What happens to my pension if I leave my job?
If you’ve left your job that paid into a Fidelity workplace pension, you might be wondering what happens to the pension savings you’ve built up.
Your pension with Fidelity
When you leave your employer, you remain a member of their pension scheme and your pension savings will continue to be invested in the same way as if you were still an employee. You’ll also still have the same investment options available to you, whether that means staying invested in the default strategy for your scheme or selecting your own investment funds.
So, although you’ve left your employer, you’ll continue to benefit from Fidelity’s investing experience and expertise for your pension. Our aim is to continue to support you in growing your pension savings, although any growth can't be guaranteed as the value of investments can go down as well as up.
Continuing to manage your Fidelity pension
Register and log into PlanViewer
Make sure you’ve registered for PlanViewer - to manage your account online.
Update your contact details
Keep your contact details up-to-date. This enables us to send your statements and other important communications.
Nominate your beneficiaries
it’s important you tell us who you’d like to receive the money from your pension if you die.
Even if your retirement is some way off it’s worth thinking about when you'd like to retire, as your choice may affect your savings and investments.
You can find your personalised selected retirement date in PlanViewer. Which we use this to know when to send you information about taking money from your pension and produce projections.
It’s easy for you to check the “Date Selected for Retirement” that we have for you (which was set automatically when you joined the pension plan), by logging in to PlanViewer. Simply go to ‘My profile’ and select ‘Personal information'. Read more about reviewing your retirement age here.
With more than 50 years’ experience of managing investments, we’re here to help you make sense of the sometimes complex world of investing.
Although it was your previous employer that chose Fidelity to provide your workplace pension, we’re here to help you manage your retirement savings, improve your financial wellness and any other long-term investing goals.
And we're more than just a workplace pension provider. Fidelity International is an award-winning investment manager, providing a range of investment products and services to over 1.6 million UK customers*. Learn more about Fidelity workplace pensions.
*Source: Fidelity as at 30.09.2024
Your options for managing your pension after leaving your employer
Leave your Fidelity pension with us
You can leave your pension with us and it will remain invested. By doing this, you’ll continue to benefit from Fidelity’s investing experience and expertise.
Depending on your scheme, you may also be able to make single contributions, even after you’ve left your job - which could be particularly useful if you’re self-employed.
Make sure you're aware of what tax relief is available to you and how it is applied.
Transfer your Fidelity pension to another provider
If you are considering moving your pension to another provider, we strongly recommend that you undertake a full comparison of the benefits, charges and features offered. Pension transfers are a complex area and may not be suitable for everyone.
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 Self Invested Personal Pension (SIPP), you have the flexibility to transfer your entire pension or a proportion of it, and make additional lump sum payments whenever you like.
You can choose how to invest your pension to help you reach your retirement goals, with a wide variety of funds and shares available to pick from.
What to think about before deciding to move your pension
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.
You can find out more about pension transfers in our transfer factsheet. We recommend that you speak to an authorised financial adviser before making a decision.
In the meantime, here are some questions you should ask if you're thinking of moving your pension:
- Will I lose any valuable benefits if I move my pension? Some pensions guarantee you a certain level of income, allow you to withdraw money early or let you take more than the usual 25% of your account as tax-free cash. It's likely that you will 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 this is changing 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 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 affect its future value.
- How could a transfer affect my investments? Your current pension company may 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 could be 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 during the period your money is not invested. 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.