Managing your pension through uncertainty

We are committed to helping you during this period of change and are taking extra steps to be responsive to your needs. To help you stay informed we will regularly update this list of questions and answers with any information we believe you may find helpful.

Fidelity has a comprehensive Business Continuity Programme, which we have implemented in every part of our international business. We are continually monitoring the situation and follow all World Health Organisation and local government guidance so we can react to the ever-changing situation.

We have taken precautions to keep our employees safe, but all of our investment, operational and client servicing activities are working as normal, with limited disruption to the service we offer to pension plan members.

If you would like more information, you can read about our approach in a letter from our CEO, Anne Richards.

To ensure we can help you in the most effect way, we have increased our online resources. You can:

• Manage your pension savings online. Logging in to PlanViewer enables you to check the value of your account, see how your funds have performed and explore your investment options. If you haven’t logged in before, you will need your account reference number to register. You can find this on your annual benefit statement, or any other correspondence you have received from us.
• Explore the expert news and insights on our website, along with our interactive tools and factsheets on the funds available through your plan.

You still have the option of contacting us directly, but we are currently receiving many more calls and emails than usual. We’re sorry if this means you have to wait longer than expected, but our team will do their best to respond as soon as they can. We would be most grateful if you could use our online services, such as PlanViewer, if at all possible and only call or email us if it is absolutely necessary.

Email: pensions.service@fil.com  We aim to reply to emails within two working days. Please remember that we cannot exchange account information by email.

Phone: 0800 3 68 68 68 (+44 1737 838 585 from overseas) between 8am and 6pm, UK time.

The pandemic hasn’t made any difference to your options for taking a retirement income. So, as long as you meet the criteria for taking your money from your pension, you will still be able to do so.

If you are planning to withdraw any of your pension savings or set up a guaranteed income for life (known as an annuity), you will need to call us to make the arrangements. You may want to read our page on withdrawing money from your pension before you call. This will help to ensure you are prepared for all the questions we need to go through with you.

Our number is 0800 3 68 68 68 and you can call between 8am and 6pm on UK business days. Please bear in mind that we are currently getting more calls than usual, so you may not get straight through when you call.

The rules of your pension plan may give you the option to reduce or suspend your contributions. However, you should think carefully before taking either of these options as they will have an impact on the value of your pension savings when you come to retire and may affect any other benefits you are entitled to as a member of your workplace pension, such as contributions from your employer.

The details for each employer and plan may vary, and there may be different implications for pension salary sacrifice arrangements. You can see details of your contributions in the ‘Contributions Explained’ document on PlanViewer. We would also encourage you to speak to your employer to find out what options are available to you.

The government has extended the Coronavirus Job Retention Scheme until 31 March 2021. If your employer cannot afford to keep you on, they can put you on ‘furlough’, and claim 80% of your salary back, up to a maximum of £2,500 a month. They can also claim employer’s National Insurance contributions on the payment, along with their minimum legal pension contribution. However, if you were not on your employer’s payroll before 31 October 2020, you will not be eligible.

You’ll find more detailed information on our page of questions and answers about the furlough scheme.

The pandemic has had a major impact on stock markets across the world. There were significant falls in share prices when the economic impact of lockdowns became apparent. In contrast, prices rose sharply when there was positive news about vaccines. Further movements are inevitable as the situation develops and no one can say for certain how markets will perform in the coming months.

We understand that this may be unnerving, but you should bear in mind that pensions are a long-term investment. Over the years, markets have faced considerable challenges but in the longer term we have typically seem them rebound from periods of volatility. On the other hand, it’s important to remember that past performance is not a guide to what will happen in the future.

It is a good idea to review your pension savings on a regular basis to make sure that they are right for your retirement goals. If you are unsure about whether your investments are suitable for your particular circumstances, or you need advice on any of the options available to you, we recommend that you speak to an authorised financial adviser.

To find out more about the investment options available through your pension plan, log in to PlanViewer.

For more information on this topic, please see our guide Your pension and the stock market. 

Our website offers a broad range of guidance, expert insights and interactive tools to help with your financial wellness.

Another source of useful information is the Money and Pension Advice Service, which has a great deal of information on benefits and other forms of financial support.

Fidelity cannot offer advice, so if you need help related to your particular situation, we recommend that you speak to a financial adviser.