Defaqto analysis highlights most recommended pensions and SIPPs among advisers

05 February 2026

Haddenham, UK – 5 February 2026: Defaqto, one of the UK’s most trusted sources of financial product and market intelligence, has identified the most recommended personal pension plans and SIPPs by advisers for 2025, based on analysis of recommendations flowing through Defaqto Engage, where research, regulatory criteria and adviser decision-making are brought together in one workflow.

Analysis from Defaqto Engage found that COBS-driven research areas were the most commonly selected criteria across the industry. Provider strength, measured through AKG Financial Strength Ratings, alongside target market categories and service quality, including Defaqto Service Ratings, dominated adviser selection. Adviser charging options were also frequently used. This reflects advice firms’ growing focus on building robust evidence to support suitability and fair value decisions.

Powered by Defaqto’s extensive data set covering more than 18,000 funds, 2,900 DFM MPS portfolios, platforms and products Defaqto Engage supports adviser recommendations worth £57bn annually.

Personal Pension Plans continue to be one of the most researched products by advisers and paraplanners using Defaqto Engage. Beyond core regulatory criteria, the most influential additional factors fell into three broad themes: online functionality, income options and death benefits.

2025 Top 10 additional selection criteria for Personal Pension Plans

Source: Defaqto Engage January 2026

Despite 56 retail Personal Pension Plans being open to new business, and the thousands of due diligence criteria input into Engage, adviser recommendations remained highly concentrated. Just four schemes attracted 65% of all recommendations and accounted for 80% of those within the top 10.

2025 Top recommended PPPs by volume

Source: Defaqto Engage January 2026 nr indicates schemes not in the top 10 in 2024

Richard Hulbert, Defaqto Insight Consultant said:

“In positive news for Royal London, this is the second year its Pension Portfolio has topped the most recommended Personal Pension Plans table. However, alongside the Scottish Widows Retirement Account and Transact Personal Pension, it lost market share, with Royal London experiencing the largest decline at 5.0%. This is greater than the combined increase seen across Aviva, Quilter and Prudential.

“Taking a wider market perspective, there is a significant opportunity for the remaining 52 Personal Pension Plans – representing 93% of the market – which currently share just 35% of adviser recommendations to increase their market share.”

During 2025, the SIPP market contracted by 11 schemes, leaving advisers with 120 retail SIPPs from 83 providers to choose from. As with Personal Pension Plans, selection criteria for SIPPs reflected a strong emphasis on functionality and flexibility, with additional focus on retirement options, investment choice and death benefits.

2025 Top 10 additional selection criteria for SIPPs

Source: Defaqto Engage January 2026

Richard Hulbert said:

“SIPPs have traditionally been selected for their access to investment options, so it is notable to see access to unit trusts/OEICs and ethical funds featuring prominently. With around half of advice firms using a DFM or MPS solution to support client portfolios, these options were expected, though they currently sit just outside the very top of the ranking.

“Despite its previous popularity, commercial property now sits in 47th place indicating that advice firms now see it as less of a mainstream investment option and more of a bespoke one.”

Aviva Pension Portfolio topped the table of most popular retail SIPPS for 2025, not only retaining its position from 2024, but also increasing its market share by 3.8%.

2025 Top recommended SIPPs by volume

Source: Defaqto Engage January 2026 nr indicates schemes not in the top 10 in 2024

Market movement remained a key indicator of competition. New entrants to the top 10 included the M&G Wealth Pension Account and the Parmenion Pension Investment Account, replacing the Transact SIPP and Aberdeen Elevate Pension Investment Account. However, around half of providers including AJ Bell Investcentre, Aegon, Prudential and Scottish Widows experienced relatively little change in recommendation volumes.

As the SIPP market approaches its 30th anniversary, in three years’ time, Aviva attracting one in four adviser recommendations highlights the strength of its current proposition. With shifts in market share among close competitors, attention will now turn to how the landscape evolves this year.

Defaqto Engage consolidates all the information advisers need into one software solution, connecting research, suitability and ongoing review within a single advice workflow. It gives advisers the power to model a client’s financial objectives, capture risk profiles, conduct investment research, and oversee client reviews – all from one place.

More information about Defaqto Engage can be found at www.defaqto.com/solutions/engage