- Can help provide financial support when you stop working
- Your employer makes regular contributions
- Depending on the plan rules, you may be able to decide where to invest your money, or you may be able to leave it to the experts
Explaining your plan
Your retirement savings plan is designed to help you meet your long-term savings goals
Retirement savings at a glance
How do I join?
Depending on the type of plan you have, your employer may have enrolled you as soon as you started working there. You may also have been ‘vested’ in the Plan immediately. ‘Vested’ means that you are entitled to the full value of your account if you leave the company. This includes the value of your employer’s contributions, any contributions you’ve made and any investment returns. With some Plans, your pension benefits may ‘vest’ immediately, with others this may happen gradually, over time.
Log in to view details in your plan-specific literature.
Do I have my own account?
Yes. An account will be opened for you, in your name where any contributions made by you or your employer will be invested. Your investment plan is yours, for life. Even if you change employers, the money invested on your behalf remains yours.
How does my money get invested?
If your Plan has a default investment strategy, it will automatically invest your contributions in a particular fund or group of funds. However, you can change this and choose your own investment strategy by self-selecting investment funds from the range available.
The value of investments and the income from them can go down as well as up so you may get back less than you invest.
How does my company contribute?
A key benefit of most Plans is that the employer contributes to the employee’s pension savings as well. Whether this is the case and the amount of contribution will depend on the terms that you agreed with your employer. Log in to view your plan-specific literature and find out more about your own employer’s contribution.
How do I make a personal contribution?
All contributions to your plan are made through your employer. To see the current level of contributions, log in to PlanViewer.
Can I bring my investments together?
Depending on the type of plans you have, you may be able to combine your investments by transferring benefits from your other plans into your Fidelity plan, if your other providers and local laws allow it. A transfer will also require the consent of the Plan trustee. It’s important to note that a transfer could be subject to tax and/or impact the tax status of your account and may not always be in your best interest. We commend that you first seek professional financial advice.
Can I access my money?
As the Plan is designed to help you save for retirement, you can only withdraw the full value of your savings when you retire or if you change your employer. However, in certain circumstances, you may be able to access your savings while you’re working.
Find more about your withdrawal options
What happens when I retire?
When you’re ready to retire, or choose to leave the plan, withdrawal is simple and easy. You are free to choose what to do with your savings. Until then, you can view, manage and amend your investments online.