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Fidelity International is a global investment management company with a large UK SIPP platform serving both retail and workplace pension customers. When a Fidelity SIPP holder dies, the fund value can be passed to a nominated beneficiary efficiently. Fidelity SIPP funds fall outside the estate and do not normally require probate.
In most cases, no. Fidelity SIPPs are held within a discretionary trust. The trustees can pay the fund directly to the nominated beneficiary without a Grant of Probate, because the funds fall outside the deceased's estate.
If there is no nomination and Fidelity cannot identify a suitable beneficiary, the SIPP may be paid to the estate, potentially requiring probate.
The death benefit is the full fund value at the date of death — including all funds, shares, and cash held within the Fidelity SIPP. Fidelity offers beneficiaries the following options:
Fidelity is particularly well-suited to beneficiaries who want to keep the money invested in a diverse range of funds. Their inherited drawdown offering is fully featured.
Fidelity SIPP holders can register an expression of wishes (nomination of beneficiary) through their online Fidelity account. The trustees give this nomination significant weight but retain discretion — this is what keeps the fund outside the estate for IHT purposes.
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Fidelity allows multiple beneficiaries with percentage splits. The nomination should be updated after any significant life event — marriage, divorce, the birth of a child, or the death of a named beneficiary.
For the latest guidance, see GOV.UK on tax on pension death benefits.
Currently, Fidelity SIPP funds fall outside the estate and are not subject to inheritance tax. From 6 April 2027, proposed changes will bring unspent SIPP funds within the scope of IHT.
Read our guide to pensions and inheritance tax from April 2027 and the current IHT thresholds.
Without a nomination, Fidelity trustees will use their discretion and typically pay to the surviving spouse or civil partner. If no suitable beneficiary is found, the SIPP may be paid to the estate, making it subject to probate and estate administration.
1 in 3 probate applications are sent back — usually because executors didn't know what they didn't know.
Answer 5 questions in under 2 minutes. We'll tell you whether probate is needed for this estate and, if so, exactly what to do — so nothing gets missed.
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