As you may be aware, Qtac have been working with pensionsync from the word go and we believe they fill a huge void in Automatic Enrolment. Well now pensionsync have launched an exciting new proposition: benefits.market.
Chris Deeson CMO at SystemSync Solutions explains:
- 98% of UK companies have fewer than 100 staff;
- we think these employers have been denied access to employer benefits at a reasonable cost, and
- our technology allows the process to become significantly easier.
You probably buy your house or car insurance through a comparison site, but unbelievably this has not been a possibility for small and medium-sized employers wanting to buy Group Life, Health Cashplans, Income Protection etc.
Group insurance products are different and sometimes more complex than those for individuals – and the jargon requires more deconstructing – but the real barriers have been time, data and complexity. For these reasons they have sought to remove those three barriers:
Complexity – Simplifying Data Requirements
benefits.market works closely with payroll providers to ensure that data requirements are trimmed down and match as closely as possible the data that is held within payroll.
They are also deliberately working with providers who understand that SMEs want simpler, more affordable products, requiring less explanation and less advice.
Data – Streamlining the process and reducing time for employers
pensionsync has already simplified the way in which Workplace Pensions data is transmitted back and forth every single pay period. benefits.market builds on that, using the same data means that employers don’t need to spend time creating and formatting data sets.
Crucially, data never leaves benefits.market until the point of active purchase by the employer – and only then with the explicit instruction of the employer – simplicity does not mean a reduction in data security.
Time – Less Time Means Less Costs
benefits.market uses simpler data, works on an unadvised basis, and the comparison tables are updated instantly each time a successful submission is made to the pension provider.
These add up to mean less time for the employer and lower commission/adviser costs than a traditional service, i.e. more affordable benefit rates.
What Does this Mean?
With the launch of benefits.market, pensionsync is now providing a portfolio of three products that can help employers and their payroll agents manage their business.
- pensionsync saves employers and payroll time in managing Automatic Enrolment – on average 30 minutes saving per pay period;
- pensions.market provides employers with a free overview of the pension and payroll markets, and allows them to compare how different Workplace Pension plans work for employers of their size and with their payroll software, and now
- benefits.market gives employers with less than 100 employees easy access to corporate benefits via their payroll, with no need to have an adviser send their data around the market.
For employers undertaking their payroll in-house, this is a large saving in time, resource and pricing.
For payroll bureaus, accountants and bookkeepers there are significant savings in terms of time, plus their clients can now access free support on Workplace Pensions.
In addition, third party payroll providers can now access a revenue stream from the sale of workplace benefits without needing to be regulated; as benefits.market provides the non-advised sales process but still shares it’s sales commissions back to payroll.
benefits.market is a significant leap forward and will help stimulate a new market in benefits for smaller employers. Duncan Singer, Business Solutions Development Manager of Aviva UK said:
“We see the launch of Pensionsync’s benefits.market platform as a significant development in the employee benefits market. Many smaller employers are not aware that these products are even available to them and tend to assume that they are the domain of much larger firms only. So this new platform has the potential to open up a whole new market for employee benefits within the SME space which is a positive step forward for the market as a whole. As a provider of both pensions and employee benefits products, AVIVA see this as a great opportunity for SME firms to start engaging their staff in new ways, and by using AVIVA not only can company’s keep all their workplace benefits in one place, but also access valuable discounts.”
How to Join?
benefits.market is currently only available to select group of payroll agents, including ourselves.
You can find out more about how this new offering can benefit your business or clients, and how you can join here.