Most people do not choose between these; their employer does. But if you are consolidating old pots or weighing a transfer, here is how the charges and reviews actually stack up.
Charges verified July 2026. Pension transfers are a big decision; this is information, not advice.
Your pension charge is one number. Whether you're saving enough is another - and we answer it from your real pensions, ISAs and the State Pension.
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Most people shouldn’t transfer out of a defined-benefit scheme. If you’re in one, the rest of this page is information, not a recommendation. For defined-contribution pots (the common case) a transfer is usually fine — the charges comparison below is what you’re here for.
Lloyds, Halifax and Bank of Scotland customers who want their pension inside their banking app.
Employees auto-enrolled through work and employers needing a no-fuss compliant scheme.
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| Charge | Scottish Widows | Nest |
|---|---|---|
| Annual charge | 0.30% a year on the Ready-Made Pension (at least £5 a month) plus a 0.10% investment charge; 0.25% on the SIPP, capped at £16.50 a month | 0.3% annual management charge |
| Workplace scheme charge | Set by your employer's scheme, capped at 0.75% for auto-enrolment defaults | Same 0.3% for all members |
| Fund charges | Vary by fund; older policies can carry total charges up to 1.5% | Included |
| Contribution charge | None on modern products | 1.8% on every contribution paid in |
| Transfers in | Free | Free |
| Drawdown | Included on the Retirement Account | Limited options at retirement |
On a £100,000 pension left to grow for 20 years, a 0.25% a year difference in charges is about £11,800 (illustrative). Add your pension balances to Delphina yourself and see what charges cost you by retirement and whether you're on track.
See what my charges costIllustrative: £100,000, 5% a year growth before charges, 0.25% vs 0.50% a year in charges, no further contributions. Not a recommendation of Scottish Widows or Nest. Delphina is guidance, not financial advice.
Recent reviews praise professional, knowledgeable phone staff, and the rating has improved markedly in recent years.
Longer-standing complaints centre on transfer speed and the admin on older policies.
Read Scottish Widows reviews on TrustpilotMembers and employers value the simplicity, the low ongoing charge and the fact it accepts every employer.
The contribution charge, a dated website and a small fund range are the consistent criticisms in reviews and expert write-ups.
Read Nest reviews on TrustpilotScottish Widows runs pensions for millions of workplace savers and its Ready-Made Pension charges 0.30% a year plus a 0.10% investment charge. Workplace pension members can view their Scottish Widows pension alongside their Lloyds Bank, Halifax or Bank of Scotland online banking.
The name spans a century of products, though. If your Scottish Widows pension dates from before roughly 2010, it may be on much older terms, and comparing its actual charge against a modern alternative is worth an evening.
Nest was set up by the government for auto-enrolment and now looks after more UK pension savers than any other scheme. The 0.3% annual charge is excellent, and the default fund has performed respectably.
The 1.8% contribution charge is the bit people miss: every £100 you pay in, £1.80 goes in charges before it is invested. It is not a reason to opt out, and for most members Nest remains decent value, but higher earners consolidating large sums elsewhere first may save money.
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See where I standIf you are in a defined-benefit scheme, almost certainly no - the guaranteed income and spousal benefits are hard to beat. For defined-contribution pots, the decision is about charges and what you actually want from the pension. Charges of 0.5%-1.0% a year compound into a serious drag over 20+ years.
Charges vary by product. The table above shows the published rates verified against each provider. Look at the all-in annual figure, not the platform fee alone - fund charges and adviser charges stack on top.
No. Charges tell you what you pay. Whether the plan behind the charges gets you to the retirement you want is a separate question - and it is the one most readers land here actually trying to answer.
A small charge difference is worth optimising. Knowing whether you are saving enough in the first place is worth far more. Delphina models your pensions, ISAs and investments and tells you where you actually stand.
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