Barclays SIPP: How Good Is It?

Barclays SIPP offers competitive fees and access to a wide range of investment options, including exclusive funds. Their integration with banking services provides a seamless financial management experience.
  • Last Updated: 22 Mar 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.


Francis Hui
Discover the Tax Implications & Risks of Self-Invested Personal Pensions. Learn Everything You Need to Know About the Barclays SIPP & Begin Your Retirement Planning Now.
Every Investor Promise
Every Investor Promise
At Every Investor, our aim is to assist you in making informed financial choices. We are committed to maintaining rigorous editorial standards, yet it is important to note that our content may include references to our partner’s products. For full transparency, here is an overview of how we earn money.
Key Takeaways
  • A Barclays SIPP is a self-invested personal pension offered by Barclays bank.
  • It allows retirees to have control over their investment choices and potentially grow their pension pot.
  • To open an account, you can contact Barclays directly or visit their website for more information.
  • You have a wide range of investment options including stocks, bonds, funds, and more.
  • You can transfer your existing pension but it is advisable to seek professional advice to understand the potential implications and benefits.

Exploring the Barclays SIPP alongside other options might be a wise choice, especially when you consider that, according to Penfold, an alarming 64% of Brits are not confident about their retirement plans.1

A Self-Invested Personal Pension (SIPP) offers a flexible approach to retirement planning, allowing individuals to make their own investment choices. Simply relying on a State Pension2 may no longer be enough to support your retirement lifestyle, so a SIPPs provider can provide an excellent vehicle for growing your retirement pot.

In This Article, You Will Discover:

    Every Investor has dedicated significant time and resources to conducting an in-depth analysis of the Barclays SIPP to ensure that our readers get a comprehensive understanding of the product’s offerings and benefits.

    All our content undergoes extensive quality and compliance checks before publication so we can ensure that you are receiving only the most accurate and up-to-date information.

    What Is a Barclays SIPP?

    A Barclays SIPP, or Self-Invested Personal Pension, is a type of retirement account offered by Barclays Bank in the UK.

    It allows individuals to take control of their retirement savings by giving them the freedom to choose and manage their investments.

    A Barclays SIPP offers a wide range of investment options, including stocks, bonds, funds, and more.

    It also provides tax advantages, such as tax relief on contributions and tax-free growth on investments.

    With a Barclays SIPP, individuals can plan for their retirement with flexibility, control, and the potential for growth.

    In summary, a Barclays SIPP is a retirement account that empowers individuals to take charge of their pension savings and investment decisions.

    It offers a diverse range of investment options, tax benefits, and the ability to tailor the account to individual needs.

    With a Barclays SIPP, individuals can enjoy the potential for long-term growth and a secure financial future in retirement.

    What Does Barclays Do?

    Barclays is a leading British bank headquartered in London with primary listings on the London Stock Exchange and a secondary listing on the New York Stock Exchange.3

    The bank operates mainly through two divisions: Barclays UK, which handles retail banking and corporate banking in the UK, and Barclays International, which offers investment banking and advisory services globally.4

    Brief History & Overview

    Barclays originated in 1690 when John Freame and Thomas Gould began as goldsmith bankers in London; the Barclays name was added when James Barclay became a partner in 1736.5

    In 1966, Barclays launched the UK’s first credit card, and in 1967, the bank unveiled the world’s first cash machine.6

    Between 1980 and 2000, significant moves included introducing the UK’s first debit card in 1987.7

    Recent significant events involve a $400 million infusion into the bank’s Indian business in 2021 and the acquisition of Kensington Mortgages in March 2023.8

    Key Players in Barclays’ Growth

    There have been many key players in Barclays’ growth over its more than 300-year history.

    The current leadership comprises CS Venkatakrishnan, who is the Group Chief Executive, Anna Cross, Group Finance Director, and Matt Hammerstein, CEO of Barclays UK.9

    Current Market Position

    Barclays’ current market position still places it as one of the largest banks in the UK10 and a significant player in the global financial services sector.11

    With a workforce of 100,000 employees, it operates in retail banking, investment banking, and wealth management sectors in 39 countries.12 

    Breakdown of Barclays’ SIPP Product

    A breakdown of Barclays’ SIPP product reveals a robust and flexible retirement savings platform. 

