Advisers continue to concentrate recommendations on a handful of providers, with four firms accounting for 80% of personal pension choices and Aviva strengthening its lead in the SIPP market, according to Defaqto’s latest analysis.
Defaqto’s analysis of the first half of 2025 shows that the Royal London Pension Portfolio continues to be the most recommended personal pension, while Aviva leads in the SIPP market.
The findings come from Defaqto Engage, a financial planning tool used by over 30% of UK advisers, through which more than 64,000 personal pension and SIPP recommendations were made in the first half of the year.
Personal Pension Plans
Defaqto’s review of the top criteria used for personal pensions shows that AKG financial strength ratings remain the most popular factor for advisers, followed by functionality and client-focused features such as online access and flexi-access drawdown.
| Top 10 Selection Criteria H1 2025 – PPPs |
| 1. AKG financial strength |
| 2. Adviser product |
| 3. FAD (flexi-access drawdown) |
| 4. Online valuations |
| 5. Online applications |
| 6. Free fund switch (pa) |
| 7. UFPLS (uncrystallised funds pension lump sum) |
| 8. Online fund switching (by adviser) |
| 9. Target client type |
| 10. Online valuation access |
Source: Defaqto September 2025
The Royal London Pension Portfolio retained its position as the most recommended PPP, despite losing more than 4% market share compared with 2024. Aviva, Quilter and Prudential all increased market share but did not move up in the rankings.
| Top 10 Recommended PPPs in H1 2025 | Position Change | % of Top 10 | ||
| 2024 | H1 2025 | |||
| 1. Royal London Pension Portfolio | 33.4% | 29.3% | ||
| 2. Aviva Pension Portfolio (PPP) | 18.1% | 18.6% | ||
| 3. Quilter Retirement Account | 16.7% | 18.2% | ||
| 4. Prudential Retirement Account | 11.0% | 12.9% | ||
| 5. Scottish Widows Retirement Account | +1 | 4.1% | 3.9% | |
| 6. Transact Personal Pension | -1 | 5.2% | 3.7% | |
| 7. Aberdeen Elevate Pension Investment Ac | +2 | 2.9% | 3.5% | |
| 8. Aviva Pension Portfolio – Core | 2.9% | 3.4% | ||
| 9. Aegon Retirement Choices SIPP | -2 | 3.0% | 3.4% | |
| 10. Fidelity Adviser Solution Pension | new | ~ | 3.1% | |
Source: Defaqto September 2025
Richard Hulbert, Defaqto Insight Consultant, commented:
“With so many recommendations made through Engage during the first six months of this year it is striking to see just four providers attracting 8 out of 10 recommendations when there are 31 other providers available.
“Service is clearly playing a part in the selection process as all of the top 10 hold a Defaqto Gold Service Rating, and service selection criteria feature in 11 to 20 most popular selection criteria.”
SIPPs
The SIPP market remains buoyant, with 117 schemes available from 82 providers. Advisers continue to place the greatest emphasis on AKG financial strength ratings, followed by suitability criteria aligned with COBS 19.2, such as target market compatibility and client functionality.
| Top 10 Selection Criteria in H1 2025 – SIPPs |
| 1. AKG financial strength |
| 2. Adviser product |
| 3. FAD (flexi-access drawdown) |
| 4. Online valuations |
| 5. Online contribution history |
| 6. Online illustrations |
| 7. Online transaction history |
| 8. Target client type |
| 9. Unit trusts/ OEICs |
| 10. UFPLS (uncrystallised funds pension lump sum) |
Source: Defaqto September 2025
Aviva Pension Portfolio (SIPP) retained its top position and increased its market share, followed by Standard Life Wrap. AJ Bell InvestCentre SIPP and Aegon Retirement Choices SIPP also rose in the rankings, while Quilter, Prudential and Transact slipped back. M&G Wealth Pension Account appeared in the top 10 for the first time.
| Top 10 Recommended SIPPs in H1 2025 | Position Change | % of Top 10 | ||
| 2024 | H1 2025 | |||
| 1. Aviva Pension Portfolio (SIPP) | 20.9% | 24.1% | ||
| 2. Standard Life Wrap SIPP | 19.6% | 18.4% | ||
| 3. AJ Bell InvestCentre SIPP | +1 | 11.0% | 11.7% | |
| 4. Aegon Retirement Choices SIPP | +1 | 10.3% | 10.3% | |
| 5. Quilter Collective Retirement Ac | -2 | 12.4% | 10.0% | |
| 6. AJ Bell Investcentre Retirement Investment Ac | 6.8% | 6.3% | ||
| 7. M&G Wealth Pension Account | new | 5.4% | ||
| 8. Scottish Widows Platform Personal Pension | 4.5% | 5.0% | ||
| 9. Prudential Retirement Account | -2 | 6.1% | 4.8% | |
| 10. Transact SIPP | -1 | 4.3% | 4.0% | |
Source: Defaqto September 2025
Richard Hulbert added: “Through Engage, we observe SIPPs being selected for the right reasons with a good spread of providers chosen. When we look at functionality we see that SIPPs designed to meet the needs of the mass market are the most popular. This indicates that flexibility to move through a wide range of investment options and life stages is important.
“The dominance of Aviva and Standard Life is quite notable, especially as Aviva has attracted an additional 3.2% market share in the last six months. To illustrate this, when we add the recommendations for both AJ Bell Investcentre pensions together, they would still not improve on their third position overall.”
The findings are based on Defaqto’s whole market data, covering the full universe of available PPPs and SIPPs, alongside service ratings and market insights.
