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What happens if you leave the bank?

If you leave the bank your pension doesn’t need to leave with you. But don’t forget about it - find out what options you have.

What happens if I change employers?

If you leave your job, any contributions being paid into your workplace pension will stop. Your pension will remain invested until you’re ready to take your benefits (normally from age 55 onwards). It will still be up to you to decide what you want to do with it in the meantime. You can continue to contribute to your pension with Fidelity; you may want to consider this option if your new job doesn’t come with a workplace pension, for example if you are freelance or self-employed or make an income through other means (such as property).

If you’re thinking of transferring your pension to another provider, there are some things you should consider:

  • Remember, just because you’re leaving your employer, doesn’t mean you have to transfer out.
  • Make sure there are no valuable benefits you may lose if you transfer.
  • Compare the fees and charges of your new provider with those of your current pension.
  • Ensure that your new provider doesn’t restrict some of your retirement options. Like the ability to take tax-free cash at age 55. This can be especially important if you’re retiring soon.
  • If your pension contains certain benefits (usually a guaranteed income) you may need to take appropriate financial advice if you want to transfer out. We will inform you if this applies to you.
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Leaving the bank

Can I make contributions after I leave?
Can I still manage my savings?
What happens to my pension when I retire?

Transferring out of the Plan

Can I take my savings out as cash?
How does the transfer process work?
Are there any costs or charges for transferring?
Can I transfer to a pension plan abroad?

Need some help?

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Service Centre

If you’re unsure about any of your options and would like to find out more about your workplace pension with Fidelity, please login or call the Workplace Investing Service Centre.

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Pension Wise

The government's Pension Wise service offers free, impartial guidance to help you understand your options at retirement. Call 0800 138 3944 or visit them online.