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Saving for retirement

Important information - please keep in mind that the value of investments can go down as well as up so you may get back less than 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.

Whether you’re in your 20s or your 50s, there’s a great deal you can do to create a retirement plan that suits you.

Your pension savings profile will vary depending on your age, when you want to retire and the type of retirement you want to enjoy. We can help you understand how much you’ll need, whether you’re on track for it and what income options are available.

Saving in your 20s and 30s

It may seem a long way off, but if you start saving for retirement now, you have a great advantage over those who start later.

Saving in your 40s

By the time you retire, the state pension age may be higher and the pension amount lower than today.

Saving in your 50s

You may have big decisions to make about your pension. And you may have retirement savings in numerous places.

If you’re self-employed you can find out more details on saving for your future on our pensions for the self-employed page.

An essential guide to saving for retirement

Did you know a single person will need about £41,300* a year for a comfortable retirement? With the new State Pension paying a maximum of £11,502.40 per year from April 2024, there’s clearly a gap.

Our guide provides you all the information you need to make sure you’re ready for the future you want.

Download guide >>

*Source: Pension and Lifetime Savings Association - UK Retirement Living Standards in 2023.

 

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What next?

If you want to open a new pension or transfer an existing pension to Fidelity, then take a look at our Self-Invested Personal Pension (SIPP). It’s a flexible, tax-efficient and easy-to-manage pension designed to help you to reach your pension goals.

Open a pension

  • A tax-efficient way to invest for your retirement (subject to limits)*
  • Benefit from 20% government tax relief, added to your SIPP account
  • If you pay Income Tax at higher than the basic rate, you may be able to claim even more tax relief through your tax return
  • Employers can also contribute. Payments from a limited company are considered employer contributions

Transfer a pension

  • Transfer your pension to us and we’ll pay any exit fee (up to £500 per person, T&Cs apply**) that your current provider charges you
  • It’s easy to submit your request online, and depending on your current pension provider your transfer could be complete in ten business days.
  • We’ll contact your providers and arrange for your investments (or cash) to be brought into your Fidelity account
  • If you apply to transfer a SIPP through our website, you can track your transfer's progress using our transfer tracking tool.

*Tax relief is only available on the lower of the annual allowance (currently £60,000) or 100% of your earnings in a given tax year, (or £3,600 if you have no earnings). 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 £200,000 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 £10,000 (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.

Important information - 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 speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.

Take control of your pensions by bringing them together

Trying to manage pensions across different providers can be both time-consuming and difficult. Bringing them together into Fidelity’s Self-Invested Personal Pension (SIPP) can help you take control and plan ahead more effectively. 

Find out more
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Already have a SIPP with us?

It’s easy to increase your contributions in line with your changing circumstances. Of course you can decrease them too if you need to, but it’s a good idea to take advantage of the tax relief. You can view your SIPP account online and change the amounts you pay in through your regular savings plan.

Log in to view your account

Remember, you can access your pension at 55 (57 from 2028)

A key benefit of a pension is that you can only access your pension at 55 (57 from 2028) so you aren’t tempted to dip in and out until you’re eligible to take your benefits. However, if you want access to your money sooner, there are other account options, such as an ISA, that may be more suitable.

Find out about our ISA

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Important 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 a Fidelity’s advisers or an authorised financial adviser of your choice.