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Getting ready for retirement

Retirement can be an exciting time - with more freedom to do what you enjoy. There’s more financial freedom nowadays too and we can help you to set up your retirement income in a way that will best meet your needs.

Important Information - the value of investments, and income from them, can go down as well as up, so you may not get back what you invest. Eligibility to invest in a SIPP and tax treatment depends on personal circumstances and all tax rules may change in the future. You cannot normally access money in a pension until age 55 (57 from 2028). It’s important to understand that pension transfers are a complex area and may not be suitable for everyone.

Need help?

Talk to someone about your retirement options in more detail

We can help

Close to retirement but unsure about the options ahead? We can offer guidance and advice to help you find the best solution for your retirement. Call us on 0800 368 6882, Monday to Friday, 9am - 5pm.

Fidelity’s retirement service

Pension Wise

The government’s Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online or call on 0800 011 3797.

https://www.moneyhelper.org.uk

Income options – the choice is yours

These are the three main ways you can access your pension savings. But, remember, if you have a final salary pension scheme (defined benefits) you don’t have the same flexibility, unless you transfer your money out of this type of scheme. Transferring a pension that contains any kind of promise or guarantee requires careful consideration. This is because the benefits are normally lost once you transfer and cannot usually be reinstated.

Flexible retirement income (drawdown)

It’s hard to predict the future, so picking a retirement income to last for decades isn’t easy. Pension drawdown gives you flexibility to take the income you want and change it as needed.

Taking lump sums

In some cases the best way to take your pension is by a series of lump sums. You can take lump sums from your pension pot until your money runs out, or until you choose another option.

Guaranteed income for life (annuity)

Most annuities provide you with a lifelong, guaranteed income. A quarter of your pension can usually be taken tax-free before you buy the annuity, and it can be combined with other retirement incomes.

Be prepared

A good plan

Thoughtful planning can help you understand what your retirement goals are and how you can achieve them.

Multiple pensions

If you’ve ever changed jobs you may have more than one pension. A Fidelity SIPP, with a potentially lower service fee and wide range of funds, is the ideal place to bring them together.

Final salary pensions

Providing income for life, these pensions are usually worth keeping, but sometimes moving your savings into a personal pension will suit you better.

Your legacy

If you want to leave money to your loved ones after you die, you’ll need to plan how much, who to leave it to, and consider potential tax pitfalls.

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Drawdown with our SIPP

If you want to go into drawdown then you can choose to do it with our SIPP (Self-Invested Personal Pension).

  • You can take up to a quarter (25%) as a tax-free lump sum straight away or in stages.
  • You can choose how much to take and how often.
  • You can choose where to invest your pot.

If it's not already in our SIPP, you will need to transfer your pension before you access income drawdown.

For more drawdown support download our pension drawdown guide.

Explore our SIPP

Making the right investment choices

You’re likely to be in retirement for 20 years or more. So it’s important to invest your pension in a way that will help you achieve your retirement goals. You may be comfortable choosing your own investments or you may need support - either way, we can help. Please remember that investments can go down as well as up, so you could get back less than you invest.

Explore fund choices for retirement
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We can help

Close to retirement but unsure about how to make the most of it? We can offer guidance and advice to help you find the best solution for your retirement.

Call us on 0800 368 6882, Monday to Friday, 9am - 5pm.

Fidelity’s retirement service
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Pension drawdown

Learn more about this flexible retirement income option with the pension drawdown guide.

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Thinking of transferring?

To find out what you should consider first, please read our Fidelity SIPP (self-invested personal pension) transfer guide.

Make the most of your pensions by bringing them together

If you’ve got pensions spread across different providers, moving them to Fidelity could help you take control and manage your money more effectively. Plus get £200 to £2,000 cashback. Exclusions, T&Cs apply.

Go to offer
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Important information: This information is not a personal recommendation for any particular product, service or course of action. 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 read our transfer factsheet. If you are in any doubt whether or not a pension transfer is suitable for your circumstances or if you are unsure about the suitability of a pension investment, retirement service or any action you need to take, please contact Fidelity’s Retirement Service on 0800 368 6882 or refer to an authorised financial adviser of your choice.