What is it?

Let’s set out what a defined contribution pension is – because the terminology is constantly changing. You may have heard a defined contribution pension referred to as a ‘workplace pension’. Or it could be a ‘money purchase’ or just ‘private’ pension arranged by you. At its simplest, this is a pension pot in which you, your employer, or both of you, make contributions. The money you put in is then invested by the pension provider

Why should I care about it?

How much you get out of it depends on:

  • How much was paid in
  • How well the pension providers’ investment funds did
  • And how you choose to take your pension (e.g. regular payment or lump sum)

They seem like variable factors. And, frankly, they are. Each of these can make a huge difference in how much you get. Which is why you might wonder why bother to make tiny adjustments. (Or even why bother to set up one up in the first place.) Defined contribution pensions are an excellent way to save money, and get more out of your employer, for later life. But only if you know: “Is the right amount going in for me?” And “Is it being invested in the best way?”

How could Profile help me get more out of it?

Since 2013 we’ve helped over 11,000 customers switch their pensions for a better growth rate. We are experts in defined contribution pension schemes. And typically can help around 70% of pensions we review.

Just to be clear, we aren’t a pensions provider. We make our money from being a pensions adviser. So when you speak to one of our advisers they can genuinely give useful and impartial advice on the best defined contribution pension scheme for you.

And we’re also one of the biggest in the UK. So while talking to one of our pension advisers feels like talking to an IFA, it’s different. We have a wide view of every provider in the industry. Rather than the top 2 or 3 pensions schemes many independent IFAs stick to. We think choice matters as everyone’s pension needs are unique. With all those factors at play, you want the plan that balances things in your favour. Try us. If you don’t end the call feeling like you know everything there is to know about your defined contribution pension options…well you can email Simon.

We find you the best value pension

Our Pension Professionals track down all your pensions (including lost or missing ones), do a whole market comparison and then talk you through options. At the end of the 40 minute phone call, you can decide on your course of action, with no further obligation to Profile. If you choose to act and switch pension provider, we can take care of everything for you. We promise that there will be no pressure on you to switch.

Read More

We work with all of the UK’s leading pension providers including

Over 11,000 customers have switched £470m of pension savings with us

David

Design Engineer, likes the outdoors and lives in Darlington.

The advisers are very knowledgeable and if you have questions they are unable to answer at the 
time they always come back in a short space of time. 
I would recommend Profile to anyone thinking of taking out a pension review.

Sonia

Sonia lives with her husband and stepchildren in Buckinghamshire.

I was particularly impressed with how Profile fed back to me throughout. I have to say I was very happy with their service and how my adviser explained everything in a very straightforward way. He also didn’t put me under any pressure to make changes, so I felt comfortable and confident about trusting his recommendations when it came to transferring my pension.

Robin

A milkman from Barham, Suffolk.

Profile advised that I should switch my pension to LV because it had better long-term prospects. I decided to take their advice and move my pension and I’m glad that I did! Profits have climbed nicely since it was opened just a year ago. I’m very pleased!

Pete

An IT professional from London

The adviser gave me some of the information that I already knew and he supplemented that with current information about my pension performance, how that compared to the market, what the fees were and other plans and providers and what returns they were getting. I imagined that I’d be given a lot of facts of information, which I was, but in manageable chunks over the course of the call.

Davy

Davy works for the Prison Service and lives in Ayrshire.

The yearly updates that I receive from Profile are excellent and understandable. The decision to transfer my pensions via Profile was one of the best decisions that I have made and I wish I had taken the steps years ago.

Our customer reviews

Profile in the press