Transfer your pensions

Keeping track of your retirement planning and savings can be a challenge. We can help make it easier.

If you’ve built up a number of pension pots over the course of your working life (or started investing in a SIPP elsewhere), bringing your pension plans together into the Fidelity Self-Invested Personal Pension (SIPP) could make them easier to manage.

Bringing all your pensions together in one place can also help you when you are reviewing your costs and gives you access to Fidelity guidance.

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 we strongly suggest that you seek advice from an authorised financial adviser.

Start my pension transfer

The value of investments can fall as well as rise, so you may get back less than you invest. This information is not a personal recommendation for any particular product, service or course of action. If you are in any doubt whether or not a pension transfer is suitable for your circumstances we strongly suggest that you seek advice from an authorised financial adviser.

Remember, you won’t normally be able to access money invested in a SIPP until the age of 55.


How to transfer your pension to Fidelity

How do I transfer my SIPP?

Transfer your pension to Fidelity in three simple steps.

  • Step 1: We’ll ask you for your details and those of your current pension provider(s). You can transfer up to ten pensions at a time.
  • Step 2: You can choose your investments when you apply, during the transfer process, or once we receive your transfer application. If the investments you hold in your existing pension are offered by us and your existing pension provider allows the transfer, we can move your pension into the same funds that you currently hold. If not, you can choose to have your investments transferred to the Fidelity SIPP as cash, and then you can decide.
  • Step 3: Review your details and confirm the transfer.

When we receive your transfer application we’ll send you a confirmation, then contact your providers to arrange for your investments (or cash) to be brought into your Fidelity account. Please be aware that you may be out of the market while the transfer takes place, so you could miss out on any growth or income that occurs while we complete your request.

Can I transfer if I have taken retirement benefits from my pension?

Before you apply to transfer a pension you’ve taken retirement benefits from, you must speak to Fidelity's retirement service. They’ll discuss the transfer with you and prepare the application form.

We’re unable to accept an online application for these types of transfer.

How long does it take?

  • Applying online only takes a few minutes.
  • The transfer should take about 10 working days, if your current provider acts promptly and has signed up to an industry-accepted, paperless transfer service; if the provider hasn’t signed up for paperless transfer it could take up to 10 weeks, possibly more.
  • You can view your order for each transfer request and track its progress online; for example, you can see if we’re waiting for the company you’re moving from to send us information or a payment.
  • Please remember that, once the transfer has begun, you may be unable to switch, top up or sell the investments you’re moving, until the process is complete.

Will you help pay my exit fees?

When you move your investments (minimum of £1,000) to us, we’ll reimburse any exit fees that your former providers charge you, up to a maximum of £500 per customer. Of course, you need to decide whether these fees will impact the future value of your pension.

Read the terms and conditions.

Download and complete the short Exit Fees Reimbursement Form

Send the form to us at:
Fidelity International,
P.O. Box 80,
TN11 9YA.

Please remember, you still need to complete the transfer application process online and qualify for the reimbursement.

Is there a minimum transfer value?


  • If the transfer is from another pension provider and you’re going to immediately start taking money from it, the minimum is £50,000.
  • For all other transfers the minimum is £10,000. This includes:
    • a cash-only transfer
    • a combination of cash and existing pension funds
    • a pension that you’re already taking money from
    • an existing pension fund whether it is all of your fund holdings or a selection.
  • If you have an existing Fidelity SIPP and want to transfer other pensions into it, unless you’re not already taking, or are about to take, money from them, the minimum transfer amount is £1,000.

What types of pension can I transfer?

We recommend that you always take appropriate financial advice before transferring a pension and in certain circumstances we will require you to do so before we can accept your transfer. It’s always worth checking before you go ahead.

You can transfer a wide range of pensions to Fidelity.

  • Personal pensions
  • Self-Invested Personal Pensions
  • Stakeholder pensions
  • Defined-contribution occupational schemes
  • Pension schemes already paying a retirement income (pension drawdown plans)
  • Free-standing additional voluntary contribution (FSAVC) plans
  • Executive pension plans (EPPs)
  • Section 32 (buyout) plans
  • Defined benefit schemes (for example final salary pension schemes)

When do I need appropriate financial advice if I want to transfer to Fidelity?

You’ll need to have taken appropriate financial advice if you’re transferring from:

  • Any defined benefits scheme (for example final salary pensions)
  • Any arrangement that has safeguarded rights (see below for details)
  • Any arrangement that has a guarantee you could lose on transfer

If any of these applies to you, we’ll need to see evidence of the advice you’ve received confirming it’s in your best interest to transfer your current pension away.

If we identify any valuable benefits during the transfer process we’ll notify you and explain what we need from you before we can continue with your application. However, this could delay us in processing your application.

For a low-cost, fixed fee, we can give you personal advice about transferring your pension. Call us on 0800 084 5045 to discuss your needs. We’ll base our recommendation on careful analysis of the value of your transfer in relation to your personal circumstances and goals.

If you prefer, you can choose your own adviser and get them to complete and return the Third Party Advice Declaration to us, so we can process your request.

For more information about which pensions you must take advice on before you transfer, view the Pension transfer factsheet.

What are safeguarded benefits?

Some pensions, typically older ones, contain guarantees regarding the level of income you’re entitled to when you retire. These policies are valuable today as many were written at a time when interest rates were much higher and people weren’t living as long. With lower interest rates and higher life-expectancy, the guaranteed income from these plans is often much better than you could buy if you shopped around.

These are usually considered to be safeguarded benefits:

  • Defined benefit (sometimes known as final salary or career average) pension
    Pays a retirement income based on your salary and how long you’ve worked for your employer. Generally only available from public sector or older workplace pension schemes.
  • Guaranteed annuity rate (GAR)
    A valuable guaranteed income sometimes offered by your own pension scheme or provider if you take a lifetime annuity with them.
  • Guaranteed Minimum Pension (GMP) or Reference Scheme Test benefits (RST)
    If you have a GMP or RST, you originally built up pension rights in an employer’s scheme that was contracted out of the Additional State Pension.
    When this happened the new scheme had to promise to provide you with a pension broadly equivalent to the state pension you would have received under the Additional State Pension.
    You may not be able to take these benefits early unless the pension pot is already large enough to cover the cost of providing the pension.

Similarly, you may not be able to transfer a pension containing GMP or RST to another scheme unless the transfer value also covers the cost of providing the GMP or RST. When you transfer a pension containing GMP or RST to another pension scheme, that scheme has no obligation to provide benefits on the same basis.

Why choose Fidelity

Moving your investments to Fidelity guide

Read the guide

Find out more about moving your investments to Fidelity.

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