Transfer your pensions

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

Make life simpler

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.

 

With control comes confidence

Bring your pensions together today.

Take closer control of your retirement savings by bringing your pensions together in a Fidelity Self-Invested Personal Pension (SIPP) and managing them all in one secure online account and you could earn £100 to £1,000 cashback. Exclusions, terms and conditions apply.

How to transfer your pension to Fidelity

How do I transfer my SIPP?

You can transfer your pension to Fidelity in three 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. We’ll then contact your providers and arrange for your investments (or cash) to be brought into your Fidelity account. You need to 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 whilst we complete your request.

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

Before you make an application to transfer a pension from which you have taken retirement benefits, you must speak to Fidelity's retirement service who will discuss the transfer with you and prepare the application form.

We cannot accept an online application for these types of transfer.

How long does it take?

  • Applying online only takes a few minutes, and if your current pension provider has signed up to an industry-accepted, paperless transfer service then your transfer should be completed in about ten working days.
  • If your current provider hasn’t signed up to the paperless transfer service, the transfer could take up to ten weeks, but could be longer as it depends on prompt action by your current provider and their timeframes.
  • You can track your transfer online where you’ll see your status order for each transfer request; 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?

Fidelity will reimburse the exit fees charged to you by your former provider(s) when you move your investments (minimum of £1,000) to Fidelity, up to a maximum amount 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,
    Tonbridge,
    Kent
    TN11 9YA.
  • Remember that you still need to complete the transfer application process online and qualify for the reimbursement.

Is there a minimum transfer value?

Yes, a minimum transfer value applies to pension transfers.

  • If the transfer is from another pension provider and going into immediate pension drawdown the minimum is £50,000.
  • For all other transfers the minimum is £10,000. This includes transferring entirely in cash, a combination of cash and existing pension funds, a pension already in pension drawdown, and an existing pension fund whether it is all of your fund holdings or a selection.
  • If you have an existing Fidelity SIPP and wish to transfer other pensions into your plan, unless they are not already in or about to go into drawdown, 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 will need to have taken appropriate financial advice if you are 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 this applies to you, we will require evidence of the advice you have received confirming that it is in your best interest to transfer your current pension away.

If we identify any valuable benefits during the transfer process we will 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.

You can get personal advice about transferring your pension from Fidelity’s retirement service at a low cost fixed fee. You can call them on 0800 084 5045 to discuss your needs. The recommendation will be based on careful financial analysis of the value of your transfer in relation to your personal circumstances and objectives.

Alternatively, if you prefer to choose your own adviser, you will need to get your adviser to complete and return the Transfer Advice Declaration form to us before we can proceed to 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 an amount of income you are entitled to receive when you retire. These can be very valuable today as many of these policies were written at a time when interest rates were much higher. With interest rates now much lower and people living longer lives, the guaranteed income they can provide is often much higher than when compared with the amount you could buy if you shopped around.

The following 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 have worked for your employer. Generally only available from public sector or older workplace pension schemes.

Guaranteed Annuity Rate (GAR)
A valuable guaranteed income often offered by your own pension scheme or provider if you take a lifetime annuity with them.

Guaranteed Minimum Pension (GMP)
If you have a GMP, you will have originally built up pension rights in an employer’s pension scheme that was contracted out of the State Earnings Related Pension Scheme (SERPS).

As a result the pension scheme had to promise to provide you with a pension broadly equivalent to the state pension you would have received under SERPS. The GMP guarantees a minimum retirement income from age 65 for men, or 60 for women.

GMP benefits cannot be taken early unless the pension pot is already large enough to cover the cost of providing the pension.

Similarly, a pension pot cannot be transferred to another provider unless the transfer value also covers the cost of providing the GMP. When GMP rights are transferred to another pension provider, they have 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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