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What is a final salary pension?

Important information - the value of investments can go down as well as up so you may not get back what you invest. Tax treatment depends on individual circumstances and all tax rules may change in the future. The minimum age you can normally access your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age. It’s important to understand that pension transfers are a complex area and may not be suitable for everyone.

Understanding what a final salary pension is

A final salary pension is a type of defined benefit scheme, which pays a retirement income based on your salary and length of service. We're often asked by customers if they can transfer their defined benefit pension to Fidelity. Pension transfers are complex, particularly when it comes to a final salary pension, so we have to make sure that any pension transfer is in your best interests.

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Transferring final salary pensions to Fidelity

If you’d like to learn about transferring final salary pensions to Fidelity, you can explore the things to consider before you make your decision, why defined benefit schemes are so valuable, and your options for expert help.

Read about final salary pension transfers

FAQs

Why is a final salary pension considered to be good?

How is a final salary calculated?

Can I take my final salary pension as a lump sum?

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Pension Wise

The Government's Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online at moneyhelper.org.uk or call them on 0800 138 3944.

Important information

This information is not a personal recommendation for any particular product, service or course of action. Pension and retirement planning can be complex, so if you are unsure about the suitability of a pension investment, retirement service or any action you need to take, please contact Fidelity’s retirement service on 0800 084 5045 or refer to an authorised financial adviser of your choice.

Important policies

Important policies

Useful information

Useful information

Other Fidelity sites

Other Fidelity sites

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.

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