Auto enrolment pension provider Smart Pension has invested in the second equity round of automated data transfer and integration system pensionsync. The advanced technology pension platform, which specialises in auto enrolment for small and micro companies, says the decision to wholeheartedly back pensionsync is part of the firm's ongoing investment in the future of auto enrolment.
Smart Pension co-founder and MD Will Wynne said: "pensionsync offers a pioneering tech solution to the payroll issues thrown up by auto enrolment, especially for those smaller firms wading through the implications of payroll software integration and pension legislation compliance for the first time."
"pensionsync's system makes payroll integration seamless, painless and cheaper. It's thinking like this that is key to ensuring auto enrolment remains sustainable. While we're investing heavily in our own direct payroll integration interface solutions and via our new Adviser Platform, we also think it's important to identify and invest in key adjacent innovation, even if it's not within our own company.
"The pensionsync team has impressive deep knowledge not only of the pension scene but of payroll and the technology to support the industry."
pensionsync has raised £2.6m in just over a year since it launched in March 2015. Its system allows payroll software and HR/employee benefit platforms to exchange data with multiple pension providers via a single data interface.
Will Lovegrove, pensionsync CEO, said: "We welcome Smart Pension's investment because it strengthens what has hitherto been a successful working relationship. This investment does not affect pensionsync's position as a provider-neutral data integration solution. But the closer working relationship between our two companies does mean we're well positioned to collaborate on future data management challenges, such as the pension dashboard."
Payroll data can now be transferred via pensionsync or Smart Pension's own system, which can not only support free and open source data standard Pensions and Payroll Data Interface (PAPDIS), it can also integrate directly with other payroll application programming interfaces (API).
Smart's one click payroll integration interface supports fast bulk data transfer with no integration cost, keeping administration costs low and speeding up the process dramatically.
Smart Pension was recently awarded a five star rating by independent research company Defaqto in recognition of its innovative and highly automated platform. It launched its adviser-facing platform earlier this year to allow accountants and advisers to enrol multiple clients in a single sitting for the first time.
About systemsync solutions ltd:
systemsync solutions ltd was formed in 2015 by the founders of a software development consultancy based in Parsons Green, London. systemsync solutions ltd has worked alongside The Pensions Regulator, The Chartered Institute of Payroll Professionals, Pensions BIB and major pension providers to help define the PAPDIS data standard.
Notes to editors
ABOUT SMART PENSION:
Smart Pension is a MAF-accredited online auto enrolment provider. Its platform was built specifically to help thousands of small British businesses sign up their employees to a workplace pension scheme, as required by law. Smart Pension was co-founded in 2014 by Andrew Evans, CEO, and Will Wynne, Managing Director, and launched in May 2015. Its Master Trust is overseen by professional trustees with decades of experience supervising large pension schemes. Smart Pension has partnered with Apex Fund Services, one of the world's largest independent fund administrators, to securely and cost-effectively administer employees' pensions. Smart Pension has a 5 star rating from Defaqto in the auto enrolment category. Smart Pension is the fastest auto enrolment platform on the market to sign up with and advisers and employers can use it for free - there are no upfront or ongoing charges for companies or their advisers. LGIM took a minority stake in the digital pension platform in 2016, part of a move by LGIM to invest in high-achieving, innovative technology that has a positive impact on the wider UK economy. www.AutoEnrolment.co.uk