Auto-enrolment pension provider for small and micro firms, Smart Pension, has launched a single click payroll integration interface which supports fast bulk data transfer for free.
Smart Pension’s system can now support free and open source data standard pensions and payroll data interface and can also integrate directly with other payroll application programming interfaces.
Will Wynne, co-founder and managing director of Smart Pension, said: “When we built our platform we knew one of the biggest barriers for small firms would be sending and receiving data from payroll to pension provider, and so making that process cheaper and less complicated by using free or existing software was a priority.
“By supporting integration with all payroll solutions, including the option of good old-fashioned manual data input, we’re bridging the knowledge gap around what is likely to be a bewildering and troublesome new responsibility for the smallest firms over the next 12 months.”
He added that the new functionality allowed data to pass automatically between systems and gave employers the option to set up pensions via their existing payroll providers.
Paul Lindfield, director of wealth management at Manchester-based Sedulo Wealth Management, said: “On the face of it, they are doing the same as every other master trust provider.
“Other large master trust providers with economies of scale are charging fees because of profitability, and I would question how sustainable that model is over the longer term with the small employers they are looking to target.”