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In this Profile Pensions review we check to see if this is the best pension choice for you!

The recent rise in inflation has caused many people to look again at their pension pot and wonder if they have saved or invested enough. This is sometimes difficult if you have old pensions in different places. 

This is why companies like Profile Pensions have recently come to the market. The aim is to provide a simple platform where you can find, combine and manage all your pensions in one place. This is done by combining expert pension industry knowledge with modern technology. 

So is Profile Pensions the right choice for you? Let’s find out.

Who are Profile Pensions? 

Profile Pensions are a team of financial and pension professionals whose mission is to make Britain better off in retirement. To achieve this they help people to find the right pension plan to suit their needs and to track down any lost pensions.

In May of 2021 Profile Pensions were nearing £1bn of assets under management with nearly 300,000 customers. 

What do Profile Pensions Offer?

Profile pensions offer 4 main services, these offer you the ability to…

• Start a new pension
• Combine old pensions
• Trace lost pensions
• Drawdown from an existing pension

Let’s look at these in a little more detail.

Start a Pension

With Profile Pensions you can set up a new pension online in a matter of minutes. 

All you need to do is enter a few details and then answer a few basic pension questions. This will help Profile Pensions point you towards the right pension plan for your needs. 

The company will also offer ongoing support to ensure your money stays invested in the right place.

You can choose exactly how much you want to contribute to your new Profile Pensions pension. This can be done via regular contributions or one-off contributions. Your Pension Adviser will provide any help needed when it comes to changing the amount you contribute via your secure online account.

Once everything is set up you can monitor your account easily online. You can also chat with your Pension Adviser at any time.

If you need more information about whether a private pension is right for you, then Profile Pensions have a handy Private Pensions Guide on their website.

They also have a pension calculator to help you work out how much your pension might be worth at retirement age. Do remember that the value of investments can rise as well as fall, so this figure will only be an estimate.

Combining Old Pensions  

The next service Profile Pensions offer is the ability to combine old pensions into one plan. 

This can help you to track how much money you have in your pension pot. It also prevents your money becoming stuck in underperforming funds.

The first step here is to open a Profile Pensions account. Once you’ve done this, you can find and combine your old pensions online by entering some basic details. If you get stuck, your dedicated pension advisor will be on hand to help.

If you’re worried about losing out when transferring a pension then don’t be. Profile Pensions will check this before transferring. If the value of any loss is over £50, then they will contact you before switching a pension. You can then make the call as to whether you would like to proceed or not.

Pension Tracing 

What if you have an old pension lying around but you’re just not sure where it is?

Profile Pensions can help you to find and transfer old pensions into a modern and flexible plan. 

The company don’t charge any extra fees for this service, just their ongoing annual fee on the transferred amount. We’ll discuss this further in this Profile Pensions review.

Pension Drawdown

Profile Pensions also offer a pension drawdown option. This allows you to withdraw cash from your pension savings from the age of 55 onwards. This doesn’t have to all be done at once. You can drawdown what you need as you go and keep the rest of your money in your pot to continue growing.

Again, you are not left to fend for yourself. Estimated sustainable annual or monthly drawdown figures can be seen in your Profile Pensions account in real time.

Pension Drawdown might not be the right option for everyone but it can be a useful alternative to a classic annuity.

A Profile Pensions Dedicated Pension Adviser is always on hand to help if you have questions.

Profile Pensions Past Performance

The Past Performance page of the Profile Pensions website clearly shows 1-5 years of performance data for their Cautious, Balanced, Growth and Adventurous funds. 

This is laid out in year by year text analysis or in chart form. Profile Pensions also include the performance data of their ESG (Environmental, Social and Governance) funds.

Here’s an example of a 5 year performance chart for their Adventurous Portfolio…

Profile Pensions Fees

Profile Pensions are very upfront when it comes to the fees they charge. They have also tried to keep things easy and simple.

The first thing to note is that it is free to join Profile Pensions and set up an account. 

You won’t be charged anything for transferring your old pensions over, or for making contributions. 

The all-inclusive annual fee with Profile Pensions is 0.83%-0.87% depending on which plan is recommended. 

Here’s an example of what Profile Pensions low annual fee could mean for your pension pot…

Profile Pensions Reviews

I always like to consider a broad spectrum of reviews when looking at a company. 

In this area it’s great to see that Profile Pensions Trustpilot score is 4.7 out of 5. This is based on 2,181 reviews. 

84% of those who left a review rated Profile Pensions as Excellent. A further 13% rated them as Great and only 2% gave them a bad rating. 

This is broadly in line with reviews left for similar companies in the Pensions category.

Conclusion

We can see that Profile Pensions have a lot to offer. 

Those who are looking to start a pension will likely find the setup process simple and easy. Those looking to trace lost pensions will get free help, as will those looking to combine old pensions. 

The annual fee charged by Profile Pensions is competitive and transparent. 

Profile Pensions reviews to be found online are largely positive and past performance charts are readily available. There is also a useful guide to pensions and a pensions calculator on their website. 

All being said, opening a Profile Pensions account certainly seems like a good option for those looking to simplify and grow their pension pot.

Capital at risk. Investments can go up and down in value, and you may not get back what you put in. This blog does not constitute financial advice. If you’re unsure, seek independent financial advice.