Profile Pensions review September 2020

Have you lost track of some of your old pension funds? Profile Pensions can find them for you.

Updated

Fact checked
Profile Pensions

If you’ve decided it’s about time to start planning for your retirement, you may be unsure about where some of your money is or wondering whether you’re making the most out of it. Profile Pensions may be able to help.

We’ve looked at how it 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

Profile Pensions: Pensions made clear

  • Find out everything about your pensions
  • Able to improve 94% of pensions
  • Impartial and looks at the whole market
  • Protected by the FSCS
Promoted

What is Profile Pensions?

It’s 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 20,000 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).

How does Profile Pensions work?

The process may take a few weeks and will usually happen in the following steps:

  • You sign up. You’ll need to fill in an online form giving Profile Pensions your details and the information you already have about your pensions.
  • Profile Pensions finds and reviews your pensions. After you’ve signed up, Profile Pensions will track down all your pensions for you (which will take six weeks on average) and review them and their performance (depending on how long it takes for the providers to get back to Profile Pensions, this may take another eight weeks). So all in all, it could be around three months before you hear from Profile Pensions again.
  • A pension adviser calls you back. The adviser will tell you what they’ve found and whether they have a better deal in mind for you, which happens in approximately 70% of cases, Profile Pensions says. Up until this point, the service comes for free.
  • You switch (if you want to). If Profile Pensions is unable to help you improve your pension deal, or if you decide not to take the advice, nothing happens. Instead, if you do decide to switch, Profile Pensions will take care of that as well, but ask for a fee in return.
  • Profile Pensions keeps monitoring your pension (if you want). For a yearly fee, Profile Pensions will keep an eye on your pension, tracking its performance and checking that you’re still making the best out of it. Your adviser will also schedule a yearly call to update you on how things are looking. You can opt out of the monitoring service at any time.

What other options are available?

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.

How much does Profile Pensions cost?

Having your pensions found and receiving advice comes free. If you then decide to switch, Profile Pensions will charge 3% on the first £25,000, 2% on anything between £25,000 and £50,000 and 1% on anything over £50,000. 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 another 0.6% a year (which you’ll pay monthly).

Keep in mind that those fees only cover the advice on how to manage your pension, not the actual cost of managing it. Most pension funds that invest your money for you will charge a fee for that as well.

Is Profile Pensions safe?

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 £50,000.

Pros and cons of Profile Pensions

Pros

  • Quick and easy online sign-up
  • Free pension tracking and advice
  • Personalised service
  • You can opt out at any time
  • FCA regulated and FSCS protected

Cons

  • Profile Pensions doesn’t manage your money directly
  • There may be extra fees charged by the provider
  • No online account to check your pension’s progress 24/7

Compare alternatives

Table: sorted by promoted deals first
Data indicated here is updated regularly
Name Product Minimum investment Choose from Annual fee Brand description
Moneyfarm Pension
£1,500 (initial investment)
7 funds
0.35%-0.75%
Moneyfarm has pensions that are matched against your risk appetite, goals and planned retirement date. Capital at risk.
PensionBee Pension
No minimum
7 funds
0.5% - 0.95%
Pension Bee is a newbie in the pension market. It helps consolidate your pension plans into one place. Capital at risk.
Hargreaves Lansdown Pension
£100 or £25 a month
2,500 funds
0-0.45%
Hargreaves Lansdown is the UK's biggest wealth manager. It's got three different retirement options. Capital at risk.
Interactive Investor Pension
Any lump sum or £25 a month
Over 3,000 funds
£10/month
interactive investor is a flat-fee platform, which makes it cost effective for larger portfolios. Capital at risk.
Saxo Markets Pension
Saxo Markets Pension
£10
Over 11,000 funds
No annual fee
Saxo Markets gives flexibility and control over your investment strategy. Capital at risk.
AJ Bell Pension
£1,000
Over 2,000 funds
0.05-0.25%
AJ Bell has two different pension options, a self managed pension and one that is managed for you. Capital at risk.
Moneybox Pension
£1
3 funds
0.15% - 0.45% charged monthly
Manage your money with an easy-to-use Moneybox app. Capital at risk.
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Compare up to 4 providers

Data indicated here is updated regularly
Name Product Price per trade Frequent trader rate Platform fees Brand description
Fineco
£2.95
£2.95
Zero platform fee
Fineco Bank is good for share traders and investors looking for a complete platform and wide offer. Your first 50 trades are free with Fineco, until 30/09/2020. T&Cs apply. Capital at risk.
IG
0% commission on US shares, and £3 on UK shares
From £5
£0 - £24 per quarter
IG is good for experienced traders, and offers learning resources for beginners, all with wide access to shares, ETFs and funds. Capital at risk.
Hargreaves Lansdown Fund and Share Account
£11.95
£5.95
No fees
Hargreaves Lansdown is the UK's number one platform for private investors, with the depth of features you'd expect from an established platform. Capital at risk.
eToro Free Stocks
0% commission, no markup, no ticket fee, no management fee
N/A
Withdrawal fee & GDP to USD deposit conversion
Capital at risk. 0% commission but other fees may apply.
Interactive Investor
From £7.99 on the Investor Service Plan
From £7.99 on the Investor Service Plan
No transfer fees or exit fees. £9.99 a month on the Investor Service Plan
Interactive Investor offers everything most investors need. Its flat fees makes it pricey for small portfolios, but cheap for big ones. Capital at risk.
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Compare up to 4 providers

Data indicated here is updated regularly
Name Product Minimum deposit Maximum annual fee Price per trade Brand description
Moneyfarm stocks and shares ISA
£1500
0.75%
£0
Hargreaves Lansdown stocks and shares ISA
£100
0.45%
£11.95
Hargreaves Lansdown is the UK's biggest wealth manager. It's got everything you'll need, from beginners to experienced investors. Capital at risk.
Interactive Investor stocks and shares ISA
Any lump sum or £25 a month
£119.88
£7.99
Interactive Investor offers everything most investors need. Its flat fees makes it pricey for small portfolios, but cheap for big ones. Capital at risk.
Saxo Markets stocks and shares ISA
No minimum deposit requirement
0.12%
£8.00
Saxo Markets offers a wide access to a range of stocks, ETFs and funds. Capital at risk.
AJ Bell stocks and shares ISA
£500
0.25%
£9.95
AJ Bell is a good all-rounder for people who to choose between shares, funds, ISAs and pensions. Capital at risk.
Fidelity stocks and shares ISA
£1000 or a regular savings plan from £50
0.35%
£10.00
Fidelity is another good all-rounder, offering a good package at a decent price. Not suited for trading shares. Capital at risk.
Nutmeg stocks and shares ISA
£100
0.75%
£0
Nutmeg offers three types of portfolios. Choose the one that goes with your investment style. Capital at risk.
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Compare up to 4 providers

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. Capital is at risk.

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