In this section
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.
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.
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.
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.
A good plan
Thoughtful planning can help you understand what your retirement goals are and how you can achieve them.
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.
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.
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.
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.
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.
Learn more about this flexible retirement income option with the pension drawdown guide.
Thinking of transferring?
To find out what you should consider first, please read our Fidelity SIPP (self-invested personal pension) transfer guide.
Cash Back Offer – terms and conditions
This Cash Back Offer (the “Offer”) is available when you apply to transfer your pension(s), ISAs or other investment account assets between 27th November 2023 and midnight on 1st April 2024.
- The promoter of this offer is Financial Administration Services Limited (“Fidelity”), Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
- Subject to section 5, the Offer is available to anyone who completes a transfer of their assets from other providers to Fidelity Personal Investing. This offer is not open to those that transfer via an adviser or intermediary. To transfer assets, you must submit a correctly completed transfer application form online or by paper by 1st April 2024.
- Cash Back will be paid in the amounts noted in the table in section 9. If you transfer less than £25,000 you will not receive any Cash Back. The minimum transfer value for all products is £100. However, if you are transferring a pension from another provider and you’re immediately going to start taking money from it, known as pension drawdown, the minimum transfer value is £50,000.
- The following types of transfer will qualify for the Offer:
- Cash transfer within ISAs and pension products – If you transfer in cash within ISAs and pensions, the provider you are transferring from will sell your investments and send the proceeds directly to us. We will hold them as cash within your account until you decide what you would like to invest in.
- Re-registration – With this type of transfer, you can keep the same investments as long as they're available on our platform. Where required, we will work with your existing provider to convert your units into a share class we can support before transferring them to us. Please note that a further conversion may be required to move you into the cheapest available share class on our platform. If a cheaper share class is available, we will also convert any existing holdings of that share class in your account. During this time, you will not be out of the market, and you may temporarily be converted into a share class with higher charges to facilitate the transfer. The share class conversion activity might take a few days and you will probably have a different number of units in the fund after you move as the prices of different share classes of the same fund are normally different.
If you hold an investment in a pension or ISA that is not available through our Investment Platform or is otherwise unable to be re-registered* it will be moved to us as a cash transfer (see above). Any investments held outside of a pension or ISA that cannot be re-registered will not be transferred to us. They will remain with the previous provider and will not count towards your total transfer value for the Offer. A re-registration does not count as a “disposal” for capital gains tax purposes, even if we switch your investment into a different share class. Please note that the minimum SIPP re-registration value is £100.
*Re-registration is not available for some products on the Fidelity Investment Platform. For example, a number of offshore funds cannot be re-registered. You can check what assets are available on our platform here.
- This Offer excludes:
- transfers of assets held in a product/account provided or administered by any company within Fidelity’s group of companies including, without limitation, transfers from the EBS SIPP and the Fidelity Personal Pension, or Fidelity Adviser Solutions (formerly FundsNetwork) SIPP, provided by Standard Life;
- transfers of assets currently held through Fidelity Adviser Solutions (formerly FundsNetwork);
- transfers from any defined contribution pension scheme investments held with, or in relation to, a current employer through, or administered by, a Fidelity group company;
- transfers of any defined benefit, safeguarded benefit or otherwise guaranteed pensions;
- transfers which are linked to an adviser or intermediary;
- transfer of Junior SIPPs; Junior ISAs and
- transfer of Lifetime ISAs (LISA)
- the lodgement of certificated shares
- The Offer will also not apply to assets that are currently held in a product/account provided or administered by any company within Fidelity’s group of companies which are transferred to another provider and then moved to Fidelity Personal Investing.
- Any other new investment will not qualify for the Offer.
- Any transferred assets will be subject to the applicable client terms for the product your assets have been transferred to.
- The amount of your Cash Back payment will be determined by reference to the “Total Transfer Value” as set out in the table below. Total transfer value will be calculated as at the date of completion of the transfer of your eligible assets (“Transfer Date”). If you transfer more than one product the Transfer Date will be the date when all the transfers have been completed.
