Impartial advice
We'll ask you some questions and use your answers to choose the best pension funds for you
Better manage your pension by consolidating existing pots
Get a dedicated Pension Advisor assigned to your account when you sign up
Enjoy expert and impartial advice on the best options for you
Consolidating your pension means combining multiple pension pots - often from various past employers - into a single account. Profile Pensions offers a free pension consolidation service, transferring all your known pensions into a new, personalised pot at no additional cost.
Simplifies management: Consolidating your old pensions into one pot will make it considerably easier to manage your pension and keep tracks on its performance.
Can reduce fees: Having just one pension will also make it easier to keep track of the fees you are paying, and you may be able to move to a plan with lower fees.
Make your money work harder: Moving to a higher-performing fund can help to maximise your gains over time, and having a single, larger pot may give you more investment options that were previously unavailable when having multiple smaller pots.
However, its worth considering any benefits from your current provider that may be lost when switching and consolidating and weighing this up against any potential gain.
Consolidating your existing pensions could be suitable if..
You have one or more old pensions that you find hard to keep track of or to stay up to date with, especially after changing jobs a few times and having multiple, small workplace pensions.
You want to take control of your pension investments and the fees you’re paying, by combining all your old pensions into one new plan with the right investments and funds for you.
You’ve lost an old pension and need help finding it. You can use a service like Find, Check & Transfer to help you find your lost money and combine it with other pension pots you may have.
For many people, especially those with pensions from several past employers, keeping track of them all - or even remembering them - can be nearly impossible.
Profile Pensions can help by locating any lost pensions and combining them into a single pot, charging a one-time fee of 1%, deducted at transfer.
Whether you have just started a new job and are paying into another pension pot, or have just remembered a previously forgotten pot, you can continue to combine them at any time, for no additional cost. All you will need to do is log in to your Profile account and add the details of the pension, and Profile Pensions will take care of the rest
A dedicated pensions adviser will be available to help with any questions so you can make more informed choices to meet your retirement aims
Helps you manage your retirement planning more easily rather than having smaller pension pots in different places. Could also help you increase the return
You’re not restricted as to where your money will be invested and can be confident the adviser is seeking the best returns for you
Anything you have to pay for the service will be clear from the start so you know exactly what it will cost
There are several good reasons to sign up with Profile Pensions through MoneySuperMarket. These include…
We'll ask you some questions and use your answers to choose the best pension funds for you
You’ll have your own dedicated pension adviser and receive ongoing customer support whenever you have a query
You’ll be able to bring existing plans together to make them easier to manage and give you the potential for better returns
Once you reach the age of 55 (expected to rise to 57 from 2028) you can begin withdrawing money from your private pension fund. However, keep in mind that the longer you wait, the greater potential for growth and more cash or income in retirement. Early retirement not only gives you less time to save but you’ll also have many more non-working years to fund.
Once you reach retirement and you’re receiving your private or workplace pension it will be taxed as income (if your total annual income exceeds your personal tax allowance). However, one-off lump sums of up to 25% of your total pension fund are not classed as income and can be withdrawn tax-free.
If you have a flexible access pension and you’re over 55 (expected to rise to 57 from 2028) you can cash in your private pension. However, you will pay tax on any value over your 25% tax free amount. The specific rules are different depending on the type of pension you have, so check with your provider.
A workplace pension is set up through your employer where they choose the provider. The company may also contribute to your pension pot, but you may have a more restricted choice as to where and how your money is invested. A personal pension allows you to decide who will be the provider or whether you’ll make your own investment decisions. You are responsible for your contributions and they’re not topped up by your employer.
The state pension age in the UK is currently 66 years old for men and women but this age may increase. The Government’s website can tell you when you will reach state pension age, depending on your date of birth.
A pension credit is extra money provided from the government to help with housing and living costs if you’re over state pension age and on a low income.
If your husband, wife or civil partner dies, you may be eligible to receive a bereavement support payment. This is paid as a lump sum, followed by regular payments for up to 18 months.
You can usually choose to invest in one fund or spread your money over a range of funds. The funds invest in a number of varied sectors including UK and overseas shares, corporate bonds and property to try and give you the best return on your money.
A personal pension is important if you are self-employed or run your own business because the state pension alone is unlikely to be enough to fund your lifestyle. You can also start a personal pension if you already pay into a pension scheme through your work and if you feel this will improve your retirement. Alternatively, you could look at different ways of saving for your future, including investing in property, although it probably won’t be as tax-efficient as saving into a pension.
Like all investments, the value can go up or down, and some are more risky than others. Typically those that have the potential for greater growth could also have a higher chance of losing money. The type of pension you have will determine how much control you have over where the money is invested. As you move closer to retirement you may also choose to move your pension into less risky assets, such as bonds and cash, rather than equities to protect its value.
No, you can open a pension at any age and while the sooner the better is often the guidance, opening a pension in your 50s could still be an excellent choice. Especially as you could also receive tax relief on any contributions (until age 75), which means a 25% top up for basic rate tax payers. It also depends on when you plan to retire. If you want to carry on working until later in life and delay taking your pension, starting one in your 50s may still give you years of contributions and potential growth.