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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 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 (57 from 2028). It’s important to understand that pension transfers are a complex area and may not be suitable for everyone.
There are many reasons why you might choose a pension transfer. Perhaps you can’t invest where you’d like to with an existing provider. Or maybe you’ve built up several pension pots with different providers and you want to bring them together to simplify managing your retirement savings. Whatever the reason, transferring a pension to our SIPP could help put you on the right track for the future you want.
Easier
Bringing your pensions together could make them easier to manage.
Lower costs
It could be cheaper, if our service fees are less than you're currently paying.
A wealth of choice
Thousands of funds and shares to choose from to help you reach your retirement goals.
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 what you originally invest.
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 T&Cs. You may also wish to download our guide to moving investments.
This information is not a personal recommendation for any particular product, service or course of action. If you are in any doubt about whether or not a pension transfer is suitable for your circumstances we strongly recommend that you seek advice from one of Fidelity’s advisers or an authorised financial adviser of your choice.
You should read the differences between transferring your pension as cash and transferring your investments as they are as it could have an impact on your investments.
Before you go any further
If any of the following apply to you, you MUST speak to one of our retirement specialists before starting your pension transfer.
- Your pension has any safeguarded benefits or guarantees.
- You’ve taken all or part of your tax-free allowance or pensions commencement lump sum.
- You’re already taking an income from your pension, known as drawdown.
- You plan to take your tax-free allowance or take an income from your pension after your transfer is complete.
On 4 November, the Government published the Finance Bill 2022 and a Treasury Update, which confirmed that the minimum age that most customers can access their pension benefits will increase from 55 to 57 from 6 April 2028. Whilst it is possible for details to change before the bill is made law, the following outlines some details from the draft legislation which should be considered when transferring a pension:
- After 6 April 2028, some customers may retain the right to draw benefits before age 57 and this is dependent on the rules of their scheme on the 11th February 2021.
- Customers who transfer from schemes with a Protected Pension Age of 55 on or after 4 November 2021 will retain their right to draw benefits at age 55. For customers who opened the Fidelity SIPP on or after 4 November, protection will apply only to the transferred pot and not any money they add in the future.
- Customers who transfer from schemes with no Protected Pension Age of 55 will be able access their pension from age 55 until the 6 April 2028 where this age will change to age 57.
Exit fees terms and conditions
In order to request exit fees re-imbursement you will be required to complete an exit fees re-imbursement form, or request over the phone by calling us on 0333 300 3351.
Terms and conditions for re-imbursement of exit fees
Fidelity will reimburse the exit/redemption fees charged to a customer by their former provider/s when they move their investments (minimum of £1,000) to Fidelity, up to a maximum amount of £500 per customer.
An exit fee is an administration charge which is imposed by the former provider and arises directly as a result of processing the transfer or re-registration of the customer’s investments to Fidelity. Fidelity will not reimburse the customer for any loss of investment returns, loss of interest, dealing charges, penalties for transferring investments before their maturity dates or any other charges associated with your transfer or re-registration.
Where a re-registration or transfer is not possible and the customer chooses to sell their investments held through another provider and subsequently make new investment/s (minimum £10,000) through Fidelity, Fidelity will cover any account closure fees charged by the customer’s former provider (excluding any dealing charges) of up to £500 per customer. Fidelity will not cover any bid-offer spreads or any capital gains tax liability arising as a result of these transactions.
Exit and account closure fees reimbursement must be claimed within a 6 month period from date of transfer of the customer’s investments to Fidelity. Exit fees will be reimbursed for transfers and re-registrations and account closure fees will be reimbursed provided the conditions above are met. Products included: ISAs, PEPs, Unit Trusts, OEICs, SICAVs, Fidelity Personal Pension, EBS SIPP and the Fidelity SIPP. Products excluded: ShareNetwork.
To qualify for the reimbursement, the fees from the customer’s former provider must have been triggered as a direct result of the transfer or re-registration to Fidelity, or the closure of an account where the customer has subsequently (within 6 months) invested at least £10,000 through Fidelity. If the customer is transferring investments to more than one provider from their former provider at the same time, Fidelity will only reimburse the fees which are incurred as a result of direct transfer or re-registration to Fidelity. Other fees or charges unconnected with the transfer will not be reimbursed.
The completed Exit Fee Reimbursement Form and documentary evidence of the charge will need to be provided in order for the exit fees to be reimbursed to the customer. To claim the reimbursement of any account closure fees, documentary evidence of the closure fee levied will need to be provided to Fidelity, along with confirmation that a minimum of £10,000 has been invested with Fidelity within 6 months of incurring such closure fee.
The documentary evidence referred to above, must be either a copy of the charge confirmation letter from the former provider or a statement showing the charge being deducted.
Payment will be made to the customer by BACS when a bank mandate is held on the account. Alternatively, payment will be made by cheque.
Apply by post
If you already have a SIPP
If you want to transfer into a SIPP you already have with Fidellity, download this application form, fill it in and send it to us at the address on the form.
If you need to open a SIPP
If you want to open a SIPP with Fidelity and transfer into it, download this application form, fill it in and send it to us at the address on the form.
