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• What benefits can I take from my pension?

  You can take both a tax-free lump sum and an income from your pension. A tax-free lump-sum You can usually take up to 25% of the value of your pension as a tax-free lump sum, called a pension commencement lump sum. Income from your pension You can use the full value of your pension, or the remainder if you take a tax-free lump sum, to either:Very popular

• What 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.Very popular

• What 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 can take the form of a lump sum or income. 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.Popular

• 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 approachPopular

• What happens if I am seriously ill?

  If you are seriously ill you have the right to take your full pension savings as cash tax-free. This means you have been diagnosed to live less than a year. If you think this applies to yourself, contact us at 01865 416076 to discuss the next steps.Few readers