Getting ready for retirement
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.
Need help?
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.
Fidelity’s retirement servicePension Wise
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.
https://www.moneyhelper.org.ukIncome 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.
Be prepared
A good plan
Thoughtful planning can help you understand what your retirement goals are and how you can achieve them.
Multiple pensions
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.
Your legacy
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 25% of your pot tax-free, as long as this amount is not higher than the lump sum allowance.
- 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.
Explore our SIPPMaking 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.
Explore fund choices for retirement
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.
Fidelity’s retirement service
Pension drawdown
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.
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
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”).
Eligibility
- 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.
Exclusions
- 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.
Data protection
- 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
General terms
- 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.
Important Information
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.
