Increase to Minimum Pension age from 55 to 57 on 6th April 2028

MDMD

MFW2026 said:

As my Childrens SIPPs were opened before 4/11 their retirement age is still 55 with fidelity? Is this right? 

Bear in mind there is probably many years until they retire and nothing to prevent a government of the future from changing the rules to some point to change the age they can access it.

Cus

I've had more back and forth with Fidelity. I specifically asked if, in the future, I transferred funds from a '57' SIPP to my Fidelity one would I be able to access it at 55. I spelt out that I was referring to transfers, not new contributions.  They said I would be able to access the funds at 55. The wording they used in the reply was a little fluffy so who knows if it will actually play out that way. 

Alexland

Cus said:

The wording they used in the reply was a little fluffy so who knows if it will actually play out that way. 

Well who knows then it's really unclear it seems we are being told different things in writing by the same company.

granta

I also have experience of Fidelity telling me different things at different times, both in writing and over the phone. They have admitted their error on some of these but the inconsistency has made me more cautious about transferring to them.

Specifically, I have an age 55 protected pension elsewhere that I was planning on transferring to Fidelity (their latest email confirmed it would remain protected but previous ones didn't). I might just wait until further clarity emerges. Though I have also read elsewhere that it would now remain protected whoever I transfer to which I don't think the draft legislation allowed for. 

I don't want to start a transfer and lose my protected status as presumably Fidelity/whoever will not be able to rectify their mistake and just grant access at 55 if it's now allowed!

Retired_Minky

Anyone know Interactive Investors stance on this. I've tried reaching them via chat but don't get an answer either way.

Linton

granta said:

I also have experience of Fidelity telling me different things at different times, both in writing and over the phone. They have admitted their error on some of these but the inconsistency has made me more cautious about transferring to them.

Specifically, I have an age 55 protected pension elsewhere that I was planning on transferring to Fidelity (their latest email confirmed it would remain protected but previous ones didn't). I might just wait until further clarity emerges. Though I have also read elsewhere that it would now remain protected whoever I transfer to which I don't think the draft legislation allowed for. 

I don't want to start a transfer and lose my protected status as presumably Fidelity/whoever will not be able to rectify their mistake and just grant access at 55 if it's now allowed!

Normally when you have a pension with guranteed benefits you lose them if you transfer.  That is a major reason for not transferring a pension.  I cant see an age protected pension would be any different.

Linton

Retired_Minky said:

Anyone know Interactive Investors stance on this. I've tried reaching them via chat but don't get an answer either way.

What do their TS&Cs say.  I wiould be surprised if II provided a guarantee when a pension would be available.  If not surely it would be covered by the law.

granta

Linton said:

granta said:

I also have experience of Fidelity telling me different things at different times, both in writing and over the phone. They have admitted their error on some of these but the inconsistency has made me more cautious about transferring to them.

Specifically, I have an age 55 protected pension elsewhere that I was planning on transferring to Fidelity (their latest email confirmed it would remain protected but previous ones didn't). I might just wait until further clarity emerges. Though I have also read elsewhere that it would now remain protected whoever I transfer to which I don't think the draft legislation allowed for. 

I don't want to start a transfer and lose my protected status as presumably Fidelity/whoever will not be able to rectify their mistake and just grant access at 55 if it's now allowed!

Normally when you have a pension with guranteed benefits you lose them if you transfer.  That is a major reason for not transferring a pension.  I cant see an age protected pension would be any different.

Fidelity did eventually confirm that the age 55 access would be protected (in line with the legislation I think) and the original provider also provided a letter confirming this.
Since then though, the original provider has started allowing transfers in and have said any new contributions or transfers in would now be subject to the age 55 access rule. So it seems I have two options for age 55 access, and could just transfer everything to that provider closer to retirement.

Linton

granta said:

Linton said:

granta said:

I also have experience of Fidelity telling me different things at different times, both in writing and over the phone. They have admitted their error on some of these but the inconsistency has made me more cautious about transferring to them.

Specifically, I have an age 55 protected pension elsewhere that I was planning on transferring to Fidelity (their latest email confirmed it would remain protected but previous ones didn't). I might just wait until further clarity emerges. Though I have also read elsewhere that it would now remain protected whoever I transfer to which I don't think the draft legislation allowed for. 

I don't want to start a transfer and lose my protected status as presumably Fidelity/whoever will not be able to rectify their mistake and just grant access at 55 if it's now allowed!

Normally when you have a pension with guranteed benefits you lose them if you transfer.  That is a major reason for not transferring a pension.  I cant see an age protected pension would be any different.

Fidelity did eventually confirm that the age 55 access would be protected (in line with the legislation I think) and the original provider also provided a letter confirming this.
Since then though, the original provider has started allowing transfers in and have said any new contributions or transfers in would now be subject to the age 55 access rule. So it seems I have two options for age 55 access, and could just transfer everything to that provider closer to retirement.

Interesting - I wonder how they will handle mixed portfolios or will they prevent you adding to your transferred protected age portfolio?

granta

Linton said:

granta said:

Linton said:

granta said:

I also have experience of Fidelity telling me different things at different times, both in writing and over the phone. They have admitted their error on some of these but the inconsistency has made me more cautious about transferring to them.

Specifically, I have an age 55 protected pension elsewhere that I was planning on transferring to Fidelity (their latest email confirmed it would remain protected but previous ones didn't). I might just wait until further clarity emerges. Though I have also read elsewhere that it would now remain protected whoever I transfer to which I don't think the draft legislation allowed for. 

I don't want to start a transfer and lose my protected status as presumably Fidelity/whoever will not be able to rectify their mistake and just grant access at 55 if it's now allowed!

Normally when you have a pension with guranteed benefits you lose them if you transfer.  That is a major reason for not transferring a pension.  I cant see an age protected pension would be any different.

Fidelity did eventually confirm that the age 55 access would be protected (in line with the legislation I think) and the original provider also provided a letter confirming this.
Since then though, the original provider has started allowing transfers in and have said any new contributions or transfers in would now be subject to the age 55 access rule. So it seems I have two options for age 55 access, and could just transfer everything to that provider closer to retirement.

Interesting - I wonder how they will handle mixed portfolios or will they prevent you adding to your transferred protected age portfolio?

I'm not sure if I've understood your question clearly but as far as I know, the original provider have said any pensions transferred to them (today at least, I don't know if future rules could change?), will be accessible at age 55. So in theory, I could hold the bulk of my SIPP anywhere and then transfer back into the original provider when I reach 55 (or 54 and a half).
I think this is the rule Fidelity apply to anyone who opened a SIPP with them before the change in government rules - I missed that boat so only my transferred portion qualifies for age 55 access. But i have the other option should I want it - I've left a nominal amount in to keep it active. I'm glad I did not do a full transfer out.