Over your working life, you may build up savings in several pension pots. Bringing them together could reduce the number of pension pots that you need to manage. You may have several pension plans with different providers. This can happen when you change jobs and it can be easy to lose track of where they all are. At Fidelity, we help thousands of people every year to combine all their pension plans into one manageable pot.
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 compare the benefits, charges and features offered, including any exit charges, terminal bonuses or protected tax free cash entitlements. You can find out more by reading our transfer factsheet and should speak to an authorised financial adviser if you are unsure about proceeding.
If you’ve worked for more than one employer, it’s likely you’ve got more than one workplace pension. That can be a lot to keep track of so make sure to list all your retirement saving sources. You can track down any previous personal or workplace pensions you may have forgotten about using the government’s free Pension Tracing Service.
You should always check whether your pension offers guarantees or special benefits that you’d lose if you transfer.
If your pension offers what is known as ‘safeguarded benefits’, such as a guaranteed income or a pension that is based on your salary, you’ll need to give us confirmation that an authorised financial adviser has told you the transfer would be in your best interests.
If your pension offers certain other types of benefit, such as a lower pension age or guaranteed investment returns, we may contact you for more information before we’ll accept your transfer.
For more information about transferring a pension that offers special benefits, call us on 0800 3 68 68 68.
If you have pensions from previous employers, you can transfer these and any other personal pensions you may have to Fidelity. 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
Change your savings and investments when you want
Manage your pensions quickly and easily all in one place
More than 1.6 million UK customers entrust their workplace pension savings to Fidelity.*
*Source: Fidelity June 2024
We know consolidating pensions can be confusing. If you are thinking about bringing your pensions together into your Fidelity pension plan, we are here to help every step of the way. Once you have made the decision to transfer, the easiest and quickest way to request a transfer is to apply online, but some plans may only allow paper applications.
If you decide that moving your pension is right for you, you can now transfer a pension into your Fidelity workplace pension online by logging into PlanViewer.
Log into PlanViewerIf you are leaving, or have left a job that had a Fidelity Workplace Pension, there are three options to consider:
If you are moving or have moved to a new employer, you can leave your pension with us and it will remain invested. If you are now self-employed you may be able to continue contributing to your Fidelity Workplace Pension and get tax relief although the way this will be applied will depend on the type of scheme you are in.
If you are considering moving your pension to another provider, it’s worth reviewing the different features of each provider. 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.
With a SIPP you have the flexibility to transfer your entire pension, a proportion of it and make additional lump sum payments whenever you like. This is subject to your specific circumstances and pension scheme rules.
If you are over 55 and are looking to access benefits following your transfer, such as withdrawing a tax-free lump sum, purchasing an annuity, or using pension drawdown to withdraw money from your pension as a lump sum or regular income, you are eligible for Pension Wise guidance. Pension Wise is a free government-backed service, for people aged over 50, provided by MoneyHelper which helps you understand how you can take money from your pension pot. Further information on Pension Wise, including how to book an appointment, can be found by visiting www.moneyhelper.org.uk/pension-wise
Log in to see if your plan accepts transfers, then apply online.
