£3000 Pension - Transfer then cash in?

charleem_2

I'm a bit stuck, I've googled my fingers to stumps and keep hitting a brick wall!

I used to work for a big corporate and I have £3023 in the pension I had with them. The pension is over 2 years old, so I can't cash it in directly with them.

As it's only classed as a small sum, lots of these pension unlock places aren't interested because it's only a small amount (not to me!)

What I need to know is, can I transfer my pension to a new company, and then because I wont have been in that scheme for 2 years, cancel the pension and cash out all the money?

I'm 33, but I'm quite sick, I've been ill for a year following a major operation and it doesn't look like I'm going to get better any time soon to return to a regular 9 to 5 job, so I've decided to go it alone and work from home, the money unlocked would help me become self sufficient and it would mean I could sign off sickness benefits and be independent from the state once again.

Any help greatly appreciated! Thank you.

atush

Not unless you are so ill you are expected to die within the next year.

In any case, 3000 won't last very long and you would need to go back onto benefits so I don't think this is a road for you to travel.

Leave it to grow, and good luck with your health. Should your health deteriorate, look into getting the money out sooner and in the meantime make sure you declare who you want the money to go to should you die before taking up your pension.

dunstonh

As it's only classed as a small sum, lots of these pension unlock places aren't interested because it's only a small amount (not to me!)

Plus those pension firms are mostly scams which can lead to bigger troubles down the road.

What I need to know is, can I transfer my pension to a new company, and then because I wont have been in that scheme for 2 years, cancel the pension and cash out all the money?

No.