-administered schemes available for 2024 stands at 27, down on last year, by one.
- More than 40 fields of information per individual product were collected for assessment.
The products awarded Five or Four-Star Ratings offer the most comprehensive range of standout features and competitive charges, which set them apart from the rest of the market.
Moneyfacts has been analysing data for more than 35 years, with the instantly recognisable Moneyfacts badge of quality helping inform consumers when comparing SIPP and SSAS products.
Nine out of 10 people agree that a Star Rating from an independent and impartial company could influence their decision in considering taking out a Financial Services product.* (*Source: Moneyfacts Group Plc, Star Ratings survey 11/2022-1/2023).
FOR THE FULL LIST OF 2024 AWARDED PRODUCTS – PLEASE CLICK HERE
Lee Tillcock, Managing Editor of Investment Life and Pensions Moneyfacts, said:
“The growing need for individuals to take more control of their own retirement planning has encouraged a greater demand for self-invested pensions such as SIPPs and SSASs. However, there is a diverse range of SIPP and SSAS products that individuals can select from, making comparisons potentially complex. 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.”
Numerous features are considered when assessing the ratings, and some of these include:
Self-Invested Personal Pensions (SIPP)
- 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
Small Self-Administered Schemes (SSAS)
- Types of service offered
- Minimum contributions and transfers in
- Number of SSAS
- Investment options
- Funds under administration
- Set-up and admin fees
- Property and admin fees
- VAT registration and administration charges
- Capped drawdown charges
- Lifetime annuity availability and charges
- Flexi access charges
- UFPLS availability and charges
- Scheme pension availability and charges
- Product closure charges
- Transfer out charges