    Key Features & Benefits

    Among the key features and benefits of the Barclays SIPP, you will find years of financial expertise, flexibility in handling your savings, and client support.13

    The SIPP is administered by AJ Bell and your investments are held on the Barclays Smart Investor platform.14

    In other words

    AJ Bell handles the backroom stuff like any contribution payments into your pension, reclaiming basic rate tax relief, and processing any income withdrawals that you make.

    You will place any instructions on your investments to Smart Investor either telephonically or online.15

    It is also good to remember that this is an execution-only SIPP, so it does not come with any investment advice.

    Costs & Charges

    AJ Bell levies a £150 yearly admin fee and other transaction charges.16

    The costs and charges on your investments can be worked out using a handy online calculator.17

    Comparing Barclays’ SIPP to Those of Other Providers

    Comparing Barclays’ SIPP to those of other providers reveals the product’s strength in offering a wide array of investment options and competitive fees, even though it lacks a dedicated mobile app.

    How Barclays’ SIPP Stacks Up Against Competitors

    How Barclays SIPP stacks up against competitors isn’t easy to assess owing to variances in product structures, but based purely on the admin fees, Barclays (£125) is positioned in the mid-range amongst Bank of Scotland (£90 per annum), Close Brothers (£150 per annum) and BestInvest (£100 per annum).

    Investing With Barclays’ SIPP Product

    Investing with Barclays’ SIPP product provides access to a broad range of investment options along with potential tax benefits.

    Types of Investments Available

    Types of investments available with Barclays Smart Investor include over 2,000 funds, ETFs, investment trusts, and shares.18

    Their investment assistance includes five ready-made portfolios, a curated list of investment choices, and the ability to select individual funds and shares.19

    Flexibility & Withdrawal Options

    The Barclays SIPP’s withdrawal options are flexible and include a one-time cash payment, a variable or set income stream, or a mix of several options.20

    You can choose from:

    • income drawdown, commonly referred to as flexi-access drawdown, and/or 
    • a taxable lump sum, often termed uncrystallised pension lump sums, and/or 
    • buying an annuity through an insurance company.21

    Tax Implications

    There are a few key tax implications to consider, most of them good if you manage them well. 

    These include:

    • A 20% top up from HMRC on your contributions if you are a basic rate taxpayer (higher and additional-rate brackets can reclaim an additional 20% and 25%, respectively, through the self-assessment procedure).22
    • Tax-free contributions up to the annual allowance of £60,000 or 100% of your annual earnings (whichever is the lower).23
    • Tax-free growth on your investments.24
    • A 25% tax-free lump sum on retirement.25

    Who Is Barclays’ SIPP Product Best Suited to?

    Barclays’ SIPP product is best suited to those who want investment flexibility, can navigate digital platforms effectively, and do not mind the lack of a mobile app.

    Opening a Barclays SIPP

    Opening a Barclays SIPP is straightforward and entirely digital, requiring only key personal and financial details.

    Who Is Eligible?

    If you are between 18 and 75, you are eligible for a SIPP.

    What Is the Minimum Investment?

    There is no minimum investment if a transfer payment is made to your SIPP.

    If you do want to contribute, the minimum once-off amount is £1,000 (gross), while there is no set minimum for regular monthly contributions.26

    What Is the Process?

    The process of opening a Barclays SIPP is straightforward and entirely digital.

    You will need your National Insurance number, current account details, SIPP transfer/contribution information, and beneficiary details. 

    Having these to hand ensures a quick and smooth setup.

    Navigating Barclays’ Digital Platform

    Navigating Barclays’ digital platform is a user-friendly and intuitive experience, although improvements could be made to offer a more mobile-optimised experience and enhanced security features.

    User Interface & Experience

    Once you have logged in, the view closely resembles the website’s main interface, making it easier to navigate. 

    The online portal also features a section that showcases the latest site updates for smoother adjustments. 

    However, more directions for moving through various sections would be helpful.27

    Tools & Resources Available

    Barclays’ Smart Investor platform offers robust analysis and a quality news feed to keep clients informed about the London Stock Exchange. 

    There is an Investment Ideas section with expert analyses and informative videos, benefiting beginner investors. 

    However, the charting tools are limited and lack customisation options.28

    Mobile App Review

    Barclays Smart Investor does not have a dedicated app.

    The platform can be accessed through the Barclays Banking app, but to use this feature, you need to hold a Barclays account.29

    Customer Service & Support

    Customer service and support for the Barclays SIPP is limited to 07:30 to 19:00 Monday to Thursday and 07:30 to 18:00 on Fridays.  

    Contact Channels

    There are a few contact channels that include live chat, email, and phone.

