A new software system that has been described as the ‘Holy Grail of payroll/pension interfacing’ because it claims to drastically reduce the cost and complexity of auto-enrolment administration has been launched by Systemsync Solutions.
Called Pensionsync, this new data integration platform for auto enrolment data, is integrated with Nest, Now: Pensions, The People’s Pension and GenLife. Steve Bee’s Jargon Free Pensions and Henry Tapper’s Pensions PlayPen have both signed deals with Systemsync for the software. Now: Pensions have described the software as the ’Holy Grail of payroll/pension interfacing’.
Systemsync is allowing its payroll software provider customers use its Pensionsync data integration platform without charge to send employer data to Pension PlayPen’s workforce assessment tool. Pension Playpen will become a ‘free port’ within Systemsync’s network of auto-enrolment solution providers.
Pensionsync allows its payroll software and benefits platforms to seamlessly exchange data with multiple pension providers through one data interface, which it says removes the need for payroll software to export data into unsecure CSV files that then burden payroll bureaux and employers with the job of manually transferring the data to pension providers.
Efficient transfer of payroll data to and from pension providers is considered one of the largest auto-enrolment challenges facing employers. Systemsync solutions says its Pensionsync software will save the average employer up to half a day effort each payroll period and remove the need to increase headcount within payroll bureaux.
Systemsync chief executive Will Lovegrove says: “Pensionsync has been developed to dramatically reduce the cost and complexity of AE for all parties: employer, bureaux, payroll software and pension provider. Both cloud-based and desktop payroll software will be able to easily integrate their product into Pensionsync and then deliver data to multiple providers on an expedited basis, without compromising the security of their customer data, and at a fraction of the upfront costs of integrating directly to the same providers themselves.”
“On one level this alliance with Pensions PlayPen is about making it easier to load data into Pension PlayPen. Our Pensionsync platform can quickly move data from Payroll Software to Pension PlayPen automatically, thus cutting out the need for manually exporting and uploading CSV files. But on another level it is actually about choice. Payroll software providers will be able to direct their customers to trusted third-party guidance that can quickly and responsibly help them select the right workplace pension.”
The People’s Pension chief operating officer Jamie Fiveash says: “Auto-enrolment is all about seamless, at volume, data transfer and The People’s Pension is delighted to be working with Systemsync to build an API solution that makes a reality of the PAPDIS data standard. Bearing down on cost and improving efficiency will be of benefit to all parties in making automatic enrolment work for employers of all shapes and sizes. Solutions like this will become increasingly important as we deal with an increasing number of employers over the next few years.
Now: Pensions director of IT Peter Thompson says: “API processing is the Holy Grail of payroll/pension interfacing, particularly in the huge data-transfer universe that auto enrolment has created. The reduction in the total cost of ownership that this technology brings will not just benefit employers and providers, but ultimately scheme members, helping ensure better retirement outcomes.”
Jargon Free Benefits chief executive Steve Bee says: “To provide a comprehensive workplace communications and employee engagement programme around auto- enrolment we need to seamlessly connect a combination of disparate systems. Pensionsync APIs will make that possible”.
Pension PlayPen founder Henry Tapper says: “There will be more employers setting up workplace pensions in the next 3 years than over the past 100 years put together. The two biggest issues facing employers are data management and pension selection. This alliance takes on the capacity crunch and it’s going to smash it.”
“Our shared vision is to automatically set-up schemes with providers, using secure API technology. We’re already seeing indications from forward thinking pension providers that they see the economic benefit in automatic scheme set-up. Our ultimate goal is to reduce the complex, time consuming and stressful process of responsibly selecting and setting up a workplace pension scheme down to a straight-forward self-service experience guided by best-in-class software solutions”.