Automatic enrolment pension provider comparison website launches
09 December 2016
pensionsync, has launched a pension provider comparison website, www.payroll.pensions.market, designed to help UK employers select a workplace pension. The website will also allow employers to compare payroll software, which is a critical tool in administering workplace pensions in the UK.
It is the first free industry comparison site that brings together public domain information from major pension providers with considered opinion from experts and third parties. The comparison site delivers essential information in in a straightforward, easy-to-understand format, free of charge.
www.payroll.pensions.market launches at a time when The Pensions Regulator has revealed a large rise in penalties for small and micro-businesses for non-compliance in setting up automatic enrolment pension schemes. www.payroll.pensions.market aims to directly support employers struggling to bear the administrative burden of automatic enrolment by helping them make informed decisions.
Will Lovegrove, CEO of pensionsync said:
“What www.payroll.pensions.market reveals is that there is a very healthy workplace pension provider market competing for business from the 1m small employers yet to stage. The providers in this market have different propositions, charges and services to offer.
However, employers have very few sources of trusted and free information to turn to when picking a workplace pension provider, and this information isn’t in one place or easily understood. In their haste to avoid being fined by the regulator, we believe many SME employers are not reviewing the market in any depth before making a choice. We believe that our simple market comparison tool will help make employers more aware that they have a choice and the implications of that choice.
We have also chosen to compare payroll software products, focusing on those payroll products that are investing, at their own cost, in building pension data automation connections to multiple pension providers. Accounting practices and payroll bureaus should find this information relevant and interesting as they look to the market to provide superior software tools to help them manage their clients' automatic enrolment needs."