Altmann, who sits in the House of Lords as a Conservative peer, says the organisation’s technology can facilitate cheaper, more accurate administration of pensions, and says the pensions dashboard project, which the Government is rumoured to be ready to ditch its involvement in, has been made harder because of the low level of digitalisation of many corners of the pensions sector.
She confirmed that Pensionsync is looking to expand its service to add group group life, critical illness and health insurance available alongside auto-enrolment pensions providers, targeting the largely untapped small and micro business sector.
Altmann says: “When I first met Pensionsync it was clear they have developed something unique and valuable, yet too few people are aware of it. In future, it should be natural for payroll and pension providers to be integrated, and Pensionsync technology does this, while making pension administration quicker, cheaper and more efficient. The platform can also be extended to offer life insurance and other vital cover to workers alongside auto-enrolment.
“Our mission will be to improve pension auto-enrolment administration to ensure more accurate and secure data. In the next stage of development we also intend to enable millions more workers to have low-cost life, critical illness and health insurance, which has been out of reach for employees of most small firms.
“As the pensions dashboard seems to be floundering, partly, because legacy pensions cannot be loaded onto a common system without huge cost, Pensionsync has proved that far-sighted technology investment can deliver the uniformity that is in other industries. The team has helped transform businesses to ensure they can compete in the era of digital distribution. They have built mobile apps, enterprise apps, software and APIs and are now applying this knowledge to pensions administration, which is lagging behind the modern era.
“This technology software firm has built a unique technological solution that automates pensions for employers of all sizes. It has already integrated most major auto-enrolment pension providers with popular payroll firms for thousands of employers. The team has developed an unparalleled API platform to automate the exchange of data between payroll and pension providers using a single interface. There is no other such solution available to help the pensions market enjoy the huge benefits of data standardisation and integration.”
