Wake up your pensions by bringing them together
If you’ve got pensions spread across different providers, moving them to Fidelity’s Self-Invested Personal Pension (SIPP) could help you take control and get your money working harder.
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There’s a lot to think about when you’re planning your retirement. And don’t forget your situation may change in the future, so it can help to be flexible. If you need any help, you can always call our retirement service on 0800 368 6882, Monday to Friday, 9am - 5pm. Here are some things to consider:
Important information - please keep in mind that the value of investments 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.
There are lots of different places where you might get an income for your retirement. You’ll need to know what they are and how much you have so you can plan ahead effectively. Here is a list to help you.
The income you receive is guaranteed to last as long as you live, though the weekly amount you get depends on several factors. Get a forecast from the Government.
For their current value, or estimates of what they might be worth, just speak to your pension plan providers. If you can’t find details of a scheme you had in an old job, the Pension Tracing Service can help.
These are plans you set up yourself, so to get their value, just speak to the pension provider that looks after them. If you think you may have lost track of a plan, try the Pension Tracing Service .
Many people see their home as part of their retirement savings, for example downsizing and equity release. If you are considering this, make sure you take into account the costs of moving home and the implications if you want to leave something to your loved ones.
If this is part of your plan, make sure you are confident of its future value, and the right timing to sell it.
You might have ISAs, stocks and shares, premium bonds, bank accounts or other savings. Even if they’re not specifically ‘for retirement’, keep them in mind, so your plan is fully inclusive.
Do you know how much savings you’ll need to support the lifestyle you want in retirement? Use our retirement calculator to find out if you are on track to meet your retirement goals.
Retirement calculatorWhen you’re planning your retirement it’s important to understand the options for taking income from your pension pot. You now have much more freedom than before, but this means there’s more for you to understand and consider and any decisions you do make can have a big impact on your future.
Understand your pension income optionsWhat you do next is likely to depend on how close you are to retirement and whether you have enough savings to achieve your goals. If there is a shortfall, there are some options for you to consider.
It can be easier to manage your money if it’s all in one place. Explore transferring your pension.
You could get tax relief from the government to boost your contributions and there’s time for it to grow (though there's no guarantee that it will).
You may be able to fill in gaps in your National Insurance record by making voluntary contributions, which would then boost your weekly payment from the Government.
If you hope your pension will grow further, or you intend to make further contributions, waiting to take your tax-free cash could help. As it is worth 25% of your pension’s total value, as long as this amount is not higher than your remaining lump sum allowance, leaving it invested could help your pension grow if the underlying investments continue to do well.
A few extra years in work can make a huge difference to your retirement income.
The key point is to decide if you want to make your own choices or need a little help.
Important information – 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 we strongly recommend that you seek advice from one of Fidelity’s advisers or an authorised financial adviser of your choice.
If you’ve got pensions spread across different providers, moving them to Fidelity’s Self-Invested Personal Pension (SIPP) could help you take control and get your money working harder.
Find out moreDownload our guide to getting the retirement income you need.
To find out what you should consider first, please read our Fidelity SIPP transfer guide.
Talk to someone about your retirement options in more detail
Close to retirement but unsure about the options and pitfalls 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 serviceThe 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.
Visit Pension WiseImportant information – This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment please speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.
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Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
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