With control comes confidence

Bring your pensions together today.

Earn £100 to £1,000 cashback when you transfer in cash to us

If you have pensions with a number of different providers, take closer control of your retirement savings by bringing them together in a Fidelity Self-Invested Personal Pension (SIPP).

As well as helping you keep an eye on costs and giving you access to a wealth of Fidelity guidance:

  • We won’t charge you to transfer to us
  • Transfer your pensions to us in cash and you could earn £100 to £1,000 cashback if you apply by 8 December 2017 (Exclusions and T&Cs apply)
  • If your current providers charge exit fees, we’ll reimburse you up to £500 (T&Cs apply)

Important information

Please remember that the value of investments can go down as well as up so you may not get back the amount you originally invest. You cannot normally access money in a SIPP until age 55.

If you need more time to decide whether transferring your pension to us is right for you, please note that we run cashback offers on a regular basis and you may wish to wait until the next offer period.

Pension transfers can be complex and some types of pension, in particular those with guaranteed benefits, such as defined benefit schemes and pensions with safeguarded benefits, are not eligible for this offer. Advised transfers and re-registrations are not eligible for this offer.

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.

Get started by bringing your pensions together today

Transfer my pension

Need more time to decide if transferring is right for you?

If you would like to know when our next SIPP cashback offer begins, please register your name and email address by visiting the link below (link will open in a separate window).

Get cashback when you transfer

You transferWe pay you
£50,000-£99,999 £100
£100,000-£149,999 £200
£150,000-£199,999 £250
£200,000-£299,999 £350
£300,000-£399,999 £500
£400,000-£499,999 £750
£500,000 or over £1,000

Cash Back Offer – terms and conditions

The maximum cashback we’ll pay is £1,000 but not all customers will receive this amount. The actual cashback you’ll receive is dependent on the total value of your transfer. The minimum amount you must transfer to be eligible for cashback is £50,000. If you move your assets to another provider within 18 months of completing your transfer, Fidelity reserves the right to reclaim any payments which were made to you as part of this offer. Only cash transfers in will qualify for the Offer. If you transfer in cash, the provider you are transferring from will sell your investments and send the proceeds directly to us. We will hold them as cash within your account until you decide what you would like to invest in. Assets held in an existing Fidelity pension, including the Fidelity Personal Pension provided by Standard Life, the EBS SIPP and any defined contribution pension scheme held through Fidelity are not eligible for the cashback offer. This offer is valid for qualifying applications received between 15 September 2017 and midnight on 8 December 2017.

Cash Back Offer – terms and conditions

This Cash Back Offer (the “Offer”) is available when you apply to transfer assets into the Fidelity Personal Investing SIPP between 15th September 2017 and midnight on the 8th December 2017

1. The promoter of this offer is Financial Administration Services Limited (“Fidelity”), 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ.

2. Subject to section 5, the Offer is available to anyone who completes a transfer of their assets from other providers into the Fidelity Personal Investing SIPP. To transfer assets you must submit a correctly completed form online or by paper.

3. Cash back will be paid in the amounts noted in the table in section 9. If you transfer less than £50,000 you will not receive any cash back.

4. Only cash transfers in will qualify for the Offer. If you transfer in cash, the provider you are transferring from will sell your investments and send the proceeds directly to us. We will hold them as cash within your account until you decide what you would like to invest in.

5. This Offer excludes:

a. transfers of assets through the re-registration process;

b. transfers of assets held in a product/account provided or administered by any company within Fidelity’s group of companies including, without limitation, transfers from the EBS SIPP and the Fidelity Personal Pension, or FundsNetwork SIPP, provided by Standard Life;

c. transfers of assets currently held through Fidelity FundsNetworkTM;

d. transfers from any defined contribution pension scheme investments held through, or administered by, a Fidelity group company;

e. transfers of any defined benefit, safeguarded benefit or otherwise guaranteed pensions; and

f. advised transfers.

6. The Offer will also not apply to assets that are currently held in a product/account provided or administered by any company within Fidelity’s group of companies which are transferred to another provider and then moved to Fidelity Personal Investing.

7. Any other new investment will not qualify for the Offer.

8. Any transferred assets will be subject to the Fidelity Personal Investing SIPP client terms.

9. The value of your cash back payment will be determined by the total value of your eligible transferred assets on completion of the final transfer, as set out in the table below.

 

You transferWe pay you
£50,000-£99,999 £100
£100,000-£149,999 £200
£150,000-£199,999 £250
£200,000-£299,999 £350
£300,000-£399,999 £500
£400,000-£499,999 £750
£500,000 or over £1,000

 

10. Cash back payments will be sent to you after the closure of the Offer (8th December 2017) and up to 90 days after the completion of your last eligible transfer. We will endeavour to make cash back payments by BACS transfer directly to your bank/building society account if we already hold your details. If we do not have bank details registered for you for the SIPP, a cheque will be sent to the address registered on your account. (For example if we have bank details registered for an existing ISA but not your SIPP, if you are due a cash back, we will send you a cheque for this - we are not able to send your cash back for your SIPP to the bank account registered on your ISA account.) The time it takes to complete a transfer will depend on your current provider(s). The money will be due to you at the point we issue payment.

11. The assets you move to us as part of this Offer must be held with us for at least 18 months after the completion of the transfer and must not be linked to an adviser during this period. The 18-month period starts on the date that the last transfer is settled on your account. If you transfer your assets to another provider within this 18-month period, Fidelity reserves the right to reclaim any cash back payment that was made to you as part of this Offer. Fidelity may do this by withholding an amount prior to transferring or re-registering your assets to another provider. We will not reclaim the cash back amount from assets within a SIPP, other pension or ISA. Withdrawals from your account/s or income payment will not count as transfers for the purposes of this condition and will not result in our reclaiming your cash back payment.

We promote pension transfer cashback offers on a regular basis. However it is important that you take enough time to decide whether transferring your pension to us is right for you. If you need more time and wish to qualify for the cashback offer, please wait until the next offer period.

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.

Moving your investments to Fidelity guide

Read the guide

Find out more about moving your investments to Fidelity.

Get started by bringing your pensions together today

Transfer my pension