If the member stops contributing at age 75, they can either decide to take their pension savings immediately or defer taking them to a later date.

If tax-free cash is deferred beyond age 75, but the member dies before it’s taken, the tax-free element is lost, and any income or lump sums paid would be subject to the beneficiaries’ marginal rate of income tax. If the member was over 75 years old at the date of death or if it has been over 2 years since we were notified of the members’ death, then a tax charge will also be incurred.