Transferring your drawdown pension

You aren’t locked in to a pension provider once you are in drawdown.

Why transfer a pension in drawdown to Fidelity?

*Tax relief is only available on the lower of the annual allowance (currently £40,000) or 100% of your earnings in a given tax year. If you exceed your annual allowance you may have a tax charge to pay unless you have unused allowance you can carry forward. If you have earnings of £110,000 or more, the amount you can pay in and receive tax relief on could be 'tapered' down to £10,000. Alternatively, if you’ve already taken taxable income from your pension pot under pension freedoms, your annual allowance may be £4,000 (known as the money purchase annual allowance) and you will not be able to use carry forward to contribute to a SIPP.

For more information on tax relief and all the allowances please visit our pension allowances page.

** Exit fees terms and conditions

The value of investments and the income from them can go down as well as up and you may get back less than you invest.

Get your money working harder by bringing your pensions together

Plus earn £20 to £1,000 cashback. Exclusions and T&Cs apply.

Adviser on the phone

We can help

Transferring a pension is a big decision, so you should seek advice first. We offer advice that’s in your best interests, even if it means recommending that you leave your money where it is.

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

Pension wise logo

The Government offers a free and impartial guidance service to help you understand your options at retirement. This is available via the web, telephone or face-to-face through government approved organisations, such as The Pensions Advisory Service and the Citizens Advice Bureau. You can find out more by going to pensionwise.gov.uk or by calling Pension Wise on 0800 138 3944.