The minimum age that most members can access their pension benefits is currently age 55, however, the Government is proposing to increase this to 57 from 6th April 2028. The Government have outlined their proposals in a consultation document which can be found on the government website.
In the consultation the Government propose that existing pension members, as at 11th February 2021, can have their retirement age of 55 protected for pension benefits in that particular scheme. Members do not need to do anything for this protection to be in place but do need to be able to draw their pension benefits at age 55 without any consent for example (from an employer, provider or trustee). Where a member transfers their pension to another scheme, the current proposals suggest that the protected retirement age of 55 would be lost. As this is a consultation, it is not certain that the Government will go ahead with their proposals as outlined.
Bringing all your pensions together
If you’ve built up a number of pension pots over the course of your working life, bringing your pension plans together into your current workplace pension with Fidelity could make them easier to manage. We won’t charge you to transfer to us, but please note there may be exit fees or penalties when transferring from your existing provider.
Advantages of transferring
- Having one provider means one set of paperwork, making it easier to manage your pension pot
- Competitive fees, with no charges for switching funds, to allow more of your contributions to work for you
- A choice of funds and fund providers with fewer retirement restrictions, if your workplace pension plan with Fidelity offers more flexibility around your pension options
Things to consider
- The potential loss of any of your existing benefits including valuable guarantees.
- Some types of transfer cannot be made without professional advice
- If you are in any doubt whether or not a pension transfer is suitable for your circumstances we strongly suggest that you seek advice from an authorised financial adviser.
- The value of investments can go down as well as up so you may get back less than you invest.
- You cannot normally access your pension until age 55.
Before taking the next step, please read the following important information
It’s important to understand that pension transfers are a complex area and may not be suitable for everyone. Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the charges, features and services offered.
Please note that as your pensions will be moved to us as cash, you will be out of the market while your money is being transferred. This means you could miss out on growth and income if the market rises during this time, although equally if the market falls you would avoid losses.
To find out what else you should consider before transferring, please read our transfer factsheet. If you are in any doubt whether or not a pension transfer is suitable for your circumstances we strongly suggest that you seek advice from an authorised financial adviser.