Transferring a pension FAQs

Once you have read the important information and have made the decision to transfer, you can do this in PlanViewer. Log in and go to Manage my plan on your home page, then select Move a pension. You will need the reference number of the plan you want to transfer. Depending on your current provider, you may also need to submit paperwork.

For important information, go to how to transfer in.

No, we do not charge you for transferring a pension to us, but you should ask your current provider whether they will charge you an exit fee. We are unable to cover any exit fees incurred from transferring another pension into your Fidelity workplace pension.

No, it’s not possible to transfer a pension to us if you’ve already taken money from (or "crystallised") it – for example, if you’ve withdrawn a tax-free lump sum.

We won’t charge you to transfer to us, but please note there may be exit fees or penalties when transferring from your existing provider.

There are also several things to consider:

• The potential loss of any of your existing benefits
• Keeping your pot below £10,000 could mean you’re able to take it all in one go under the small pot rules
• Remember there is no guarantee that transferring your pension will result in a higher retirement income
• You cannot normally access your pension until you reach the age of 55, which is due to change to 57 in 2028.

Your transfer will be invested according to the instructions for any ongoing contributions that come into your account:

• If you’ve transferred a pension to us before, we will follow the instructions for your previous pension transfer.
• If there are no previous transfers, we will follow the instructions for your personal contributions.
• If you aren’t paying contributions, we will follow the instructions for your employer contributions.
• Where you have no personal or employer contributions, the transfer will be invested in line with the scheme’s default strategy.

Once we have recieved your pension transfer and invested it, you will be able to choose new investments for the money you've transferred.

The time it takes to transfer your pension will depend on if your request can be processed electronically, or manually - relying on paperwork. Transfers processed electronically usually take between 10 and 20 working days. However, some providers still use a paper-based system, which means that documents need to be signed and verified manually, and this can take several months to complete. Once the transfer is completed, you will receive a notification from us.

We recommend that you check your details are up to date, both with your current provider and Fidelity, before you submit your request as any discrepancies could delay the transfer. We will contact you if you need to take any action or we need any more information from you.

If you'd like an update, or your transfer is taking longer than expected, please call us on 0800 3 68 68 68, Monday to Friday, 8am to 6pm.

Transferring a pension does not usually have any tax implications for you. However, if you are looking to transfer your pension to an overseas pension arrangement, there could be tax implications and we strongly recommend you seek financial advice before doing so.

Once you have read all the important information and are comfortable that this is the right decision for you, please contact the provider you have chosen and ask them to start the transfer. Once they have your transfer application, they will get in touch with us and ask us to move your pension to them.

If they can’t do this, please contact us to let us know you want to transfer. If your plan rules allow the transfer, we will send you a transfer pack containing a transfer discharge form and a transfer out questionnaire.

You only need to complete the transfer discharge form, but don’t send it to us. Instead, send it to your new provider with the blank transfer out questionnaire. They need to complete this and return it to us with:

• Their HMRC approval letter.
• A screenshot of their plan details from the HM Revenue & Customs website, dated within the past three months.
• Evidence of registration with The Pensions Regulator (only if the plan has more than one member).
• Your completed transfer discharge form.

There are different forms and requirements for transfers to a qualifying recognised overseas pension scheme, so the scheme should contact us for a different pack and list of requirements.

Once we have received and checked all the information we need, we will sell the investments in your account and send the proceeds to your new plan.

Finally, we will send to you and your new plan written confirmation that the transfer has been completed.

Under current legislation, we have up to six months to complete a transfer after we receive a valid request. While we try to complete requests as quickly as we can, there are some cases where extra checks are needed. These may take longer to complete – we will write to you if there is a delay to your transfer.

We do not charge an exit fee if you transfer your pension to another provider. But you should ask the new provider if they will charge you for accepting the transfer.

If you are thinking about transferring your pension to another provider, we recommend that you take financial advice to help you decide if it is the best decision for you. There are several important points to consider:

• While we won’t charge you for transferring, the company you are transferring to may impose a charge. And you should compare their underlying fund management charges with those for the funds you currently hold.
• The amount we transfer will reflect the value of your pension pot on the day we sell your investments, and it is likely to be different from their current value.
• Your money will not be invested while it is being transferred, so you will not benefit from any increases in the market. On the other hand, you will not be affected by any market falls.
• Make sure you won’t lose any valuable benefits if you transfer, such as a guaranteed income, the option to retire early or the right take more tax-free cash than is usually allowed. In this case, you may be required to take financial advice before the transfer can be approved.
• Check that your new provider doesn’t restrict any of your retirement options, such as the right to take tax-free cash once you are 55, which is due to change to 57 in 2028.

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.

While we will do our best to ensure that the scheme you are transferring to is genuine and properly authorised, you should be aware of pension scams. If you have any concerns about your proposed transfer, please call us on 0800 3 68 68 68, Monday to Friday, 8am to 6pm.