Steps involved in a re-registration pension transfer
Your transfer options
With this type of transfer option (known as re-registration) you can keep the same investments that are in your existing pension as long as they're available on our platform. This means your money remains invested while the transfer takes place as long as we offer the same or a similar version of the fund. Please note, if that specific version of the fund is not available on our platform, your current provider may be able to convert it to a version that we both support to facilitate the transfer. If this is not possible, your investment will be sold and the cash transferred to us, which means you'll be out of the market until you choose new funds. You can check if the fund is available on our platform here or our customer service team on 0800 368 1722 can check if your existing investments are available on our platform.
You also have the option of a cash transfer where the assets with your old provider are sold and the proceeds transferred to your Fidelity SIPP as cash. Once complete, you then simply choose new investments online to go in your SIPP. To see the steps involved in a cash transfer please click here.
Important information – If you are considering transferring a pension that has safeguarded benefits or guarantees, please speak to one of our advisers first on 0800 368 1722.
If you’ve already started to take income from your pension (drawdown) you’ll only be able to start a transfer by speaking to our retirement specialists who can provide any guidance and support you may need. They are available on 0800 368 6882.
Please note that re-registration transfers are complex and take on average 12 weeks to complete. The timings are approximate and all re-registrations need to be applied for by post.
How it works
Below is a diagram that shows you how your re-registration transfer may work. The length of time it takes to complete your transfer will depend on a number of factors, including:
- how your original provider set your pension up
- the number of individual funds you are transferring
- how quickly your current pension provider responds to our requests for information
- whether your current provider and individual fund providers use electronic transfer systems.
The majority of transfers will be processed manually and paperwork will need to be issued to the other scheme by post. Please note though, you may also receive paperwork directly from your current pension provider asking you to confirm your intention to transfer your pension away. A small number of industry leading providers use an electronic transfer system for this type of transfer, which allows us to communicate online regarding the movement of your assets to Fidelity. The process of instructing the re-registration of your pension would still be by post, and it goes through the same steps, however these electronic transfers tend to complete faster and are less likely to require further forms.
The same applies to any of the individual providers you hold investments with in your pension. If any of these do not use an electronic transfer system, then those particular investment transfers would need to be processed manually and issued by post.
Working together to make it happen
Covid-19 has caused many firms to make adjustments, and while things start to return to normal, we may still experience delays from the providers you're transferring from. We’re continuing to do all we can to ensure transfers are not impacted.