If any of the following apply to you, you MUST speak to one of our retirement specialists before transferring your pension.
- Your pension has any safeguarded benefits or guarantees.
- You’ve taken all or part of your tax-free allowance or pensions commencement lump sum.
- You’re already taking an income from your pension, known as drawdown.
- You plan to take your tax-free allowance or take an income from your pension after your transfer is complete.
Pension transfer online
The combined value of all pensions being transferred must be at least £1,000 and you can transfer up to 10 pensions at a time. If you don't have a SIPP with Fidelity we will take you through opening one.
You will need:
- Your National Insurance number if you need to open a SIPP and you haven't given it to us before
- Details of the pension(s) you'd like to transfer to us
Existing customer
If you already have a Fidelity account, log in here to transfer into your SIPP or to open one.
New customer
If you need to open a SIPP to transfer into, you can do that here.
Transfer a SIPP
Start your pension transfer
The value of the pension being transferred must be at least £100. If you don't have a SIPP with Fidelity we will take you through opening one and then you will be able to transfer your pension.
You will need:
- Your National Insurance number if you need to open a SIPP and you haven't given it to us before
- Details of the pension(s) you'd like to transfer to us
Existing customer
If you already have a Fidelity account, log in here to transfer into your SIPP or to open one.
New customer
If you need to open a SIPP to transfer into, you can do that here.
If any of the following apply to you, you MUST speak to one of our retirement specialists before transferring your pension.
- Your pension has any safeguarded benefits or guarantees.
- You’ve taken all or part of your tax-free allowance or pensions commencement lump sum.
- You’re already taking an income from your pension, known as drawdown.
- You plan to take your tax-free allowance or take an income from your pension after your transfer is complete.
Please select your age group
Exit fees terms and conditions
In order to request exit fees re-imbursement you will be required to complete an exit fees re-imbursement form, or request over the phone by calling us on 0333 300 3351.
Terms and conditions for re-imbursement of exit fees
Fidelity will reimburse the exit/redemption fees charged to a customer by their former provider/s when they move their investments (minimum of £1,000) to Fidelity, up to a maximum amount of £500 per customer.
An exit fee is an administration charge which is imposed by the former provider and arises directly as a result of processing the transfer or re-registration of the customer’s investments to Fidelity. Fidelity will not reimburse the customer for any loss of investment returns, loss of interest, dealing charges, penalties for transferring investments before their maturity dates or any other charges associated with your transfer or re-registration.
Where a re-registration or transfer is not possible and the customer chooses to sell their investments held through another provider and subsequently make new investment/s (minimum £10,000) through Fidelity, Fidelity will cover any account closure fees charged by the customer’s former provider (excluding any dealing charges) of up to £500 per customer. Fidelity will not cover any bid-offer spreads or any capital gains tax liability arising as a result of these transactions.
Exit and account closure fees reimbursement must be claimed within a 6 month period from date of transfer of the customer’s investments to Fidelity. Exit fees will be reimbursed for transfers and re-registrations and account closure fees will be reimbursed provided the conditions above are met. Products included: ISAs, PEPs, Unit Trusts, OEICs, SICAVs, Fidelity Personal Pension, EBS SIPP and the Fidelity SIPP. Products excluded: ShareNetwork.
To qualify for the reimbursement, the fees from the customer’s former provider must have been triggered as a direct result of the transfer or re-registration to Fidelity, or the closure of an account where the customer has subsequently (within 6 months) invested at least £10,000 through Fidelity. If the customer is transferring investments to more than one provider from their former provider at the same time, Fidelity will only reimburse the fees which are incurred as a result of direct transfer or re-registration to Fidelity. Other fees or charges unconnected with the transfer will not be reimbursed.
The completed Exit Fee Reimbursement Form and documentary evidence of the charge will need to be provided in order for the exit fees to be reimbursed to the customer. To claim the reimbursement of any account closure fees, documentary evidence of the closure fee levied will need to be provided to Fidelity, along with confirmation that a minimum of £10,000 has been invested with Fidelity within 6 months of incurring such closure fee.
The documentary evidence referred to above, must be either a copy of the charge confirmation letter from the former provider or a statement showing the charge being deducted.
Payment will be made to the customer by BACS when a bank mandate is held on the account. Alternatively, payment will be made by cheque.
Apply by post
If you already have a SIPP
If you want to transfer into a SIPP you already have with Fidellity, download this application form, fill it in and send it to us at the address on the form.
If you need to open a SIPP
If you want to open a SIPP with Fidelity and transfer into it, download this application form, fill it in and send it to us at the address on the form.
Pension transfer online
The combined value of all pensions being transferred must be at least £1,000 and you can transfer up to 10 pensions at a time. If you don't have a SIPP with Fidelity we will take you through opening one.
You will need:
- Your National Insurance number if you need to open a SIPP and you haven't given it to us before
- Details of the pension(s) you'd like to transfer to us
Existing customer
If you already have a Fidelity account, log in here to transfer into your SIPP or to open one.
New customer
If you need to open a SIPP to transfer into, you can do that here.
