If all your pension funds together (this MGM pension and any others you have with us, or other providers, or from schemes provided by employers) are valued at less than £18,000, you have the option to take the full amount as a cash sum. No tax is payable on the first 25% of this cash amount, the balance is taxable under PAYE. You only have this option if you are aged between 60 and 75 years old. This is called taking your pension under triviality.