Former pensions minister Ros Altmann is to chair a fintech focused on relieving the administrative burden of retirement savings on companies.
Baroness Altmann has joined Pensionsync, a data integration platform that connects major payroll providers with major pension providers and claims to make administration quicker, cheaper and more efficient.
Ms Altmann told FTAdviser that the services Pensionsync provided were essential for companies that were having bring large numbers of employees into schemes under auto-enrolment.
She said: "Companies spend a fortune on contributions and pension providers, but often scrimp and save on administration costs. We have found that as auto-enrolment has come in a huge proportion of payments have been wrong — and how would people know?"
Pensionsync was launched in 2015, with the support of the government's 'Project Innovate' fintech initiative. It was also a participant in the Financial Conduct Authority’s Sandbox innovation programme.