Posh complete season with an away draw
Posh won five and lost 11 of their 23 games in their first season in the competition and finished sixth in their eight-team league.
Kai Corbett tucked away a first-half penalty to equalise an early Colchester goal. Corbett had been fouled to earn the spot-kick.
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Hide AdBut the hosts also equalised from the penalty spot in the second-half after defender Charlie O’Connell had nudged Posh in front from a corner.
It took a great save from Posh ‘keeper Will Blackmore three minutes from time to preserve a point.
Posh had lost 2-0 to Ipswich Town in their final home game of the season.