True Potential has entered the auto-enrolment market with a proposition that enable employees to track their pension online and via True Potential Investor on a mobile, tablet or smart watch.
The firm describes the proposition as “unique”, as employees will have access to their own True Potential Investor account where they can set a goal and monitor performance – moving away from an annual statement approach.
Employees will also be able to top up their pensions on-the-go with True Potential’s “world first” Impulsesave service, which allows people to make micro-payments into investments such as pensions.
True Potential’s auto-enrolment service offers employers the choice of five risk-rated default funds, each charging between 0.71 per cent and 0.74 per cent, which is below the government’s scheme charge cap of 0.75 per cent.
The proposition is free for employers and there are no administration fees or ongoing charges for using the system.
The service has been designed specifically with small and medium-sized businesses in mind and can be set up in just a few days, reducing the administrative burden on small businesses.
Daniel Harrison, managing partner of True Potential Investments said: “What we’re offering can change the face of auto-enrolment.
“Thanks to its full integration with payroll provider software, it saves time, money and a whole lot of hassle.
“This is good news for advisers seeking to access the AE market, 22 per cent of which already use True Potential’s services. They now have a unique proposition to offer their clients and senior business manager prospects who are staring at a staging date and are not sure what to do next.
“We are confident that this is an AE proposition that works for businesses, employees and advisers. We like to think of it as ‘Auto-enrolment on auto-pilot’.”