Deferred pension rights

[bsia666]

Can I cash in a deferred pension from a local authority and still be employed by them ?

 

I live in Scotland and I have two pension pots - an active one and a deferred one.

 

I looked at the pension fund online, the benefit sums are basically the same if I try to cash it in just now, or wait for another 4/5 yrs (tillI I retire ).

 

I have tried online and can't get an answer ?

[honeybee13]

Hi.

 

I'm not sure what you mean about the benefit sums being the same. Could you expand on that please?

 

HB

[bsia666]

Hi,

I can retire any time I would like due to my age and service.

The deferred part of the online of the calculator states these;

Retire.03/07/27 - lump sum is £14,228.08 and annual pension is £2,134.20.

Retire 03/07/22 - lump sum is £13,637.35 and annual pension is £2,045.59.

 

If I have to wait till I retire to cash in this deferred part of my pension, then the numbers are not far off each other - I was wondering if I can remain working with the same local authority and cash in the deferred part of my pension with them, and looks its as if I would gain financially ?

 

I don't think I can, but as I don't know the legislation, so I looked online.

 

I asked that specific question but couldn't get an answer, I thought that CAG could help.

 

Thanks for your swift reply.

 

 

[dx100uk]

no you cant as such

but there is

If your employer agrees, you can even take your pension without leaving your job – this is called flexible retirement.

 

i would assume this is the nationwide LGPS.

 

Taking your pension :: LGPS

WWW.LGPSMEMBER.ORG

 

[bsia666]

Thanks.