Explaining the changes we’re making

The process will start on the date set out in the letter or email that accompanies this guide. It will last approximately two weeks.

The Trustees have told us that they have taken legal advice on this change and have approved what we are planning.

This change will give us more scope to grow and help us meet the needs of members over the long term.

No, you won’t be able to use your account while the changes are taking place. This means you will not be able to make any alterations to your pension account or carry out any transactions, such as withdrawals, transfers or additional contributions. You will still be able to log in to PlanViewer and view your account during this time.

There may be a double payment before the transition starts. This will cover the regular monthly payment and the payment that would otherwise be missed during the transition, as we can’t make withdrawals while it is happening.

If you are in this position, you may be charged more tax than usual by HMRC on the payment. You should then receive an automatic tax rebate in a later month’s payment. Alternatively, if you do not have any further payments planned for this tax year, please contact HMRC to claim this rebate directly. Your withdrawal confirmation letter will explain how to do this and you can also find out more at www.gov.uk/claim-tax-refund

We explain the charges in your pension and how they are changing in the ‘New charging structure’ section in this guide.

We are not charging anything for handling the transition process to FIL Platform Solutions (UK) Limited. Any costs resulting from this legal entity change will be met by Fidelity, including any transaction costs.

There are some investments in the self-select range that may become more expensive following the transition. We have outlined what the changes mean for you from a cost perspective in the email or letter that accompanies this guide.

The answer to this question depends on the accounts that you have:

• If you have more than one pension account with the same employer, the changes will be applied at the same time.
• If you have pension accounts with different employers (and they are all managed by us), the changes are likely to be applied at different times.

The communication you received with this guide will tell you which pension account it refers to and give you details of the timings and service fee for that scheme.

You may notice you have a different number of units in some of the investments within your pension after the transition. If this happens, it will be because we need to move your money into new versions of the investments as part of this change. The pounds and pence value of your investments won’t be affected by this change.

You can find the new service fee within the new Your Plan Explained document that was provided in the email or letter that accompanies this guide. This fee is the same fixed rate for all the investments in your pension account. After the transition is complete, the service fee will be shown in PlanViewer on the ‘Fees and charges’ page. This is in the ‘Forms and literature’ section.

The service fee will be deducted from your pension account every month, and you will see this transaction on your annual statements and monthly transaction summary. You can also find the service fee in the costs and charges tool on our website and by logging in to PlanViewer.

The service fee is calculated based on the value of your pension plan on the last day of the previous month. It is then collected the following month. For example, the service fee for May will be collected in June, with the calculation based on the value of your pension plan at the end of April.

If your pension currently receives contributions in more than one way or did so in the past, you will see multiple service fees on your pension. This includes contributions such as employer contributions, employee contributions and additional voluntary contributions you make yourself.

There will be one service fee for each contribution type. It will be taken from the investment you have the most money in for that contribution type. The total amount you pay will still be the same as if you only made one type of contribution.

We will take the service fee on or around the same date each month. You can check this date in your new Your Plan Explained document and on PlanViewer, as the monthly deductions will show in your ‘Transaction history’.

In our opinion, the change in legal entity does not affect the security of your pension plan. Fidelity is authorised and regulated by the Financial Conduct Authority. This requires having the appropriate systems and controls to manage its business, including adequate financial soundness. Financial Services Compensation Scheme rules apply for both the old and new legal entities.

If you want to make single/one-off contributions directly, and not through your employer, you will need to call us to do this. Our bank account details are changing, so you won’t be able to use the bank details you’ve used in the past. 

If you are using drawdown to take an income from your pension or you make occasional withdrawals, you will see a couple of small differences after we change the legal entity. Your payslips will be issued by FPSL (instead of FIL Life) on behalf of the Trustees and there will be new tax and payee references on them. This will not affect the amount you receive.

If you are currently employed by the company offering this scheme, you can choose to transfer the money in your account to another registered pension provider. You will continue to receive ongoing pension contributions from your employer that will be paid into your pension account.

You can also consider opting out if you don’t want ongoing contributions paid into your workplace pension that we manage. If you do this, you will lose the right to a pension contribution from your employer, so you may have a lower income when you retire. You may also lose other benefits that your employer provides that are linked to membership, such as any lump sum or pensions payable in the event of your death while employed. We recommend you speak to your employer for further details and consider taking financial advice before you start a transfer.

If you are no longer employed by the company offering this scheme, you can choose to transfer the money in your account to another registered pension provider. Any transfer out of your pension is free of charge. However, you may wish to check whether the plan or arrangement receiving the transfer will charge you.

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. To find out what else you should consider before transferring, please go to retirement.fidelity.co.uk/about-workplace-pensions/transferring-savings. If you are in any doubt whether or not a pension transfer is suitable for your circumstances, we strongly recommend that you seek advice from an authorised financial adviser.

The first step in making a pension transfer is to talk to the pension scheme that you will be transferring to. They should then handle everything for you. However, you are welcome to phone us if you need more support and we can guide you through the process.

If you want to start a transfer before these changes are introduced, please make sure you speak to your chosen pension provider well before the date set out in the letter or email that accompanies this guide. We need to be notified by them about the transfer before we put the block on your workplace pension that will allow us to handle the change in legal entity.

You can also find out more transfers at retirement.fidelity.co.uk/about-workplace-pensions/transferringsavings or through the free and impartial MoneyHelper service at moneyhelper.org.uk/en.

If the transfer hasn’t completed before the date set out in the letter or email that accompanies this guide, there will be a block on your workplace pension while the transition takes place. The transfer will then continue again once the transition is done. If you are transferring away from us, your pension will be subject to the new charging approach from this point until the transfer is complete.

You are welcome to call our phone team on 0800 368 6814 if you have any further questions.

We will be changing the Fidelity legal entities that use your personal information, but the data we collect, how we do it and our reasons for collecting it will remain the same. FIL Platform Solutions Limited (FPSL) will become the data processor of your personal information, replacing FIL Life Insurance Limited. We explain how we use your details in the new Your Plan Explained document and in our privacy statement.

We hope you won’t ever need to make a complaint, but if you do, you can read our ‘How we handle complaints’ leaflet. It is available at: retirement.fidelity.co.uk/contact-us/complaints.

Alternatively, you can get a copy by calling our Workplace Investing Service Centre or writing to Fidelity International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.