Free comparison site for payroll software
02 December 2016
Pensionsync has launched a pension provider comparison website designed to help UK employers make informed decisions when selecting a workplace pension.
The website will also allow employers to compare payroll software to assist when administering workplace pensions.
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.
Payroll.pensions.market has been designed to deliver essential information in in a straightforward, easy-to-understand format, free of charge.
Will Lovegrove, CEO of pensionsync said:
“What 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. There was a time when many in the industry believed there would be a “capacity crunch” of pension provision to SMEs. In fact, the opposite is now true. There is good capacity and good choice in the market.
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.
Whilst this website stops short of offering formal financial advice, we do 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, giving superior scores to those payroll products that are investing, at their own cost, in building pension data automation connections to multiple pension providers. It is these payroll software companies that understand that their customers need better tools to lower the burden of automatic enrolment.
We also think our payroll software comparison tables will be interesting to the 200,000 employers currently using the free HMRC Basic Pay Tool who have been left high and dry because it has not been expanded to include automatic enrolment functionality such as workforce assessment.”