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
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: Pensions made clear
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).
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 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.
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.
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