Total Transfer Value Cash Back Amount £25,000 - £49,999 £200 £50,000 - £99,999 £500 £100,000 - £249,999 £1,000 £250,000 - £749,999 £1,250 £750,000 - £999,999 £1,500 £1,000,000 or over £2,000
- Cash Back payments will be paid to your Cash Management Account (CMA) within 90 days following closure of the Offer (1st April 2024). If the transfer of all of your eligible assets has not completed by then, we will pay within 90 days of your Transfer Date. The CMA is a separate account in your name that helps manage cash. The Cash Back can be kept in your CMA for fee collection, withdrawn or moved into whichever Fidelity Personal Investing account you choose. If moved into an ISA or SIPP, it will count towards your annual allowance.
- We ask that the assets you move to us as part of this Offer be held with us for at least 18 months after your Transfer Date and must not be linked to any adviser or intermediary other than a Fidelity adviser during this period. If you transfer or re-register your assets to another provider within this 18-month period, Fidelity reserves the right to reclaim any Cash Back payment that was made to you as part of this Offer. For the avoidance doubt, if during this period you link to a Fidelity adviser and your assets are transferred to Fidelity Adviser Solutions (formerly FundsNetwork) this does not constitute a transfer to another provider. Fidelity reclaim any Cash Back by withholding an amount prior to transferring or re-registering your assets to another provider. We will not reclaim any Cash Back from assets within a SIPP, other pension or ISA. Withdrawals from your account/s or income payment will not count as transfers for the purposes of this condition and will not result in our reclaiming your cash back payment.
We promote offers on a regular basis. However, it is important that you take enough time to decide whether transferring your investment(s) to us is right for you. If you need more time and wish to qualify for the offer, please wait until the next offer period.
Issued by Financial Administration Services Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and the F symbol are trademarks of FIL Limited.
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.
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.
Exclusions, terms and conditions
Terms and Conditions
These terms and conditions (together with any relevant documents referred to in them) set out the terms relating to the Offer.
The promoter of this Offer is FIL Retirement Services Limited, St Cross House, St Cross Business Park, Newport, Isle of Wight PO30 5BP (“Fidelity’s retirement advice service ”).
This Offer is available when you agree to take either retirement advice or pension transfer advice for the first time from Fidelity’s retirement advice service between 26 November 2018 and 28 February 2019 (“Offer Period”).
- To be eligible for this Offer, you must be 45 years of age or older.
- This Offer is subject to your acceptance of Fidelity’s retirement advice service Terms of Business, which will be provided during your initial, free-consultation meeting.
Terms of the Offer
- The £500 retirement advice discount voucher will be redeemed against your final invoice.
- VAT, where applicable, will be calculated on the total advice fee before the discount voucher is applied.
- To use the £500 retirement advice discount voucher please provide the voucher code to Fidelity’s retirement advice service when you call and before signing Fidelity’s retirement advice service Terms of Business.
- This Offer cannot be redeemed against any of the following:
- initial deposit payable in respect of any advice given by Fidelity’s retirement advice service or
- annual reviews
- This Offer can only be used once and cannot be used in conjunction with any other discounts or offers, including the 20% partner discount.
- Any personal information you submit to Fidelity will be maintained in accordance with Data Protection legislation and used in accordance with the Fidelity Privacy Statement which can be found on the Fidelity website: fidelity.co.uk/security-privacy
- Fidelity reserves the right to cancel or amend the terms of the Offer without notice during the Offer Period. Any cancellation of, or changes to, the terms of the Offer will be notified to you on the Fidelity website: fidelity.co.uk
- The Offer will expire at midnight on 28 February 2019.
- The Offer has no cash redemption value.
Please note that regrettably we are unable to offer Fidelity’s retirement advice services to US or Canadian citizens.
Please remember, that the value of investments and the income from them can go down as well as up so you may get back less than you invest. You cannot normally access your pension savings until age 55. In addition, the value of any tax benefits will depend on individual circumstances and all tax rules may change. Pension and retirement planning can be complex, so 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, or, if you prefer, speak to an authorised financial adviser of your choice.