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.

uptonbubbles

Hi, 0.85% seems quite high as most of the big recognised brands charge around 0.5%. Some of the newer entrants to the market, like Interactive Investors and Hargreaves Lansdown, charge around 0.3% and some cap the total fees per year. if you are a busy investor and like to move your funds around, that could add some to the cost. But if you want to leave it in tracker funds, which generally perform better in the long run, then the lower fee model is the best option

dunstonh

Care: early 2025 thread revival.

Hi, 0.85% seems quite high as most of the big recognised brands charge around 0.5%.

It doesn't sound high and there are no providers on the market that charge 0.50% for product, investments and advice.

 Some of the newer entrants to the market, like Interactive Investors and Hargreaves Lansdown, charge around 0.3% and some cap the total fees per year.

II doesn't provide advice. HL has a restricted advice arm but it would far more than circa 0.3% plus fund charges.

 if you are a busy investor and like to move your funds around, that could add some to the cost.

Generally advised solutions don't trade frequently as there is rarely a need to do so.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81929659#Comment_81929659

You are a bit behind the times.

HL have been going 45 years and are one of the more expensive providers nowadays.

There are some actual new providers who charge zero fees.