MoneyHelper compares pensions with two free tools, one for annuity quotes and one for drawdown investment pathways; for charges it has a guide, not a tool.

MoneyHelper is the government-backed service that also runs Pension Wise, and its tools are free to use. Below is what each tool compares, what it asks you for, and what stays outside it, so you can judge how far a result takes you. Your own pot may call for a human conversation, and this page's enquiry form sets up a no-cost talk with an FCA-authorised adviser.

Which MoneyHelper tools compare pensions?

MoneyHelper's tools and calculators page lists six pension tools, and only two of them compare anything.

  • Compare annuities puts quotes for a guaranteed income from your pot next to each other.
  • Drawdown investment pathways compares providers of ready-made drawdown investment options.
  • Workplace pension contribution calculator works out what you and your employer pay in; it compares no providers.
  • Pension calculator estimates a likely retirement income, covered in the best pension calculator.

There is no tool that ranks every pension scheme. MoneyHelper's drawdown guide says: "Comparison sites for pension providers do not exist, so you’ll usually either need to:" search for providers yourself or pay for a recommendation. For help comparing on your own, it points to its own investment pathways tool.

Drawdown: what the investment pathways tool compares

For drawdown, MoneyHelper's comparison is narrower than its name suggests. What its guides call the Investment pathways comparison tool lets you "shop around for drawdown products that offer ready-made investment pathway options" and "compare how much they cost in yearly charges", and it shows how each provider would invest your money, which varies. It is labelled Beta, and the details it wants are your date of birth and pension pot value.

MoneyHelper says pathway options may suit you if, among other points, you are 55 or older (or younger with ill health or a protected retirement age), have a defined contribution pension, have taken or decided to take all your tax-free lump sum with the rest left invested, want simple ready-made options managed by your provider and are not considering financial advice. If you would rather pick your own funds, or you have not yet decided between drawdown and an annuity, the tool is answering a later question. Pension drawdown explains the option itself, and best pension drawdown in the UK looks at providers.

What it leaves out follows from that. A pathway is a ready-made set of investments your provider chooses based on your preferences, so a lower yearly charge does not tell you the investments will suit your plans. For how long a pot might last at the income you want, the tool's own FAQ points to MoneyHelper's separate pension drawdown calculator, covered in the best pension calculator. Investment values can fall as well as rise, and you may get back less than you paid in.

The annuity comparison: how to use it and what it asks

MoneyHelper describes its tool as a free and impartial annuity calculator that "compares rates from all providers", and you choose between lifetime annuities and fixed-term annuities before you start. You must agree to its terms and conditions first, and MoneyHelper says it takes no incentive or commission for the tool and will not contact you or share your details.

The tool's own checklist is the useful part. It says to "Check what your existing pension provider will offer you, including if they offer guaranteed annuity rates" and then compare that quote with the results. That matters because, as MoneyHelper's shopping-around guide puts it, an existing guaranteed annuity rate might turn your pot into more guaranteed income than another provider would pay. Pension annuity explains how the product works.

Two limits are printed on the tool's page. One reads "In some cases, you might need to use an annuity broker or financial adviser to access a product." The other is in its list of who each annuity type might not suit, which includes anyone wanting to change how much income they take and when. The separate guide adds that advisers "might be able to access better annuity rates than are available to you directly."

Your age and health also affect the rate, and you might qualify for higher rates with a medical condition; enhanced annuity rates covers that, and best annuity rates in the UK covers how rates compare.

The workplace pension calculator: contributions, not providers

This one is a calculator rather than a comparison. MoneyHelper says it helps you work out how much your employer pays in, how much you pay in and how much tax relief you are getting. MoneyHelper adds that a legal minimum percentage of your salary has to be paid in, by both you and your employer.

It is built for those three figures, not for setting your scheme's charges or investments against another's. For charges, workplace pension charges and workplace pension rules carry the detail. For one named scheme set against others, the People's Pension comparison sets out each scheme's own printed figures. Whether the scheme your employer chose is good value for your pot is a point an adviser can look at, free, after a call-back.

What none of the tools compare

Charges are the clearest gap. MoneyHelper's charges guide says "Charges vary between pension providers, so it’s worth comparing your provider’s charges to others on the market", but it gives you no tool to do that. Its worked example is a £30,000 pension: a 0.75% annual management fee costs £225 a year, and a provider charging 0.3% would cost £90 a year. The guide then adds the warning that "there’s always a risk you might lose out on much more valuable benefits by switching provider", such as a guaranteed income rate or a protected minimum pension age. Pension charges lists the other fees a percentage can hide.

Before you move, MoneyHelper's shopping-around guide also says to check that a provider offers the way you'd like to take your money. Each tool looks at one product type at a time, so fitting a result alongside your State Pension, your other pots and the tax on what you withdraw is a separate job.

Using the tools in a sensible order

MoneyHelper's own sequence is a guide here. Start with the ways of taking money, then ask your current provider what it offers, then compare others. Before any of that, book a free Pension Wise appointment, which is guidance on your options rather than a recommendation. Then use the annuity tool for a guaranteed income quote and the pathways tool if drawdown is your direction. Annuity or drawdown sets the two against each other.

Cold calls offering to compare or move your pension are a warning sign; pension scams explains what to do. Once this page's enquiry form is sent, an adviser with FCA authorisation phones back and weighs your pots, tax and State Pension in a single free conversation. Free guidance and paid advice are set apart in free pension advice.

MoneyHelper comparison tools: common queries

Is the MoneyHelper pension comparison free?

Yes. MoneyHelper says it receives no incentive or commission for the annuity tool and will not contact you or share your details.

Does MoneyHelper compare pension charges for workplace schemes?

Not as a tool. It has a guide to the fees schemes charge and an example of what a lower fee could save, but nothing that lines up workplace schemes by charge.

Do the tools include my current provider?

The annuity tool searches the annuity providers MoneyHelper lists on its page. MoneyHelper still tells you to ask your existing provider for its own offer, including any guaranteed annuity rate, and compare that with the tool's results.

Can I use these tools for a final salary pension?

The drawdown tool is for defined contribution pensions. MoneyHelper's charges guide says you usually pay no charges on a defined benefit pension, so there is less to compare; see final salary pension.

What if a tool's result does not settle it?

The annuity page suggests considering regulated financial advice to make sure an annuity is right for you. The pathways page says advice could help if you are unsure which income option suits you, how much to take or how to invest; finding a pension adviser explains how to find one.