Pension fees on a £1,000,000 pot — the millionaire's fee bill.
How much do pension fees cost on a £1 million pot? See the lifetime fee burden on a seven-figure pension and the case for flat-fee SIPPs.
A £1 million pension is the symbolic milestone of UK retirement saving — it's also the figure at which fee optimisation becomes possibly the highest-ROI hour of work in your entire financial life. A 1% annual fee on £1m is £10,000 a year. Compounded over 20 years against a flat-fee platform charging £200, you're looking at roughly £400,000 of opportunity cost. That's a second house. Flat-fee SIPPs from Interactive Investor, AJ Bell Lifetime SIPP, and Hargreaves Lansdown's tiered structure all become dramatically cheaper than percentage fees once you cross around £250,000. By £1m the gap is so wide that staying on a percentage-fee platform is rarely defensible unless you're getting institutional advice bundled with it.