- 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
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.
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. Currently pension money cannot normally be withdrawn until age 55.
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.
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.*
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
Moving a pension is a big decision so we recommend that you 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 1 February 2021. As a result, a transfer could mean your minimum withdrawal 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: