By Aisling Finn on Friday 7 May 2021
The pension provider is also nearing the 25,000 customer mark following a year of strong growth.
UPDATE 10-05-2021 - An earlier version of this article included inaccurate information provided by Profile Pensions stating that it had already reached its £1bn milestone, which it has not yet.
Alternative pension providers continue to solidify their place in the mainstream and Profile Pensions is no different.
The pension provider is nearing £1bn of assets under management as it continues to expand its customer base, reaching nearly 25,000 customers.
“Anyone can use our service to get impartial pensions investment advice online in less than 10 minutes. Millions of people aren’t making the most of their pension pots, or have lost track of them altogether,” Jordan Mayo, chief investment officer at Profile Pensions, said.
“Many people are unknowingly paying high fees for poor performance, and those who decide to self-manage can make expensive mistakes. Profile Pensions solves these problems, cutting through the complexity of investments and showing customers the best place to invest their pensions.”
Since 2017, Profile Pensions has tracked down £152m in lost pensions, estimating there is £37bn worth of missing pensions in the UK.
Once a customer transfers their pension over, they can record old pensions, track funds and fees and monitor the performance of their pension.
By enabling their customers to track the improvement of their pensions, customers see an average improvement of around four per cent, equating to roughly an extra £35,000 per person at retirement, according to the company.