When can I start to take benefits from my Collegia Personal Pension?
You can start to take benefits from your Collegia Personal Pension from the normal minimum pension age of 55. However, you do not have to start taking any benefits when you reach 55, nor do you have to stop working to start taking benefits from your pension. When you open your pension, you will be asked to confirm your intended retirement age, but you are not held to this and can change this later if you wish. Collegia will use your intended retirement age so we can contact you as you approachSome readersWhat happens if I die after age 75?
If you die after age 75 the value of your pension can still be passed to your beneficiaries but will be subject to income tax.Some readersWhat happens if I die before age 75?
If you die before age 75, the value of your pension can be paid to your beneficiaries. The payments are going to be made as a lump sum. The benefits will normally be tax-free, as long as they are paid (or, in the case of the payment of pension income, designated for that purpose) within 2 years of your death. If the value of your pension exceeds your lifetime allowance, your beneficiaries may have to pay an additional tax charge.Some readersWhat happens if I am seriously ill?
If you are seriously ill and your life expectancy is less than 12 months, then you have the right to take your full pension savings as cash tax-free. You would have to get a proof from a registered doctor that your life expectancy is less than 12 months, there are some forms that you would have to fill out.Few readersHow can I withdraw my Collegia pension pot?
If you are less than 55 years old (57 since 2028) and you are outside of the opt out window your pension pot cannot be withdrawn. You can withdraw it only (tax-free) if your life expectancy is less than 12 months. If you are older than 55 (57 since 2028), you can request to access your pension pot. Currently, Collegia does not offer drawdown facilities. If you wish to access your funds, you'll need to transfer the money from your Collegia account to another pension provider that provides drawdowFew readers