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  • FIRST POST
    • jnielow
    • By jnielow 9th Apr 17, 8:09 AM
    • 49Posts
    • 4Thanks
    jnielow
    Portafina-Are the Legit?
    • #1
    • 9th Apr 17, 8:09 AM
    Portafina-Are the Legit? 9th Apr 17 at 8:09 AM
    Hi All,


    Have been away for a long time, so hope everyone is ok!!!.


    I just wanted to ask if anyone has had any dealings with the above company regarding a pension review?. They seem to be legit,registered with companies house and the FCA.


    Any pointers or advice would be welcomed many thanks.


    Jason
Page 3
    • Malthusian
    • By Malthusian 6th Sep 17, 2:59 PM
    • 4,647 Posts
    • 7,419 Thanks
    Malthusian
    Maybe Portafina could tell us where they get their leads from ? I have been getting letters from them for several years, around every 2 months at a guess. I have no problem with this, it's a consistent supply of scrap paper. I've never paid into a pension because I have been ill and on very limited income for most of my life, so it is a bit of a puzzle why they target me, or do they just target anyone ?
    Originally posted by ms11
    Do you get cold calls or junk mail from anyone else? Have you set up Direct Debits with charities, have you made PPI claims, have you ever put money into binary trading or anything like that?

    If you've never done anything to get yourself put on a suckers list it might have been whoever lived in your property before you.
    • Algee55
    • By Algee55 26th Nov 17, 1:56 PM
    • 1 Posts
    • 0 Thanks
    Algee55
    Misleading message?
    I keep getting letters from Portafina suggesting that I can take 25% of my pension as a tax-free lump sum.
    I know enough about these things to be pretty sure that I can only get 25% of my entire pension tax-free if I withdraw the whole pension. That means the other 75% would be taxable. The letters I receive could easily be misleading to a less informed recipient.
    I throw the letters straight in the bin because if I wanted to withdraw money from my pension I would go directly to my pension provider, or find out how to do it myself and just do it.
    • davieg11
    • By davieg11 26th Nov 17, 9:31 PM
    • 275 Posts
    • 161 Thanks
    davieg11
    The last mug in my workplace to cash in their active db pension said they only got charged 6% from Portafina. Poor sods will have spent it all by the time retirement comes along.
    • Malthusian
    • By Malthusian 27th Nov 17, 10:23 AM
    • 4,647 Posts
    • 7,419 Thanks
    Malthusian
    I know enough about these things to be pretty sure that I can only get 25% of my entire pension tax-free if I withdraw the whole pension.
    Originally posted by Algee55
    The junk mailers are right and you are wrong. You can take the 25% tax free lump sum by itself and transfer the rest to an income drawdown policy, without taking any taxable income.

    But yes, if you do need to withdraw money you should seek independent advice from a reputable IFA, not an outfit that sends junk mail.
    • GetThatDebtDownDude
    • By GetThatDebtDownDude 3rd Mar 18, 4:11 PM
    • 1 Posts
    • 0 Thanks
    GetThatDebtDownDude
    Strongly agree with Malthusian. I have received several mail shots from Portafina. They go in the recycling. I have sought independent advice from a reputable IFA via unbiased.
    • dunstonh
    • By dunstonh 14th Sep 18, 3:59 PM
    • 94,490 Posts
    • 62,435 Thanks
    dunstonh
    Portal/Portafina have made the financial press again today for misselling.

    https://www.ftadviser.com/sipp/2018/09/14/ombudsman-finds-in-favour-of-insistent-client/

    Ombudsman decision seems spot on. However, what is interesting is that they have had at least 19 ombudsman decisions published this year. 17 of them upheld.

    I recommend that anyone who has used this firm and was put in unregulated investments immediately raise a complaint and expect to have to go to the FOS and expect the firm to appeal the decision.

    Most advisory firms don't have a single FOS decision against them. This firm is a serial offender. with 33 published decisions so far and they are coming in at around 2 a month at the moment.

    At that rate, I wouldn't be surprised if we see them close down and dump the liabilities onto the FSCS.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Dorian1958
    • By Dorian1958 19th Sep 18, 3:14 PM
    • 137 Posts
    • 99 Thanks
    Dorian1958
    Rather surprised to receive junk mail from Portafina today (I hardly get any) trying to persuade me to extract 25% cash free from my pension. I acted on this by scribbling on the letter requesting I be removed from their database iaw the GDPR 2018, and posted it back to them, along with the glossy literature. If everyone did this they would need bigger recycling facilities at their office in Rochester.
    • AnotherJoe
    • By AnotherJoe 19th Sep 18, 4:31 PM
    • 10,578 Posts
    • 12,102 Thanks
    AnotherJoe
    I keep getting letters from Portafina suggesting that I can take 25% of my pension as a tax-free lump sum.
    I know enough about these things to be pretty sure that I can only get 25% of my entire pension tax-free if I withdraw the whole pension. That means the other 75% would be taxable. The letters I receive could easily be misleading to a less informed recipient.
    Originally posted by Algee55
    Since this thread has been resurrected and for the avoidance of doubt in case anyone else is reading Algee55's post, he's totally wrong about having to withdraw the whole pension. Ironic since he titled his post "misleading message "
    • Malthusian
    • By Malthusian 19th Sep 18, 6:08 PM
    • 4,647 Posts
    • 7,419 Thanks
    Malthusian
    Rather surprised to receive junk mail from Portafina today (I hardly get any) trying to persuade me to extract 25% cash free from my pension.
    Originally posted by Dorian1958
    Given what Dunstonh said about the number of FOS decisions going against them, clearly they need as many suckers as they can find to extract commission from before the music stops.


    If everyone did this they would need bigger recycling facilities at their office in Rochester.
    They will probably just dump it in a lay-by on the way to dumping their liabilities on the FSCS.
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