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What other benefits might be available from a workplace pension?
Some of the other benefits that might be available from a workplace scheme may include:
- the ability to take a tax free lump sum when you retire (in return for a reduced pension);
- choice about retirement date;
- ill health retirement arrangements*;
- 'death in service' benefits*; and
- pensions for a surviving spouse or partner, and sometimes for children as well.
*Money purchase schemes generally do not provide ill health retirement or death in service benefits, but a good employer will provide these through separate insurance arrangements.