Profile Pensions is a service that helps you find missing pension pots and consolidate them into one – letting you keep track of them all in the same place, potentially reducing your fees and helping you make the most out of your pension.
We’ve looked at how Profile Pensions works, how much it costs and whether it can help you pull off your dream retirement in the countryside or on the beach.
Profile Pensions is a digital and telephone-based pension adviser. Profile Pensions doesn’t hold any funds, so it isn’t a pension provider, but it will help you track down your pensions, tell you if you’re currently on a good deal and help you switch if you decide to do so.
It says it currently has around 25,000 customers in the UK and offers both a one-off initial service (tracking and switching of your pension) and a maintenance service (monitoring of your pension to make sure you’re on the best deal).
The process may take a few weeks and will usually happen in the following steps:
There are a number of pension advisers available out there, so Profile Pensions definitely isn’t your only shot. With many, you’ll have to visit them in person, but there are other digital services that allow you to do it online.
In addition to comparing fees and prices, always make sure your financial adviser is authorised by the Financial Conduct Authority (FCA).
If you only want to look for your old pensions and you’ve forgotten where your employers were holding them, the government also has a free searchable database of pension providers.
Instead, if you’re looking for a digital service that both tracks down your pensions and directly invests and manages them, you may want to take a look at PensionBee.
Having your pensions found and receiving advice comes free. If you then decide to switch, Profile Pensions will 1% on the amount that you transfer. There is a maximum fee of £2,500 per policy.
If you choose to also have Profile Pensions monitor your pension, you’ll be charged around 0.83% to 0.92% a year, depending on which funds you choose (which you’ll pay monthly). This is made up of a platform charge (0.12%0, a fund charge (around 0.11% – 0.20%) and ongoing advice (0.6%).
Profile Pensions will advise you on investing your pension funds, which always carries a risk: investments can go up as well as down so you should always keep that in mind. Speak to your Profile Pensions adviser about the level of risk you’re willing to take and they’ll advise you accordingly.
Profile Pensions doesn’t hold any funds, so your deposits are as safe as your provider keeps them: always check they’re protected by the Financial Services Compensation Scheme (FSCS).
Finally, as an adviser, Profile Pensions is registered with the FCA and covered by the FSCS: basically, in case of misleading advice, poor investment management or misrepresentation, the government will reimburse you 100% of your investment up to £85,000.
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Cons
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
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