The first fully automated pensions data transfer between a payroll bureau and pension providers has been achieved, removing the need for manual export of data to CSV file says Pensionsync.
Armstrong Watson, a UK accountant has sent pensions data to both Legal & General & The People’s Pension using Pensionsync technology embedded within Bond International Ltd’s Payrite payroll software product, a first for the industry says the tech provider. It says the new system means payroll contributions data can flow from an accountant or payroll bureau to pension providers without the need for manual export of data to a CSV file.
Pensionsync is planning to rollout new integrations with Nest, Smart Pension, Now: Pensions and Aviva in 2016.
Will Lovegrove, CEO of Systemsync, which owns Pensionsync says: “Today is a big moment for both pensionsync and the payroll industry. Automatic enrolment is going to be a huge resource issue for payroll bureaus, bookkeepers and accountants over the next three years. We believe that adopting new software technology is the only realistic way that accountants and payroll bureaus can manage the additional administration work that workplace pension reform has created for them and their Clients.”
Armstrong Watson payroll & employee services director Karen Thomson says: “We have been preparing to help our customers with their automatic enrolment obligations for more than 18 months, but were frustrated by the lack of automation from many pension providers, thus increasing our costs and resource.”
Bond International Software head of operations – HR and payroll software Ed Patchett says: “Managing pension data is a massive challenge for all UK payroll bureaus. The automation of pension data transfer is final elusive piece in the complex auto-enrolment jigsaw. We’re delighted to have worked with Pensionsync, Legal & General, The People’s Pension and Armstrong Watson in pioneering the use of state-of-the-art technology within Bond Payrite to give our customers a straightforward, efficient, end to end automatic enrolment experience.”
Legal & General Investment Management SME development manager workplace DC pensions Alain Caplan says: “Integration between payroll software and pension providers makes setting up and administering a workplace pension faster and more streamlined. This is now a reality. Automated data transfer will play a key role in helping manage the huge number of employers staging over the next few years. Solutions like this allow us to take on the increased demand effectively and retain our low cost charging structure for all shapes and sizes of employers”
The People’s Pension director of business development Roy Porter says: “AE is a massive challenge for employers, especially small employers, but is equally a challenge for the people who already support them to run their businesses – their accountants and payroll bureaux. We look forward to making life easier for our customers thanks to Pensionsync.”
F&TRC director Ian McKenna says: “We see payroll integration as an increasingly important competitive factor in the market. Advisers need to clearly understand the depth of integration different pension providers can provide when selecting the most appropriate schemes for their clients. We expect to see a lot of competitive activity in this area in the coming months. It would be worrying if firms made recommendations solely on the basis of payroll integration, but it is an important factor in reducing costs.”