Pensionlite - Any good ?

mhills94

I am coming up to 55 and have £36k in a Pension.

I am unemployed and am on JSA and Housing Benefit.

I was looking at the possibly taking £4k or so from my Pension and maybe taking a monthly sum to add and help to up my Benefits.

After making enquiries, the only promising Company that has returned calls/emails is a Company called Pensionlite.

Has anyone had dealings with them and good/bad reports.

I am aware that there will be commission/charges from them but am happy to to pay their fee's if they give good advice.

I am obviously looking to get the best outcome without losing all my current Benefits although again I know that there is a chance I will lose some.

Any help/advise appreciated.

Thanks.

Lokolo

What is your current pension? Who is the provider? Do you know what type of pension it is (does it come with benefits)?

dunstonh

I am aware that there will be commission/charges from them but am happy to to pay their fee's if they give good advice.

Commission was banned in 2013. It will be fee basis.

I am unemployed and am on JSA and Housing Benefit.

Which is important information as at 55, the benefits agency doesnt usually take uncrystallised pensions into account unless you start taking benefits from them. So, your benefits may go down depending on which you receive.

Has anyone had dealings with them and good/bad reports.

Most IFA firms are small local firms. So, asking on the internet about them is a bit like asking people from around the country what the butcher down the end of your road is like. You are unlikely to get any real meaningful responses.

Pensionlite say they are IFAs but they do have a restriction that they will not provide advice on workplace pensions. They are not specialists (they have many trading names and have websites to cover each of them (advicelite, investorlite, ISAlite etc). However, your transaction almost certainly doesn't require a specialist (it may if its a type of occupational pension).

There is no reason to think there is any issue with them.

mhills94

Regarding Lokolo's reply (Thanks!)

I am not receiving a Pension at the moment, just Unemployment and Housing Benefits.

The Pension Pot I have is split into 3, all different amounts and all with ReAssure but totaling approx £36,000.

I do guess that my Benefits will be reduced if I take a monthly payment but as log as it isn't too un-proportionate to what little I get at present. (I don't want to receive £100 per month Pension and lose £80 Benefit type of thing).

Thanks again

MEM62

mhills94 wrote: »

Regarding Lokolo's reply (Thanks!)

I am not receiving a Pension at the moment, just Unemployment and Housing Benefits.

The Pension Pot I have is split into 3, all different amounts and all with ReAssure but totaling approx £36,000.

I do guess that my Benefits will be reduced if I take a monthly payment but as log as it isn't too un-proportionate to what little I get at present. (I don't want to receive £100 per month Pension and lose £80 Benefit type of thing).

Thanks again

One question to consider; if you start taking eating into your pension provision now, what are you planning to live on in retirement? Do you have other financial provision for later life?

mhills94

Re last reply, Thanks

This is why my initial query was if I took enough out to give me £4/5k lump sum what would the total costs be (after tax etc).

I didn't know if there was £xxxx lump sum I could take without affecting Benefits I receive.

Taking a monthly sum as well was only an afterthought.

Thanks