Payroll-to-pensions technology platform Pensionsync is dropping its charges completely for all Direct Model customers from 1st February 2017, as it prepares to launch a robo-advised ‘online superstore’ for SME employee benefits in summer 2017.
Direct Model is Pensionsync’s pay-as-you-go revenue model where payroll professionals and employers pay a monthly fee to use the platform. From February, all Direct Model customers will no longer pay monthly fees for sending payroll data to Pensionsync’s existing pension provider partners, Nest, The People’s Pension, Now: Pensions, Legal & General, Smart Pension and Aviva.
Existing Direct Model customers and new customers who sign up before 30 April 2017 will also receive six months of premium support for free.
This change in business model means that Pensionsync will no longer bear the cost of pension providers integrating into its technology platform. New pension providers to the platform will be required to cover these costs.
In summer 2017, Pensionsync will launch a new benefits brokerage website, www.benefits.market, targeted at SMEs.
Pensionsync CEO Will Lovegrove says: “We wanted to continue to create pioneering services for the financial services industry, following the successful launch of www.pensions.market in the autumn. Efficient data transfer is essential for the continued growth of the pensions and employee benefits industry and by providing a free service pensionsync is directly contributing to the adoption of this new technology by UK employers.
“Through this new business model, we are supporting the vital SME economy by removing the cost of working with Pensionsync and providing a website that does much of the heavy lifting related to finding the best employee benefits products for employers. Linking Pensionsync to benefits.market will mean our software will automatically produce tailored quotes and product comparison tables, and support employer decision making with robo-advice. These innovations will change the way smaller employers review and purchase benefits for their employees, and help improve workers lives by making protection affordable for everyone.”