Profile Pensions

Profile Pensions: independent pension advice in the UK

Profile Pensions is a trading name of Profile Financial Solutions Ltd, a firm authorised and regulated by the Financial Conduct Authority (FCA) under number 596398 and registered in England and Wales with company number 07731925. Its activity focuses on the management and advice of private pensions for UK clients, with a proposition that combines technology and personalised customer service.

The firm states that nearly 400,000 people have signed up to its service. The onboarding process is completed online with just a few details and allows the user to see a recommended pension plan before contracting.

Pension services

The company offers three main ways to act on retirement savings:

• Combine or transfer old pensions: integration of previous plans into a new plan at no cost. If the client needs to locate old workplace pensions or check for guarantees and protected benefits, the firm provides a tracing service for a one-off fee of 1% of the pension value.
• Start a new pension: contracting a new plan with a personalised investment allocation.
• Flexible withdrawal: access to capital from age 55.

The personalised plan indicates where to invest, selecting funds from the whole of the market, both for those combining old pensions and for those starting a new plan or beginning the drawdown phase.

Advice and monitoring model

Profile Pensions presents itself as an independent advice service that avoids guesswork: it states that it indicates the best place to invest money and reviews the pension periodically to check that it remains suitable. The ongoing service includes access to a pension expert and monitoring of the plan's performance.

The company also offers a pension calculator to estimate the future value of the plan and the income it could generate in retirement, as well as a comparison table of its service against other pension providers and traditional independent financial advisers.

Adviser team

The advice team includes Olivia Craig (Investment Advisory Manager) and pension advisers Paul Hepplestone, Josefine Jonsson, Samantha Packham and Richard Penney.

Cost structure

The firm states that its annual fee is between 0.82% and 0.86%, depending on the pension plan chosen, and includes the platform, fund fees and the ongoing service. It does not apply hidden costs, according to its own presentation. The service for tracing and combining old pensions has a one-off fee of 1% of the pension value.

Client profile and approach

The company targets its proposition at UK consumers who lack confidence in making financial decisions or who have lost track of their pension plans. Its stated goal is to improve clients' financial situation in retirement through a plan suited to each individual circumstance.

The firm warns that capital is at risk, that the website does not constitute personal advice and that tax rates and reliefs depend on individual circumstances and may change. It also notes that past performance is not indicative of future performance.

Location and contact

Norwest Court, Guildhall Street, Preston, PR1 3NU · Phone: 01772 804 404