▁is ▁an ▁allow able ▁exp ense ▁against ▁income ▁or ▁corpor ation ▁tax . ▁ ▁The ▁P PS ▁fund ▁itself ▁grows ▁tax - adv antage ously ▁in ▁that ▁it ▁is ▁not ▁subject ▁to ▁UK ▁capital ▁g ains ▁tax . ▁In ▁addition , ▁any ▁income ▁generated ▁by ▁assets ▁within ▁the ▁p ension ▁fund ▁( e . g . ▁divid end ▁income ▁from ▁shares ) ▁does ▁not ▁suffer ▁any ▁additional ▁tax ▁although ▁the ▁p ension ▁fund ▁cannot ▁rec laim ▁any ▁with hold ing ▁tax ▁already ▁dedu cted ▁from ▁that ▁income . ▁ ▁T aking ▁ret irement ▁benefits ▁The ▁P PS ▁can ▁be ▁cry st all ised , ▁or ▁v ested , ▁that ▁is ▁used ▁to ▁provide ▁benefits , ▁from ▁age ▁ 5 5 ▁( up ▁from ▁ 5 0 ▁prior ▁to ▁ 6 ▁April ▁ 2 0 1 0 ). ▁A ▁P PS ▁must ▁be ▁cry st all ised ▁by ▁the ▁age ▁of ▁ 7 5 , ▁minim ising ▁problems ▁from ▁the ▁mort ality ▁drag ▁of ▁de fer ring ▁the ▁purchase ▁of ▁income ▁benefits . ▁ ▁On ▁cry st all isation , ▁a ▁p ension ▁comm enc ement ▁l ump ▁sum ▁( P CL S ), ▁also ▁known ▁as ▁tax - free ▁c ash , ▁of ▁up ▁to ▁ 2 5 % ▁of ▁the ▁fund ▁can ▁be ▁taken . ▁The ▁remainder ▁can ▁be ▁used ▁to ▁provide ▁a ▁tax able ▁income ▁either ▁directly ▁from ▁the ▁fund ▁( called ▁un sec ured ▁p ension ▁( US P ), ▁and ▁has ▁previously ▁been ▁called ▁income ▁draw down ▁or ▁p