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Moving your pension

Over your working life, you may build up savings in several pension pots. Bringing them together could make them easier to manage and may help you save on costs and charges.

The minimum age that most members can access their pension benefits is currently 55. However, the government is proposing to increase this to 57 from 6 April 2028. Some members may retain the right to draw benefits before age 57, but this is dependent on the rules of their scheme as at 11 February 2021. Additionally, when a member transfers their pension to or from another scheme, it may not be protected from the increase in the normal minimum pension age.  

We will provide further information on our website and in our scheme literature once the government has published final legislation and guidance. 

Important information: The value of investments can go down as well as up, so you may get back less than you invest. Tax treatment and eligibility to invest in a pension depend on personal circumstances. All tax rules may change in future. The minimum age you can normally access your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age.

It’s up to you how you manage your pension savings, and you are free to move them from one provider to another. You may be able to move pensions you’ve built up with previous employers into your Fidelity Workplace Pension Plan.

If you currently have a Fidelity Workplace Pension and leave your employer, you also have the option of moving your Workplace Pension to another provider or into a Fidelity SIPP.



It’s your pension, no-one else’s. Change your investments when you want and learn how you can create a retirement income.



Bringing your pensions together could make them easier to manage.


Lower costs

It could be cheaper, as we don’t charge a service fee and you will only pay for your investments.



With over 50 years’ investing experience, more than 1 million UK customers entrust their investments to Fidelity.*


Better estimates

Estimates we make about how much money you might have when you retire may be more comprehensive if your pensions are combined.

*Source: Fidelity 31.12.2020

Important points you need to think about

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 benefits, charges and features offered. For more information please read our transfer factsheet and speak to an authorised financial adviser before you make a decision.

Here are some common questions about moving your pension:


  • Will I lose any valuable benefits if I move my pension? Some pensions guarantee you a certain level of income, or say you can 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.
  • Will a transfer affect the age I can start taking money from my pension? Currently you can start withdrawing money from most pensions when you are 55, but the government is thinking of changing this to 57 from 2028. However, it could stay at 55 for pensions you belonged to on 11 February 2021. As a result, a transfer could mean your minimum withdrawal age increases from 55 to 57.
  • Will there be any exit fees? 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.
  • How could a transfer affect my investments? It is likely that your current pension company 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 a pension into your Fidelity Workplace Pension

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:

  • Personal pensions
  • Self-Invested Personal Pensions (SIPPs)
  • Stakeholder pensions
  • Defined-contribution occupational schemes
  • Free-standing additional voluntary contribution (FSAVC) plans
  • Executive pension plans (EPPs)
  • Section 32 (buyout) plans
  • Defined benefit schemes (for example final salary pension schemes), but please read the information below

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. 

Transferring your Fidelity Workplace Pension to another provider
Leaving your job
Beware of pension fraud

Transfer online

Log in to see if your plan accepts transfers, then apply online.


Transfer by post

Print out a form and send it to us with your transfer details.


Call us

We’re here if you need any help or information.