Transfer a SIPP
Make sure you have the following information with you
- Your National Insurance number
- Debit card details (for a single payment)
- Bank or building society details (if you’re planning on setting up a regular savings plan)
- Your annual allowance (if you’re over 55)
Pension transfer online
The value of the pension being transferred must be at least £1,000. If you don't have a SIPP with Fidelity we will take you through opening one and then you will be able to transfer your pension.
You will need:
- Your National Insurance number if you need to open a SIPP and you haven't given it to us before
- Details of the pension(s) you'd like to transfer to us
Existing customer
If you already have a Fidelity account, log in here to transfer into your SIPP or to open one.
New customer
If you need to open a SIPP to transfer into, you can do that here.
Please select your age group
This Cash Back Offer (the “Offer”) is available when you apply to transfer assets into the Fidelity Personal Investing SIPP between 3rd January 2020 and midnight on the 27th March 2020.
- The promoter of this offer is Financial Administration Services Limited (“Fidelity”), 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ.
- Subject to section 5, the Offer is available to anyone who completes a transfer of their assets from other providers to Fidelity Personal Investing. This offer is not open to those that transfer via an adviser or intermediary. To transfer assets you must submit a correctly completed form online or by paper.
- Cash back will be paid in the amounts noted in the table in section 9. If you transfer less than £25,000 you will not receive any cash back. The minimum transfer value is £1,000 unless the transfer is from another provider and you’re immediately going to start taking money from it, then the minimum is £50,000.
- The following types of transfer will qualify for the Offer:
- Cash transfer – If you transfer in cash within a pension, 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.
- Re-registration – this involves a change to the fund or share register to show that Fidelity has taken over the administration of your investment/s. We can re-register your investments if the same investments are available through our Investment Platform, and they are able to be re-registered*. If you hold a particular share class of an investment that we do not offer, we will sell your investment after we re-register it and move the proceeds into a share class that is available on Investment Platform. This switch can take up to two business days, and your money will not be invested during this time. If you hold an investment that is not available through our Investment Platform or is otherwise unable to be re-registered* it will only be able to be moved to us as a cash transfer (see above). A re-registration does not count as a “disposal” for capital gains tax purposes, even if we switch your investment into a different share class. Please note that the minimum SIPP re-registration value is £1,000.
* Re-registration is not available for some products on the Fidelity Investment Platform. For example, a number of offshore funds cannot be re-registered.
- This Offer excludes:
- 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;
- transfers of assets currently held through Fidelity FundsNetworkTM;
- transfers from any defined contribution pension scheme investments held through, or administered by, a Fidelity group company;
- transfers of any defined benefit, safeguarded benefit or otherwise guaranteed pensions;
- advised or intermediated transfers;
- transfer of Junior SIPPs; and
- the lodgement of certificated shares
- 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.
- Any other new investment will not qualify for the Offer.
- Any transferred assets will be subject to the Fidelity Personal Investing SIPP client terms.
- 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.
Total transfer value
Cash Back
£25,000 - £49,999
£50
£50,000 - £99,999
£100
£100,000 - £149,999
£250
£150,000 - £399,999
£500
£400,000 - £499,999
£750
£500,000 - £749,999
£1,000
£750,000 or over
£1,500
- Cash back payments will be sent to you within 90 days after the closure of the Offer (27th March 2020). If your transfer has not completed by then, we will pay within 90 days after the completion of your last eligible transfer.
The cashback payment will be paid into a Cash Management Account (CMA) which we will open on your behalf to enable us to facilitate this payment to you. The CMA is a separate account in your name that helps manage cash, currently for the purpose of paying cashback to you and will appear on your account summary online. The cashback can be withdrawn from your CMA straight to your bank account by logging into your online account. - We ask that the assets you move to us as part of this Offer be held with us for at least 18 months after the completion of the transfer and must not be linked to an adviser or intermediary during this period. The 18-month period starts on the date that the last transfer is settled on your account. If you transfer or re-register 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 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 next pension transfer offer, please wait until the next offer period.
Issued by Financial Administration Services Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and the F symbol are trademarks of FIL Limited.
CSO9437/270320
Important notice: The Government is consulting on potential changes to the age you can access your pension.
The minimum age that most customers can access their pension benefits is currently age 55, however, the Government is proposing to increase this to 57 from 6th April 2028. The Government’s consultation document and consultation responses can be found here. Some customers may retain the right to draw benefits before age 57, however, this is dependent on the rules of their scheme as at 11th February 2021. Additionally, when a customer transfers their pension to or from another scheme, individual transfers may not be protected from the increase in the normal minimum pension age.
On the 11 February 2021 the Fidelity SIPP scheme rules stated that scheme members can access their benefits from age 55. Therefore, based on the information provided to date it is our current understanding that our pension would offer a right to access pension benefits at 55. This understanding will be formally reviewed once the full legislation and Government guidance is available.
We will publish further information on our website and in our scheme literature once the Government has published final legislation and guidance.
Exit fees terms and conditions
In order to request exit fees re-imbursement you will be required to complete an exit fees re-imbursement form which you can download by clicking here, or request over the phone by calling us on 0333 300 3351.
Terms and conditions for re-imbursement of exit fees
This offer does not apply to any investments linked to an Adviser / Intermediary or third party.
