Our pension - the Collective Retirement Account (CRA)
The Collective Retirement Account (CRA), trusted by almost 230,000 investors, gives you the freedom to create the solutions your clients need. It is a truly flexible plan for life and, it allows your clients to continue accumulating retirement savings at the same time as taking income. Unlike many pension arrangements, the CRA does not require your clients to crystallise at age 75.
Useful links
Easy
Making it easy to pay money in and take money out.
Grow
Giving the value of the pension the best opportunity to grow over the long term to meet your client’s needs.
Efficient
Helping with tax efficient benefits.
Features and benefits
- Flexible income payments dates. We give you the freedom to choose from days 1 to 28 of each month so that your clients can enjoy a pension that works around them.
- Multiple portfolios in one pension. We give you the flexibility to mix and match so that you can tailor your pension advice to your client’s needs.
- Tax-efficient regular income options. We give you the control to make your client’s pension fund last longer by providing a source of retirement income with no income tax liability.
- Full death benefit flexibility. We give you all the options possible to help you pass on the right pension to the right person at the right time.
Product features
Contributions
Contributions are paid into the uncrystallised sub account.
Feature |
Availability |
|
Minimum contribution |
Invest with as little as a lump/annual sum of £3,600 or £99 regular monthly contribution. |
|
Direct Debit Collection Date |
1st to 28th of the month |
|
Direct Debit Frequency |
Monthly, yearly |
|
Pre-funding of tax relief |
Yes |
|
Immediate Tax Free Cash |
Yes |
|
Who can pay in? |
Individual, employer, third party |
|
How many funds do I have access to? |
Access over 2,600 funds and more than 800 exchange traded investments. 82% of funds on Quilter platform are the best value share classes* |
*Source: Adviser Asset analytics May ‘22
Transfers in
Transfer of both uncrystallised and crystallised monies will create an uncrystallised sub account (if it does not already exist) and a new crystallised sub account. Each crystallised transfer will create a new separate crystallised sub account.
Feature |
Availability |
|
Uncrystallised transfers |
Yes |
|
Immediate tax-free cash |
Yes - on cash transfers |
|
Maximum age for Uncrystallised Transfers |
Must be no more than 84 years old. |
|
Flexi-access drawdown transfers |
Yes |
|
Capped drawdown transfers |
Yes |
|
Maximum age for Crystallised Transfers |
Must be no more than 84 years old. |
|
Block transfers accepted? |
Yes - uncrystallised only |
|
Transfer method |
Cash or re-registration |
|
Can you merge flexi-access drawdown arrangements? |
Yes |
Withdrawal options
The CRA offers some of the most comprehensive withdrawal solutions in the market. These options are designed so that you can tailor each CRA to meet your clients’ needs, help continue to grow their pensions, be more tax-efficient and maximise their legacy if required.
Feature |
Availability |
|
Open market option |
Yes |
|
Flexi access drawdown |
Yes |
|
Lump sums |
Yes |
|
Capped drawdown |
Yes |
|
Small pots |
Yes |
|
Tax efficient regular income options (TRIO) Available with:
|
|
|
Payment date |
1st to 28th of the month |
|
Frequency |
Monthly, quarterly, half yearly, yearly |
|
How is tax-free cash paid? (for immediate TFC and ad hoc requests) |
CHAPS |
|
At post-retirement sub account level? |
Yes |
|
Tax efficient regular income options (TRIO) available from age 55 to age 75? |
Yes |
|
Tax efficient regular income options (TRIO) available from after age 75? |
Yes |
|
Tax efficient regular income options (TRIO) available when someone has lifetime allowance protection? |
Yes (If one of the following protections applies, TRIO cannot be instructed: Protected early retirement age, protected tax-free lump sum entitlement, Primary Protection with Primary Protected tax-free lump sum) |
Death Benefit
The CRA makes cascading residual wealth to loved ones and future generations easy and tax efficient. Making nominations is important to ensure your client’s wishes to leave a legacy are clear. Without a nomination, the benefit options on death are more limited.
Feature |
Availability |
|
Beneficiary drawdown with no minimum age of entry |
Yes – dependant, successor and nominee |
Transfers out
UNCRYSTALLISED |
|
|
Transfer out |
Partial or full |
|
Transfer method |
Cash or re-registration |
|
Annuity purchase |
Partial or full |
CRYSTALLISED |
|
|
Transfer out |
Full – per sub account |
|
Transfer method |
Cash or re-registration |
|
Annuity purchase |
Partial or full – per sub account |
You also have the option, if you need it, to transfer the value of your client's CRA to another pension scheme or use it to buy a guaranteed income for life.
How to make the most of your client’s pension
The CRA is one of the most flexible pensions in the market. Explore the options below to discover how we can help you and your clients get the most out of your pension.
