Moving your pension
Over your working life, you may build up savings in several pension pots. Bringing them together could reduce the number of pension pots that you need to manage. You may have several pension plans with different providers. This can happen when you change jobs and it can be easy to lose track of where they all are. At Fidelity, we help thousands of people every year to combine all their pension plans into one manageable pot.
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 compare the benefits, charges and features offered, including any exit charges, terminal bonuses or protected tax free cash entitlements. You can find out more by reading our transfer factsheet and should speak to an authorised financial adviser if you are unsure about proceeding.
If you’ve worked for more than one employer, it’s likely you’ve got more than one workplace pension. That can be a lot to keep track of so make sure to list all your retirement saving sources. You can track down any previous personal or workplace pensions you may have forgotten about using the government’s free Pension Tracing Service.
You should always check whether your pension offers guarantees or special benefits that you’d lose if you transfer.
If your pension offers what is known as ‘safeguarded benefits’, such as a guaranteed income or a pension that is based on your salary, you’ll need to give us confirmation that an authorised financial adviser has told you the transfer would be in your best interests.
If your pension offers certain other types of benefit, such as a lower pension age or guaranteed investment returns, we may contact you for more information before we’ll accept your transfer.
For more information about transferring a pension that offers special benefits, call us on 0800 3 68 68 68.
Common questions about moving pensions
Some pensions guarantee you a certain level of income, or allow you to retire early, or let you take more than the usual 25% of your account as tax-free cash. It is likely that you lose benefits like these if you transfer. Tax treatment and eligibility to invest in a pension depends on personal circumstances. All pension and tax rules may change in the future.
Currently you can start withdrawing money from most personal pensions when you are 55 but this is due to rise to age 57 on 6 April 2028. Your current pension may protect your right to withdraw your money at age 55 even after 6 April 2028, so transferring now may mean you have to wait longer to withdraw your money. You should check this carefully with both your current and your new pension provider before taking any action to transfer your money.
Some pension providers charge exit fees (Fidelity don’t). You should check to see if there are any exit charges or penalties if you transfer out of your current pension, as this could impact its future value.
It is likely that your current pension provider will have to sell your investments and send the proceeds to your new provider as cash, and you can then choose new investments. This means there is a period when your money is not invested, and you could lose out if markets rise in value. On the other hand, you might benefit if markets fall. You also need to remember that the value of any investment you choose can go down as well as up so you may get back less than you invest.
Transferring your other pensions into your Fidelity Workplace Pension
If you have pensions from previous employers, you can transfer these and any other personal pensions you may have to Fidelity. Provided that the rules of your current plan allow transfers, you may be able to move the following types of pensions into your Fidelity Workplace Pension
Benefits of transferring your pension
Control
Change your savings and investments when you want
Easier
Manage your pensions quickly and easily all in one place
Trusted experts
More than 1.6 million UK customers entrust their workplace pension savings to Fidelity.*
*Source: Fidelity June 2024
Beware of pension fraud
After your house, your pension could be the single biggest asset you have. Unfortunately, this makes it a target for scams. There are lots out there, and some can seem very convincing, but the usual rules of thumb apply. If something seems too good to be true, it probably is and you should never act on anything without checking it thoroughly first (particularly when someone contacts you without you asking them to). Learn about the common threats to your financial security, discover what we’re doing to keep you safe and find out where to get help if you need it.
How to move a pension to your Fidelity Workplace pension
We know consolidating pensions can be confusing. If you are thinking about bringing your pensions together into your Fidelity pension plan, we are here to help every step of the way. Once you have made the decision to transfer, the easiest and quickest way to request a transfer is to apply online, but some plans may only allow paper applications.
If you decide that moving your pension is right for you, you can now transfer a pension into your Fidelity workplace pension online by logging into PlanViewer.
Leaving a job
If you are leaving, or have left a job that had a Fidelity Workplace Pension, there are three options to consider:
Leave your Fidelity pension with us
If you are moving or have moved to a new employer, you can leave your pension with us and it will remain invested. If you are now self-employed you may be able to continue contributing to your Fidelity Workplace Pension and get tax relief although the way this will be applied will depend on the type of scheme you are in.
Transfer your Fidelity pension to another provider
If you are considering moving your pension to another provider, it’s worth reviewing the different features of each provider. If you’ve decided that moving your pension away from Fidelity is the right thing to do, contact your new provider for the next steps.
Move your pension into a Fidelity SIPP
With a SIPP you have the flexibility to transfer your entire pension, a proportion of it and make additional lump sum payments whenever you like. This is subject to your specific circumstances and pension scheme rules.
If you are over 55 and are looking to access benefits following your transfer, such as withdrawing a tax-free lump sum, purchasing an annuity, or using pension drawdown to withdraw money from your pension as a lump sum or regular income, you are eligible for Pension Wise guidance. Pension Wise is a free government-backed service, for people aged over 50, provided by MoneyHelper which helps you understand how you can take money from your pension pot. Further information on Pension Wise, including how to book an appointment, can be found by visiting www.moneyhelper.org.uk/pension-wise
Transfer your pension today
Transfer online
Log in to see if your plan accepts transfers, then apply online.
