Pensionlite

MOUNTY

Anyone have advise on a company called Pensionlite.
Independent financial advise for free on pensions.
Would like to use them as a second opinion ref my own pension.

Proxy

No idea.

However advice is never free. (Even this)

dunstonh

Independent financial advise for free on pensions.

Not possible. I took a look at their website and it does indicate that but seeing as commission is banned they would be doing all that work for free and taking on a lifetime of liability (i.e. once you have their recommendation in writing, you could DIY and they would still be liable for that advice as it is the advice that carries the liability. Not the product).


I suspect their website hasnt been updated for RDR. (not that commission was ever free. Only dodgy advisers, frequently the banks, would indicate that). Plus, they say they cannot give advice on state pension or employer pensions. That would mean they are restricting their service and IFAs are not allowed to restrict services any more (another RDR change). Plus, from 1st October last year, the FSA extended regulation on "opt out" to include group personal pensions/group stakeholders where there is an employer contribution. under auto enrolment So, an IFA not considering workplace pensions would be in breach of FSA regulations. a transfer could still easily be made if the employee is a member of the scheme but it would still need to be considered as a possible option. As I said, I suspect they are being a bit tardy on updating their website to post RDR standards.

MOUNTY

Thanks for reply. They have been in touch asking for details over the phone before any paperwork sent. Thought this incorrect.
Will email them today to thanks but no thanks.
Will stick with my original IFA but just thought a second opinion would help.

mania112

dunstonh wrote: »

(i.e. once you have their recommendation in writing, you could DIY and they would still be liable for that advice as it is the advice that carries the liability. Not the product).

Haven't heard that one. Not sure how that would be enforceable?

Perhaps as a legitimate IFA, one could enter 'this report is only valid for 30 days' or something to avoid that.

Based on the opinion that 85% of PP's started pre 2006 are more expensive than those available today: It's a perfectly justifiable marketing strategy to offer clients a free pension review (non-advised) to inform a client that there are savings to be made - independent software can prove that with little time (and therefore cost) taken.

Then, with the client onboard and permission given, the formal advice process can start.

Perhaps this is the strategy these sorts of companies should employ (or perhaps that's what actually happens).

dunstonh

Haven't heard that one. Not sure how that would be enforceable?

Very easily. Consumer has a report recommending xyz provider investing in abc investments with £x. Consumer follows that recommendation. You employ an adviser to give advice. Advice is not the buying of the product but the advice relating to situation and a recommendation of a product.

Advice is a advice. That is the bit that carries the liability for an adviser.