Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
In this section
Transferring final salary pensions to Fidelity
Important information - the value of investments can go down as well as up, so you may get back less than you invest. 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. 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. This information is not a personal recommendation for any particular product, service or course of action. If you’re in any doubt about whether a pension transfer is suitable for your circumstances we strongly suggest that you seek advice from Fidelity’s retirement service or an authorised financial adviser of your choice. Fidelity will only accept transfers from defined benefit pension schemes if you have taken financial advice and it confirms it is in your best interests to transfer.
A defined benefit pension pays a retirement income based on your salary and how long you have worked for your employer. Defined benefit pensions include salary related (‘final salary’ and ‘career average’) pension schemes. This type of pension is generally only available from public sector or older workplace pension schemes.
Transferring a pension that contains any kind of promise or guarantee requires careful consideration. This is because the 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.
Transferring your pension to Fidelity’s SIPP
If you want to transfer your defined benefit pension into the Fidelity SIPP, there are some important things you should consider as you will be giving up valuable benefits. The government insists that appropriate financial advice from a suitably qualified adviser must be taken before you can transfer defined benefit pensions worth £30,000 or more.
Fidelity will only accept transfers from defined benefit pension schemes if you have taken financial advice and the advice confirms that it is in your best interests to transfer. This applies to all defined benefit transfers not just those above £30,000.
Your adviser will need to complete and return the Transfer advice declaration form to us, so we can process your request. This advice must still confirm it is suitable for you to transfer your benefits from your current pension scheme to a flexible benefit arrangement.
Transferring defined benefit pensions at a glance
Why Defined Benefit Schemes are so valuable
- You get a guaranteed income for life and one that will usually increase every year
- It’s all managed for you; you don’t usually need to do anything
- You know how much income you will be getting
- Your defined benefit pension may include benefits for your spouse, partner or dependent beneficiaries
Potential reasons you may want to consider a transfer
- You have health issues and believe you could get a higher income.
- You have no need for a spouse’s pension or your defined benefit pension doesn’t provide benefits to your partner or other beneficiaries
- You want more freedom to leave a legacy to your loved ones
- You are worried about the financial strength of a former employer and want to take your money out of their pension plan
Important considerations if you are thinking about transferring
- It is very important to have a good reason for wishing to transfer your defined benefit pension. After all, a guaranteed income for life is particularly valuable when you consider you could live for another 20 years or more in retirement
- Have you got a plan? What are you planning to do with your money and will you have enough for the rest of your retirement?
- Do you have the knowledge and experience to manage your own pension investments? Are you willing to accept a lower income if your investments do not perform as you expect?
- Have you considered what other resources you could use to achieve your objectives?
Get expert help
Fidelity’s retirement service can provide you with personalised retirement advice based on your circumstances. This is a paid for service. The recommendation will be based on careful financial analysis of the value of your transfer in relation to your personal circumstances and objectives.
This is a fully inclusive advice service that will recommend whether you should transfer or not and if transferring, what you should invest into. As a result, this service would not be suitable for anyone seeking to transfer and then choose their own investments.
If Fidelity’s recommendation is that it is not in your interests to transfer, Fidelity will not accept a transfer from your existing scheme. You will, however, receive a Financial Advice Certificate which may enable you to release your transfer to an alternative pension provider, subject to you meeting their requirements, if you still wish to proceed against Fidelity’s advice.
The advice fee will apply, regardless of the outcome.
Call us on 0800 368 6882. We’re available Monday to Friday from 9am to 5pm.
Please note - from time to time we experience a high demand for this service, leading to a longer wait time to speak with one of our advisers and to complete our advice recommendations.
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.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
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.