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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.

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 transfersFAQs
Why is a final salary pension considered to be good?
There are definite advantages to a final salary pension. These include the fact that it's a guaranteed income for life that's likely to increase year-on-year; it's managed for you; you know what your income will be and your spouse, partner of dependent beneficiaries may receive benefits.
How is a final salary calculated?
It’s complicated to calculate a final salary, or defined benefit scheme, which pays a retirement income based on your salary and how long you’ve worked for your employer. To calculate the total pension value for a final salary, you need to multiply your expected annual pension by 20 and add this figure to the amount of any tax-free, cash lump sum from that pension.
Can I take my final salary pension as a lump sum?
It's possible to take your final salary pension all at once, but you need to think about what the tax implications are and how long you need your final pension salary to last - which is as long as you do. You will also lose the associated benefits and you need to weigh up if this is right for you.

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.
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.