Cashing small pension

aliWJG

Hi all, 
I have seen some thread about cashing a pension but it was not applicable to me.  
I have been working for a local government (council in Scotland) for just over 2 years.  I have a small pot of money with them but I would like to cash it.  I need to find the private pension provider, transfer it and then end it (cash it/withdrawing - whichever is the most appropriate).  I am struggling to find a provider and, as I am not 55 or over, I am not qualifying to use the government website to get proper advice.    
Please do not just post that it is stupid to cash any pension - I have another pension plan(s). Just would like to cash this one. 
Anyone can help me please with pointing in the right direction?  

aliWJG

aliWJG said:

 as I am not 55 or over, I am not qualifying to use the government website to get proper advice.    

Should have add - I am 45

Dazed_and_C0nfused

Do you mean cash it in now?

If so why do you think you can do this when you say

I am not 55 or over

JoeCrystal

aliWJG said:

I have been working for a local government (council in Scotland) for just over 2 years.  I have a small pot of money with them but I would like to cash it.  I need to find the private pension provider, transfer it and then end it (cash it/withdrawing - whichever is the most appropriate).  I am struggling to find a provider and, as I am not 55 or over, I am not qualifying to use the government website to get proper advice.    
Please do not just post that it is stupid to cash any pension - I have another pension plan(s). Just would like to cash this one. 
Anyone can help me please with pointing in the right direction?  

To confirm, are you referring to LGPS? The Local Government Pension Scheme? Surely, if you have at least two years' service, it gets vested and thus getting a deferred pension when you retire. Is it possible you actually misunderstood that a small pot of money is actually an index-linked annual pension?

aliWJG

Dazed_and_C0nfused said:

Do you mean cash it in now?

If so why do you think you can do this when you say

I am not 55 or over

That's why I am asking if that is possible.  

aliWJG

JoeCrystal said:

To confirm, are you referring to LGPS? The Local Government Pension Scheme? Surely, if you have at least two years' service, it gets vested and thus getting a deferred pension when you retire. Is it possible you actually misunderstood that a small pot of money is actually an index-linked annual pension?

Thank you for your post - I do understand that.   
I have the amount what that pension is worth currently.  I am asking if it is possible to transfer to a private provider and cash it.  

Silvertabby

Yes, LGPS.  And 2 years plus service does mean that OP has deferred DB pension benefits.

However, OP is only 45 and has stated that they want access to this money now.  And the answer to that is no, it can't be done.

It's almost certain that the transfer value will be less than £30K, meaning that the option of a transfer to a private/other pension should be less of a faff, but the pension still can't be touched until at least age 55.

OP - in short, no you can't access this money now unless it's on the grounds of serious ill health.  And anyone who tells you otherwise will be a scammer.

aliWJG

Silvertabby said:

Yes, LGPS.  And 2 years plus service does mean that OP has deferred DB pension benefits.

However, OP is only 45 and has stated that they want access to this money now.  And the answer to that is no, it can't be done.

It's almost certain that the transfer value will be less than £30K, meaning that the option of a transfer to a private/other pension should be less of a faff, but the pension still can't be touched until at least age 55.

OP - in short, no you can't access this money now unless it's on the grounds of serious ill health.  And anyone who tells you otherwise will be a scammer.

Silvertabby - thank you for a very simple yet comprehensive answer.  That is exactly what I needed and now have the understanding.   Thank you again.