Fidelity will reimburse the exit/redemption fees charged to a customer by their former provider/s when they move their investments (minimum of £1,000) to Fidelity Personal Investing, up to a maximum amount of £500 per customer.
An exit fee is an administration charge which is imposed by the former provider and arises directly as a result of processing the transfer or re-registration of the customer’s investments to Fidelity. Fidelity will not reimburse the customer for any loss of investment returns, loss of interest, dealing charges, penalties for transferring investments before their maturity dates or any other charges associated with your transfer or re-registration.
Where a re-registration or transfer is not possible and the customer chooses to sell their investments held through another provider and subsequently make new investment/s (minimum £10,000) through Fidelity Personal Investing, Fidelity will cover any account closure fees charged by the customer’s former provider (excluding any dealing charges) of up to £500 per customer. Fidelity will not cover any bid-offer spreads or any capital gains tax liability arising as a result of these transactions.
Exit and account closure fees reimbursement must be claimed within a 6 month period from date of transfer of the customer’s investments to Fidelity. Exit fees will be reimbursed for transfers and re-registrations and account closure fees will be reimbursed provided the conditions above are met. Products included: ISAs, Investment Accounts, EBS SIPP, Fidelity Personal Pension, Fidelity SIPP, Unit Trusts, OEICs, SICAVs, Exchange Traded Funds, Investment Trusts and Shares.
To qualify for the reimbursement, the fees from the customer’s former provider must have been triggered as a direct result of the transfer or re-registration to Fidelity Personal Investing, or the closure of an account where the customer has subsequently (within 6 months) invested at least £10,000 through Fidelity Personal Investing. If the customer is transferring investments to more than one provider from their former provider at the same time, Fidelity will only reimburse the fees which are incurred as a result of direct transfer or re-registration to Fidelity. Other fees or charges unconnected with the transfer will not be reimbursed.
The completed Exit Fee Reimbursement Form and documentary evidence of the charge will need to be provided in order for the exit fees to be reimbursed to the customer. To claim the reimbursement of any account closure fees, documentary evidence of the closure fee levied will need to be provided to Fidelity, along with confirmation that a minimum of £10,000 has been invested with Fidelity within 6 months of incurring such closure fee.
The documentary evidence referred to above, must be either a copy of the charge confirmation letter from the former provider or a statement showing the charge being deducted.
Payment will be made to the customer by BACS when a bank mandate is held on the account. Alternatively, payment will be made by cheque.
Important notice about the proposed protected age for pension benefits
The minimum age that most customers can access their pension benefits is currently age 55, however, the Government is proposing to increase this to 57 from 6th April 2028. The Government has outlined its proposals in a consultation document which can be found here.
In the consultation the Government proposes that existing pension members, as at 11th February 2021, can have their retirement age of 55 protected for pension benefits in that particular scheme.
When a customer transfers their pension to or from another scheme the current proposals state that the protected retirement age would be lost.
In addition to this, customers who open a pension after the 11th February 2021 (and who will be 55 after 6th April 2028) will 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).
As this is a consultation, it is not yet certain that the Government will go ahead with its proposals as outlined.
Pension transfer online
The value of the pension being transferred must be at least £1,000. If you don't have a SIPP with Fidelity we will take you through opening one and then you will be able to transfer your pension.
You will need:
- Your National Insurance number if you need to open a SIPP and you haven't given it to us before
- Details of the pension(s) you'd like to transfer to us
Existing customer
If you already have a Fidelity account, log in here to transfer into your SIPP or to open one.
New customer
If you need to open a SIPP to transfer into, you can do that here.
Important notice: The Government is consulting on potential changes to the age you can access your pension.
The minimum age that most customers can access their pension benefits is currently age 55, however, the Government is proposing to increase this to 57 from 6th April 2028. The Government’s consultation document and consultation responses can be found here. Some customers may retain the right to draw benefits before age 57, however, this is dependent on the rules of their scheme as at 11th February 2021. Additionally, when a customer transfers their pension to or from another scheme, individual transfers may not be protected from the increase in the normal minimum pension age.
On the 11 February 2021 the Fidelity SIPP scheme rules stated that scheme members can access their benefits from age 55. Therefore, based on the information provided to date it is our current understanding that our pension would offer a right to access pension benefits at 55. This understanding will be formally reviewed once the full legislation and Government guidance is available.
We will publish further information on our website and in our scheme literature once the Government has published final legislation and guidance.
Important notice: The Government is consulting on potential changes to the age you can access your pension.
The minimum age that most customers can access their pension benefits is currently age 55, however, the Government is proposing to increase this to 57 from 6th April 2028. The Government’s consultation document and consultation responses can be found here. Some customers may retain the right to draw benefits before age 57, however, this is dependent on the rules of their scheme as at 11th February 2021. Additionally, when a customer transfers their pension to or from another scheme, individual transfers may not be protected from the increase in the normal minimum pension age.
On the 11 February 2021 the Fidelity SIPP scheme rules stated that scheme members can access their benefits from age 55. Therefore, based on the information provided to date it is our current understanding that our pension would offer a right to access pension benefits at 55. This understanding will be formally reviewed once the full legislation and Government guidance is available.