    Client Reviews & Testimonials

    Investors questioned in a survey on the Smart Investor platform had a few things to say.30

    Insights included:

    • ‘Their website is quite good, but as a company, they are let down by poor customer service.’
    • ‘Their research facilities in particular are nowhere near as good as they were and I sometimes have to research stocks through the Hargreaves system.’
    • ‘I would recommend it for someone who understands what is involved.’

    Regulatory Compliance & Protection

    Regulatory compliance and protection are paramount in the banking sector, where they not only safeguard the interests of consumers but also ensure the stability and integrity of the financial system.


    Barclays is regulated by the UK’s Financial Conduct Authority (FCA),31 which promotes transparency and security.

    FCA Reference Numbers 

    • Barclays Bank PLC:122702 
    • Barclays Bank UK PLC: 759676 
    • Barclays Bank Investment Solutions Limited: 155595

    Registered Company Numbers

    Financial Services Compensation Scheme (FSCS) Protection

    Barclays customers are protected to up to £85,000 by the FSCS.32

    Data Security Measures

    According to its privacy policy, Barclays is committed to upholding international privacy laws by implementing key principles in personal information processing.33

    Ensuring lawfulness, fairness, and transparency, Barclays informs customers about the intended use of their data and guarantees fair handling. 

    The bank follows purpose limitations, collecting personal data strictly for specified objectives, refraining from unrelated use. 

    Data minimisation is also practised, avoiding the accumulation of unnecessary or irrelevant data. 

    Barclays purportedly places importance on integrity and confidentiality, enforcing robust security measures to protect personal data from unauthorised use and loss. 

    Evaluating Barclays’ Place in the SIPP Market

    Evaluating Barclays’ place in the SIPP market entails having a look at its strengths and weaknesses, predicting future developments, and making recommendations. 

    Strengths & Weaknesses

    The Barclays SIPP comes with its own set of strengths and weaknesses. 

    Strengths include:

    • Barclays excels with its vast investment options, cost-effective fund trading for investments over £100,000, and a well-resourced Smart Investor platform.
    • It offers flexibility in SIPP payments and valuable online tools, like an investment calculator. 
    • Its fees are clear, and AJ Bell, a well-known pension provider, manages its SIPP administration.

    On the downside:

    • SIPP savings cannot be accessed until age 55. 
    • The Smart Investor platform lacks a mobile app and there are complaints about customer service levels.

    Predictions for Future Developments

    Barclays is likely to enhance its digital offerings and introduce a dedicated mobile platform.

    Furthermore, Barclays could cater to investors outside the UK and introduce more personalised features to their SIPP product, reflecting broader fintech trends.

    Final Thoughts & Recommendations

    While Barclays Smart Investor provides a comprehensive SIPP product, it currently falls short in areas like mobile accessibility and customisation options. 

    It could catch the eye of those looking for low fees, and a robust platform with a focus on research and analysis. 

    However, those prioritising mobile experience or advanced customisation may want to explore other options on the market.

    Common Questions

    Advantages of a Barclays SIPP for Investors

    Barclays SIPP Fees Compared With Other Providers

    Managing Barclays SIPP Online

    Investment Options Available in Barclays SIPP

    Why Choose Barclays SIPP Over Other Pension Products

    How Do Barclays’ SIPP Charges Compare to Those of Other Providers

    How Flexible Are Withdrawals from a Barclays SIPP

    What Are the Tax Implications of Investing in a Barclays SIPP

    Can I Manage My Barclays SIPP Online

    Is There a Mobile App for Barclays’ SIPP Management

    How Does Barclays’ Customer Service Perform

    How Secure Is My Investment With Barclays’ SIPPs

    What Protection Does Barclays Offer for My SIPP

    Can I Transfer My Existing SIPP to Barclays

    How Has Barclays Performed in the SIPP Market

    Who Is a Barclays SIPP Best Suited to

    Can I Take Out Money from My Barclays SIPP Before Retirement

    How Does Barclays’ SIPP Align with My Retirement Goals

    What Is the Outlook for SIPPs by Barclays

    In Conclusion

    Barclays has a notable presence in the UK’s SIPP market owing to its extensive investment options and flexible pension plan. 

    What sets it apart is the robust regulatory compliance and protection measures implemented with AJ Bell’s guidance. 

    The Barclays SIPP is an attractive choice for those wanting control over pension investments, but the final decision should align with individual retirement objectives and financial situations.

    Related Articles
    Scroll to Top