Pensionlite

1drakey1

I have my pension with Pensionlite and I have decided to cash it in.I have asked Pensionlite for my money and they have refused to give it to me.I had a look on the web and I think they were called Advicelite ? and the post on the financial conduct authority said Advicelite Ltd Status: No longer authorised (Reference number: 464011) This is a firm that can no longer provide regulated products and services, but was previously authorised by the PRA and/or FCA.

James145

Pensionlite are an appointed representative of Intrinsic, which is a financial adviser network, so they are still regulated. What did they say when you requested your money? They are a financial adviser, so they may administer your pension for you but they don't hold it.

coyrls

1drakey1 wrote: »

I have my pension with Pensionlite and I have decided to cash it in.I have asked Pensionlite for my money and they have refused to give it to me.I had a look on the web and I think they were called Advicelite ? and the post on the financial conduct authority said Advicelite Ltd Status: No longer authorised (Reference number: 464011) This is a firm that can no longer provide regulated products and services, but was previously authorised by the PRA and/or FCA.

How old are you? You can't "cash in" a pension until you are 55.

dunstonh

Pensionlite are not a product provider. They were an intermediary (restricted FA by the looks of it). They would have advised you on what pension to use. Who is the pension provider?

I have decided to cash it in.

How old are you?

bob_a_builder

[PensionLite] They were an intermediary (restricted FA by the looks of it).

Their web site does seem to have had a recent update and now there is little to no mention of IFA status ?

I used them to set up my pension at retirement i.e drawdown earlier this year and my report from them states its an "independent pension review" by a named "independent financial advisor" and it also states "PensionLite is an independent financial adviser firm which provides advice on products and services from the whole of the market without any links to any specific company or institution"

I wonder what has changed such that the web site no longer states "independent"

My funds are with Old Mutual too :
charges for reference are
Old Mutual platform : 0.27%
Fund Managers : 0.46%
PensionLite : 0.4%
on a 450K fund value

dunstonh

Their web site does seem to have had a recent update and now there is little to no mention of IFA status ?

Intrinsic network used to be IFA, then it moved to offer both independent and restricted basis but encouraged members to go restricted. It is fully restricted now (and the more you restrict, the terms are improved in terms of costs to the firm). Intrinsic network is owned by OMW. Hence why they use that platform.

You pretty much know if you are on the fully restricted offering if you are in the wealthselect option rather than the self select option.

bob_a_builder

On checking mine is listed as "Self Select" although it was them who picked the funds

Does their change of status have any bearing on me now, since I'm already 'In' ?

dunstonh

Self select in this case means selected funds (by someone who is not OMW).

Going forward, it will mean that the fund selection will be panel-based rather than whole of market depending on the level of restriction they have done.