We will publish further information on our website and in our scheme literature once the Government has published final legislation and guidance.
Important notice: The Government is consulting on potential changes to the age you can access your pension.
The minimum age that most customers can access their pension benefits is currently age 55, however, the Government is proposing to increase this to 57 from 6th April 2028. The Government’s consultation document and consultation responses can be found here. Some customers may retain the right to draw benefits before age 57, however, this is dependent on the rules of their scheme as at 11th February 2021. Additionally, when a customer transfers their pension to or from another scheme, individual transfers may not be protected from the increase in the normal minimum pension age.
On the 11 February 2021 the Fidelity SIPP scheme rules stated that scheme members can access their benefits from age 55. Therefore, based on the information provided to date it is our current understanding that our pension would offer a right to access pension benefits at 55. This understanding will be formally reviewed once the full legislation and Government guidance is available.
We will publish further information on our website and in our scheme literature once the Government has published final legislation and guidance.
Cash Back Offer – terms and conditions
This Cash Back Offer (the “Offer”) is available when you apply to transfer your pension(s), ISAs or other investment account assets between 1st November 2021 and midnight on the 28th February 2022.
1. The promoter of this offer is Financial Administration Services Limited (“Fidelity”), Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
2. Subject to section 5, the Offer is available to anyone who completes a transfer of their assets from other providers to Fidelity Personal Investing. This offer is not open to those that transfer via an adviser or intermediary. To transfer assets you must submit a correctly completed form online or by paper by 28th February 2022.
3. Cash Back will be paid in the amounts noted in the table in section 9. If you transfer less than £10,000 you will not receive any Cash Back. The minimum transfer value is £1,000 unless the transfer is from another provider and you’re immediately going to start taking money from it, then the minimum is £50,000.
4. The following types of transfer will qualify for the Offer:
a. Cash transfer within ISAs and pension products – If you transfer in cash within ISAs and pensions, 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.
b. Re-registration – this involves a change to the fund or share register to show that Fidelity has taken over the administration of your investment/s. We can re-register your investments if the same investments are available through our Investment Platform, and they are able to be re-registered*. If you hold a particular share class of an investment that we do not offer, we will sell your investment after we re-register it and move the proceeds into a share class that is available on our Investment Platform. This switch can take up to two business days, and your money will not be invested during this time. If you hold an investment that is not available through our Investment Platform or is otherwise unable to be re-registered* it will only be able to be moved to us as a cash transfer (see above) if it is held in a pension or ISA. If the cash transfer is not within a pension or ISA, that amount will not count toward your total for the Offer. A re-registration does not count as a “disposal” for capital gains tax purposes, even if we switch your investment into a different share class. Please note that the minimum SIPP re-registration value is £1,000.
* Re-registration is not available for some products on the Fidelity Investment Platform. For example, a number of offshore funds cannot be re-registered.
5. This Offer excludes:
a. 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 Fidelity Adviser Solutions (formerly FundsNetwork) SIPP, provided by Standard Life;
b. transfers of assets currently held through Fidelity Adviser solutions (formerly FundsNetwork);
c. transfers from any defined contribution pension scheme investments held through, or administered by, a Fidelity group company;
d. transfers of any defined benefit, safeguarded benefit or otherwise guaranteed pensions;
e. transfers which are linked to an adviser or intermediary;
f. transfer of Junior SIPPs; Junior ISAs and
g. the lodgement of certificated shares
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 applicable client terms for the product your assets have been transferred to.
9. The amount of your Cash Back payment will be determined by reference to the “Total Transfer Value” as set out in the table below. Total transfer value will be calculated as at the date of completion of the transfer of your eligible assets (“Transfer Date”). If you transfer more than one product the Transfer Date will be the date when all the transfers have been completed.
Total Transfer Value |
Cash Back Amount |
---|---|
£10,000 - £24,999 |
£20 |
£25,000-£49,999 |
£50 |
£50,000-£99,999 |
£100 |
£100,000-£149,999 |
£250 |
£150,000-£399,999 |
£500 |
£400,000 - £499,999 |
£750 |
£500,000 or over |
£1,000 |
10. Cash Back payments will be paid to your Cash Management Account (CMA) within 90 days following closure of the Offer (28th February 2022). If the transfer of all of your eligible assets has not completed by then, we will pay within 90 days after the completion of your Transfer Date. The CMA is a separate account in your name that helps manage cash. The Cash Back can be kept in your CMA for fee collection, withdrawn or moved into whichever Fidelity Personal Investing account you choose. If moved into an ISA or SIPP, it will count towards your annual allowance.
11. We ask that the assets you move to us as part of this Offer be held with us for at least 18 months after your Transfer Date and must not be linked to any adviser or intermediary other than a Fidelity adviser during this period. If you transfer or re-register 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. For the avoidance doubt, if during this period you link to a Fidelity adviser and your assets are transferred to Fidelity Adviser solutions (formerly FundsNetwork ) this does not constitute a transfer to another provider. Fidelity reclaim any Cash Back by withholding an amount prior to transferring or re-registering your assets to another provider. We will not reclaim any Cash Back 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 offers on a regular basis. However, it is important that you take enough time to decide whether transferring your investment(s) to us is right for you. If you need more time and wish to qualify for the offer, please wait until the next offer period.
