Profile Pensions

Profile Pensions review

Find out how to track down of some of your old pension funds with Profile Pensions.

5.0 ★★★★★ (1 review) Write a review

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.

Promoted
Profile Pensions

Personalised pension plans for you

  • All-inclusive fee with no hidden costs
  • Impartial and looks at the whole of market
  • Start a pension from as little as £1 per month

What is Profile Pensions?

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).

How does Profile Pensions work?

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

  1. 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. You can ask it to track down any that are missing.
  2. 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.
  3. 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.
  4. 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.
  5. 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 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%).

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 £85,000.

Pros and cons of Profile Pensions

Pros

  • Quick and easy online sign-up
  • Free pension tracking and advice
  • Personalised service
  • FCA regulated and FSCS protected

Cons

  • Profile Pensions doesn’t manage your money directly
  • There may be extra fees charged by the provider

Compare SIPP providers

1 - 7 of 7
Name Product Brand description Min investment Min monthly investment Number of funds Transfer available Offer Link
NO FEE
Interactive Investor SIPP
interactive investor is a flat-fee platform, which makes it cost effective for larger portfolios. Capital at risk.
£0
£25
3000
Transfer your pension(s) before 31 October and get up to £1,000 cashback, plus pay no fee for your first 6 months. Terms apply. Capital at risk.

Capital at risk

Platform details
Freetrade SIPP
£0
£0
6000

Capital at risk

Platform details
Hargreaves Lansdown SIPP
Hargreaves Lansdown is the UK's biggest wealth manager. It's got three different retirement options. Capital at risk.
£100
£25
2500

Capital at risk

Platform details
BONUS
Penfold SIPP
£0
£0
4 Portfolios
Bonus of up to £1000 for your pension when tranferring to Penfold

Capital at risk

Platform details
Moneyfarm SIPP
Moneyfarm has pensions that are matched against your risk appetite, goals and planned retirement date. Capital at risk.
£1,500
£0
7

Capital at risk

Platform details
AJ Bell SIPP
AJ Bell has two different pension options, a self managed pension and one that is managed for you. Capital at risk.
£1,000
£1
2000

Capital at risk

Platform details
Saxo Markets SIPP
Saxo Markets gives flexibility and control over your investment strategy. Capital at risk.
£10
£0
11000

Capital at risk

Platform details
loading

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. 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.

Frequently asked questions

More guides on Finder

  • How much pension do I need to retire?

    We explain how to work out the retirement income you’ll need, and what you can do if you haven’t saved enough.

  • Taking your entire pension pot

    We outline the pros and cons of withdrawing your whole pension as a cash lump sum, and why this could result in a high tax bill.

  • Retirement and pension advice

    We explain the free and paid-for advice that’s available if you need help to understand your retirement options and make the right choices.

  • Is my pension lump sum taxable?

    Under pension freedoms, you can usually take 25% of your pension as a tax-free lump sum. Here’s what you need to know.

  • Defined benefit and final salary pensions

    Do you have a final salary or career average pension? If so, you’re in a minority. We explain the ins and outs of defined benefit pensions.

  • Moneyfarm pension review

    We outline the pros and cons of Moneyfarm’s personal pension to help you decide if it’s the right home for your retirement savings.

  • Plum pension review

    Plum’s clever micro-saving algorithm makes it easy to drip-feed your retirement savings. But is its personal pension worth having overall?

  • Taking money from your pension

    We give you the lowdown on when you can access the money in your pension pot, and how pension freedoms work.

  • Can I get my pension contributions back?

    Find out about getting your pension contributions back and how to get a refund.

  • Pension recycling

    We explain the potential tax benefits and the limitations of taking money out of one pension and recycling it into another.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site