Profile Pensions annual fee?

vivalavida123

Morning, everyone 🙂
I'd like to ask kindly anyone of Profile Pensions users, as I consider starting my private pension with them and still trying to find answers for whatever puzzles me..
Their annual fee is 0,82-0,86% with all the aspects included (ongoing investment advice as well) -
but WHEN during a year do they valuate my pension pot to calculate a fee..?

Is it an annual date of my first contribution - or last day of calendar year - or any other date?
As my contributing is ongoing, the pension pot's value changes with time as well.. so, at which moment is it valuated?
Thank you in advance for any seasoned answers 🤗

dunstonh

but WHEN during a year do they valuate my pension pot to calculate a fee..?

The different components will be at different frequencies.

Some will be daily.  Some will be monthly.

Marcon

vivalavida123 said:

Morning, everyone 🙂
I'd like to ask kindly anyone of Profile Pensions users, as I consider starting my private pension with them and still trying to find answers for whatever puzzles me..
Their annual fee is 0,82-0,86% with all the aspects included (ongoing investment advice as well) -
but WHEN during a year do they valuate my pension pot to calculate a fee..?

Is it an annual date of my first contribution - or last day of calendar year - or any other date?
As my contributing is ongoing, the pension pot's value changes with time as well.. so, at which moment is it valuated?
Thank you in advance for any seasoned answers 🤗

Do you need ongoing investment advice?

vivalavida123

Marcon said:

Do you need ongoing investment advice?

This is another thing, Marcon 🤭
I'm pretty new in private pension topic, having only NEST pot at my workplace.. and I'm not going to contribute surplus money there, as they charge 1,8% of every payment 🤦
I did some homework already, got to know some pension providers' options and fees (some of them quite complex, though) -
and my thinking is that a simple 0,85% fee scheme is much clearer for me + my guess (naive?) that they earn the more the better my pot performs, so perhaps there is a win-win deal here? 🤔
Some other providers charge only 0,45% or so, which is a half cheaper.. but another thing is I know generally how investments work, but I'm not very familiar with they various instruments.
That saying, I'm a little bit worried to put my money in kind of neglect, when it's me to manage the pot myself..

Albermarle

I'm pretty new in private pension topic, having only NEST pot at my workplace.. and I'm not going to contribute surplus money there, as they charge 1,8% of every payment 

Yes that is an issue with Nest. However on the other hand they only charge 0.3% ongoing charge for both the investments and platform together, which is pretty cheap.
The initial charge gets diluted if you stay with Nest for a few years and will work out less than the 0.85% pa of Profile pensions, although it seems you get some financial advice as part of the package.