Issued by Financial Administration Services Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and the F symbol are trademarks of FIL Limited.
UKM1021/36670/ CSO10591/0222
Cash Back Offer – terms and conditions
This Cash Back Offer (the “Offer”) is available when you apply to transfer your pension(s), ISAs or other investment account assets between 1st November 2021 and midnight on the 28th February 2022.
1. The promoter of this offer is Financial Administration Services Limited (“Fidelity”), Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
2. Subject to section 5, the Offer is available to anyone who completes a transfer of their assets from other providers to Fidelity Personal Investing. This offer is not open to those that transfer via an adviser or intermediary. To transfer assets you must submit a correctly completed form online or by paper by 28th February 2022.
3. Cash Back will be paid in the amounts noted in the table in section 9. If you transfer less than £10,000 you will not receive any Cash Back. The minimum transfer value is £1,000 unless the transfer is from another provider and you’re immediately going to start taking money from it, then the minimum is £50,000.
4. The following types of transfer will qualify for the Offer:
a. Cash transfer within ISAs and pension products – If you transfer in cash within ISAs and pensions, 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.
b. Re-registration – this involves a change to the fund or share register to show that Fidelity has taken over the administration of your investment/s. We can re-register your investments if the same investments are available through our Investment Platform, and they are able to be re-registered*. If you hold a particular share class of an investment that we do not offer, we will sell your investment after we re-register it and move the proceeds into a share class that is available on our Investment Platform. This switch can take up to two business days, and your money will not be invested during this time. If you hold an investment that is not available through our Investment Platform or is otherwise unable to be re-registered* it will only be able to be moved to us as a cash transfer (see above) if it is held in a pension or ISA. If the cash transfer is not within a pension or ISA, that amount will not count toward your total for the Offer. A re-registration does not count as a “disposal” for capital gains tax purposes, even if we switch your investment into a different share class. Please note that the minimum SIPP re-registration value is £1,000.
* Re-registration is not available for some products on the Fidelity Investment Platform. For example, a number of offshore funds cannot be re-registered.
5. This Offer excludes:
a. 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;
b. transfers of assets currently held through Fidelity FundsNetworkTM;
c. transfers from any defined contribution pension scheme investments held through, or administered by, a Fidelity group company;
d. transfers of any defined benefit, safeguarded benefit or otherwise guaranteed pensions;
e. transfers which are linked to an adviser or intermediary;
f. transfer of Junior SIPPs; Junior ISAs and
g. the lodgement of certificated shares
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 applicable client terms for the product your assets have been transferred to.
9. The amount of your Cash Back payment will be determined by reference to the “Total Transfer Value” as set out in the table below. Total transfer value will be calculated as at the date of completion of the transfer of your eligible assets (“Transfer Date”). If you transfer more than one product the Transfer Date will be the date when all the transfers have been completed.
Total Transfer Value | Cash Back Amount |
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£10,000 - £24,999 | £20 |
£25,000-£49,999 | £50 |
£50,000-£99,999 | £100 |
£100,000-£149,999 | £250 |
£150,000-£399,999 | £500 |
£400,000 - £499,999 | £750 |
£500,000 or over | £1,000 |
10. Cash Back payments will be paid to your Cash Management Account (CMA) within 90 days following closure of the Offer (28th February 2022). If the transfer of all of your eligible assets has not completed by then, we will pay within 90 days after the completion of your Transfer Date. The CMA is a separate account in your name that helps manage cash. The Cash Back can be kept in your CMA for fee collection, withdrawn or moved into whichever Fidelity Personal Investing account you choose. If moved into an ISA or SIPP, it will count towards your annual allowance.
11. We ask that the assets you move to us as part of this Offer be held with us for at least 18 months after your Transfer Date and must not be linked to any adviser or intermediary other than a Fidelity adviser during this period. If you transfer or re-register 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. For the avoidance doubt, if during this period you link to a Fidelity adviser and your assets are transferred to Fidelity FundsNetworkTM this does not constitute a transfer to another provider. Fidelity reclaim any Cash Back by withholding an amount prior to transferring or re-registering your assets to another provider. We will not reclaim any Cash Back 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 offers on a regular basis. However, it is important that you take enough time to decide whether transferring your investment(s) to us is right for you. If you need more time and wish to qualify for the offer, please wait until the next offer period.
Issued by Financial Administration Services Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and the F symbol are trademarks of FIL Limited.
UKM1021/36670/ CSO10591/0222
Start a pension transfer today
If you're thinking about transferring a pension, you need to decide which method is right for you. Regardless of which method you opt for, your cash or investments will remain in your tax wrapper and retain tax-efficiencies throughout the transfer process.
Transferring your investments as cash |
Transferring your investments as they are |
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Minimum change to your investments - Your current investments can be registered with us if we hold the exact same ones or very similar (in which case they may be converted). If this isn't possible, the proceeds from their sale will be transferred as cash (in which case you'll be out of the market until you choose new investments).
