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Pension Consolidation

Combining your pension pots can make it easier for you to manage your retirement savings.

Important information -  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 pension and tax treatment depends on personal circumstances and all tax rules may change in the future. You can’t normally access money in a pension until the age of 55. It’s important to understand that pension transfers are a complex area and may not be suitable for everyone.

What is pension consolidation?

Pension consolidation is when you combine all your old pensions into one account. It’s not uncommon to have a number of pensions with different providers, often as a result of working for several companies throughout your career. More often than not, when you leave your job, you leave that workplace pension where it is. Many people also have various private pensions, built up with more than one provider. Combining all your pensions can make it easier to see what you have, where your money’s invested and how it’s performing - helping you to plan ahead more effectively.  

Many people choose to bring their pensions together into a Self-Invested Personal Pension due to the flexibility and convenience this type of pension offers. Fidelity’s SIPP has many great features to help you get your money working harder.

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Easier

Bringing your pensions together could make them easier to manage.

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Lower costs

It could be cheaper, if our service fees are less than you're currently paying.

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A wealth of choice

Thousands of funds and shares to choose from to help you reach your retirement goals.

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Exit fee cover

We cover any exit fees your current provider may charge, up to £500 per person. *T&Cs apply.

Apply to transfer

Before taking the next step, please read the following.

Important information - the value of investments can go down as well as up, so you may not get back the amount you originally invest. Eligibility to invest in a SIPP or Junior SIPP and tax treatment depends on personal circumstances and all tax rules may change in the future. You cannot normally access money in a SIPP until age 55.

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. Please read our pension transfer factsheet and our exit fee terms and conditions. You may also wish to download our guide to moving investments

This is not a personal recommendation for any product, service or course of action. If you are in any doubt about whether a pension transfer is suitable for your circumstances we strongly suggest that you seek advice from an authorised financial adviser.

Please note that if your pensions are moved to us as cash, you will be out of the market while your money is being transferred, so you could miss out on growth and income if the market rises during this time. The value of your investments may also be impacted by the volatility we’re experiencing at this time. See the steps involved in a pension cash transfer.

If you would like to keep the same investments that are in your existing pension (re-register) and they’re available on our platform, then you can do this but need to apply to transfer by post. 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, we will transfer the fund as cash, which means you'll be out of the market until you choose new ones. Our customer service team on 0800 368 1722 can provide you with more information and check if your existing investments are available on our platform. See the steps involved in a pension re-registration transfer.

Important notice: The Government is consulting on potential changes to the age when you can access your pension
The Government is proposing to increase the age you can access your pension from 55 to 57.
The proposal says that anything you‘ve saved in a pension as of 11 February 2021, you can still receive at age 55. However, if you transfer your pension elsewhere, you will have to wait until 57. Customers who will be 55 after 6th April 2028, and open a pension after the 11th February 2021, could have to wait until they are at least 57 before accessing their pension savings without incurring additional tax charges (unless they are taking their pension due to ill-health). This is still a proposal and it’s not yet certain if it will go ahead as outlined. You can read the proposal here.

Start consolidating your pensions

Call us

If you’d like to discuss transfers or would like us to send you an application form. Lines are open weekdays 9am - 5.30pm & Saturdays 9am - 2pm.

Transfer Online

To find out what you need to consider before you transfer, please read the transfer factsheet.

Transfer by post

Whether you already have a Fidelity SIPP or not, you can download the relevant form below.

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How long does pension consolidation take?

If you’re moving your pension to us as cash, most leading providers use an electronic system called Origo which means your pension can be transferred electronically within about 10 business days. If your provider doesn’t use Origo then your transfer will need to be processed manually and paperwork issued by post. This can take 8 to 10 weeks to complete, but does depend on the paperwork required to be sent between the two providers.

If you’re moving your pension to us and would like to keep the same investments that are in your existing pension (re-register), this can take up to 12 weeks, but can be quicker.

See the steps involved in a pension cash transfer.
See the steps involved in a pension re-registration transfer.

How to find an old pension

If you think you may have an old pension that you no longer have the paperwork for, you can track down lost company and personal pensions online through the Pension Tracing Service or by calling 0800 731 0193. 

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Should I consolidate my pensions?

Consolidating pensions isn’t right for everyone, and although in many cases it’s relatively simple to move they can be complex at times. Here are some important factors to consider.

What types of pension can I transfer?
Do any of my pension providers charge exit fees?
Do any of my pensions contain valuable benefits?
How do the charges and investment options compare?
Are any of my pension pots under £10,000?
What if I change my mind?

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

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