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What else do I need to think about? No longer invested - While your pension is being transferred as cash, it won’t be subject to any potential growth or losses from market rises and falls. Once transferred it’s then up to you to decide what to invest in and when. How long it takes - If your current provider doesn’t use electronic transfers, it can take up to 10 weeks to complete your transfer. And you may still have paperwork to fill out to complete the process.
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What else do I need to think about? Not guaranteed - Before you apply, it’s best to check with your current provider to see if they’re able to re-register your investments with us. If not, your investments can be transferred as cash. How long it takes - The transfer process is complex and takes 14 weeks on average. The speed of a transfer varies, as most providers need paper instructions - including correct completion of forms and third-party responses.
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You can get to know more about the steps involved in a pension cash transfer and pension re-registration transfer
Before transferring a pension, please read the transfer factsheet.

Call us
Our helpful customer services team is available on 0800 368 1722, weekdays 9am - 5.30pm or Saturdays 9am - 2pm, to discuss the following:
- Transferring your pension
- Application forms for a pension transfer
Already withdrawing from your pension or have a pension with safeguarding benefits or guarantees?
You’ll need to speak to our retirement specialists on 0800 368 6882 Monday to Friday between 9am and 5pm.
Transferring your pension FAQs
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).
- 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.
What is the difference between pension fund value and transfer value?
Sometimes the value of your pension can be different to what your provider will actually send to a new provider. This might be because of guarantees that are lost on transfer or charges your current provider will take if you leave now.
For example your pension might currently be worth £100,000 but because of the type of investment you hold, there is a 5% early withdrawal charge, which would make your transfer value £95,000. Your current provider should be able to explain how the difference is calculated.
How much does it cost to transfer a pension?
Fidelity doesn’t charge you for transferring your pension to us, but your current provider might. If they do, it may interest you to know that we’ll cover up to £500 exit fees ( T&Cs apply). Once you’ve transferred your pension to Fidelity, we’ll charge you a service fee for holding your pension with us. There may also be charges set by the company managing your funds, as well as charges for any share dealing you carry out. Read more about our SIPP charges and fees here. Depending on the type of pension you have you might need to take financial advice on if transferring is the right thing for you and there will normally be a charge for this advice.
Should I consider moving my pension when I move jobs?
Changing jobs is a good time to review your pensions and make sure that you’re happy with everything as your new company will normally start a new pension for you. A Pension like the Fidelity SIPP can give you a place to transfer pensions from employers to keep them all in one place, but you should also consider leaving the pension where it is or transferring to your new company pension scheme, if that is possible.
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 to transfer my pension?
- A cash 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. 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 takes 14 weeks on average.
See the steps involved in a pension cash transfer.
See the steps involved in a pension re-registration transfer.
- 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 won't be able 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 £100) 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.
Download and complete the short Exit Fees Reimbursement Form
Send the form to us at:
Fidelity International
PO Box 391
Tadworth
KT20 9FU
Please remember, you still need to complete the transfer application process online and qualify for the reimbursement.
Is there a minimum transfer value?
Yes
- 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 £100. 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 £100.
What types of pension can I transfer?
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). Please read the next question regarding advice requirements for this type of pension.
If you are in any doubt about the suitability of a pension transfer or investment you should speak to an authorised financial adviser.
Can I transfer a pension with guarantees to Fidelity?
A pension that contains any kind of promise or guarantee requires careful consideration. This is because such benefits are normally lost once you transfer and cannot usually be reinstated. The value of some benefits can be substantial and a transfer, giving them up, may prove to be both costly and inappropriate.
We may, at our discretion, accept a transfer from a pension that contains such benefits, provided that our requirements have been met.
Generally, for transfers containing safeguarded benefits, we will require confirmation that you have received appropriate financial advice and that the advice confirmed it was in your best interests to transfer. Without this, the transfer to us cannot proceed.
See ‘What are safeguarded benefits?’ further down the page for more information about these.
For transfers containing other benefits we will need you to provide confirmation that you are aware of the benefit you will be giving up by transferring but that you still wish to proceed.
See ‘What are other benefits?’ further down the page for more information about these.
For more information on your options and to discuss what we may need from you in order for the transfer to proceed, you can speak to one of our retirement specialists.
If you are unsure about the type of pension you currently hold and what benefits are available to you, contact the provider of the pension. We believe that it is essential that you receive financial advice in order to make an informed decision.
What are safeguarded benefits?
These generally offer a guaranteed level of income at retirement or provide a promise about the rate of secure pension income that may be obtained from your pension pot at a future date, typically upon retirement.
They are typically found in older policies and are often 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.
From a Fidelity perspective we generally consider the following to be safeguarded benefits:
- Any defined benefit pension (for example a final salary or career average scheme)
These pay a retirement income based on your salary and how long you’ve worked for your employer. They are generally only available from public sector or older workplace pension schemes. - Any pension arrangement that contains a guaranteed annuity rate (GAR) valued at £30,000 or more
This is a valuable guaranteed income sometimes offered by your own pension scheme or provider if you take a lifetime annuity with them. A GAR is likely to provide a higher guaranteed income than would normally be available on the open market. - 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.
The lists above are not exhaustive and you should research the benefits available to you within your existing pension before you request a transfer.
What are ‘other benefits’?
These generally do not provide guarantees of future income at retirement but may still be valuable.
From a Fidelity perspective, examples of such benefits include:
- Protected tax-free cash (you can take more than the normal 25% of your fund as tax-free cash);
- Protected pension age (you can access your pension earlier than age 55);
- Guaranteed Annuity Rate (GAR) valued at less than £30,000 (likely to provide a higher guaranteed income than would normally be available on the open market);
- Guaranteed investment returns (a guaranteed fixed increase on your money each year regardless of investment performance);
- With-profits bonuses (if you are invested in a with-profits fund, you may benefit from annual and terminal/maturity bonuses depending on the underlying investment performance. You should consider how a transfer and the timing of it will impact the payment of those bonuses).
The above list is not exhaustive and you should research the benefits available to you within your existing pension before you request a transfer.
What should I do if I still want to proceed with transferring my pension?
Safeguarded benefits
Fidelity’s retirement specialists can give you personal advice about transfer 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. Please note, if you are considering taking our advice on a pension transfer we wanted to make you aware that this is a complete advice service including investment recommendations. Therefore this service would not be appropriate for anyone seeking to actively manage their own investments within their pension.
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.
If you need help finding a financial adviser, the Money Advice Service provides an online directory of regulated advisers: https://directory.moneyadviceservice.org.uk/en
Other benefits
If your pension contains ‘other benefits’ but you still want to proceed with transferring your pension you can complete and return the Confirmation of benefits form to us so we can process your request.
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 free, independent and impartial information and guidance on workplace and personal pension matters you can visit www.pensionsadvisoryservice.org.uk.
How long will it take to get my cashback payment?
If you are eligible for cashback on the back of a special offer we have run, we will pay any cashback due to you within 90 days after the closure of the Offer. If your transfer has not completed by then, we will pay within 90 days after the completion of your last eligible transfer.
There is no need to contact us, as the amount will be automatically paid to you by the method confirmed in the offer. Please remember that terms and conditions apply, and only investments held directly with Fidelity through our Personal Investing service qualify.
Important notice about the proposed protected age for pension benefits
The minimum age that most customers can access their pension benefits is currently age 55, however, the Government is proposing to increase this to 57 from 6th April 2028. The Government has outlined its proposals in a consultation document which can be found here.
In the consultation the Government proposes that existing pension members, as at 11th February 2021, can have their retirement age of 55 protected for pension benefits in that particular scheme.
When a customer transfers their pension to or from another scheme the current proposals state that the protected retirement age would be lost.
In addition to this, 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).
As this is a consultation, it is not yet certain that the Government will go ahead with its proposals as outlined.
Important notice about the proposed protected age for pension benefits
The minimum age that most customers can access their pension benefits is currently age 55, however, the Government is proposing to increase this to 57 from 6th April 2028. The Government has outlined its proposals in a consultation document which can be found here.
In the consultation the Government proposes that existing pension members, as at 11th February 2021, can have their retirement age of 55 protected for pension benefits in that particular scheme.
When a customer transfers their pension to or from another scheme the current proposals state that the protected retirement age would be lost.
In addition to this, customers who open a pension after the 11th February 2021 (and who will be 55 after 6th April 2028) will 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).
As this is a consultation, it is not yet certain that the Government will go ahead with its proposals as outlined.
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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 one of Fidelity’s advisers or an authorised financial adviser of your choice.
Pension transfer online
The value of the pension being transferred must be at least £1,000. If you don't have a SIPP with Fidelity we will take you through opening one and then you will be able to transfer your pension.
You will need:
- Your National Insurance number if you need to open a SIPP and you haven't given it to us before
- Details of the pension(s) you'd like to transfer to us
Existing customer
If you already have a Fidelity account, log in here to transfer into your SIPP or to open one.
New customer
If you need to open a SIPP to transfer into, you can do that here.
If you already have a SIPP
If you want to transfer into a SIPP you already have with Fidellity, download this application form, fill it in and send it to us at the address on the form.
If you need to open a SIPP
If you want to open a SIPP with Fidelity and transfer into it, download this application form, fill it in and send it to us at the address on the form.
Remember, if any of the following apply, you’ll need to speak to one of our retirement specialists before transferring your pension.
- Your pension has any safeguarded benefits or guarantees.
- You’ve taken all or part of your tax-free allowance or pensions commencement lump sum.
- You’re already taking an income from your pension, known as drawdown.
Start you pension transfer
The value of the pension being transferred must be at least £100. If you don't have a SIPP with Fidelity we will take you through opening one and then you will be able to transfer your pension.
You will need:
- Your National Insurance number if you need to open a SIPP and you haven't given it to us before
- Details of the pension(s) you'd like to transfer to us
Existing customer
If you already have a Fidelity account, log in here to transfer into your SIPP or to open one.
New customer
If you need to open a SIPP to transfer into, you can do that here.
If any of the following apply to you, you MUST speak to one of our retirement specialists before transferring your pension.
- You’ve taken all or part of your tax-free allowance or pensions commencement lump sum.
- You’re already taking an income from your pension, known as drawdown.
- You plan to take your tax-free allowance or take an income from your pension after your transfer is complete.
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.