pensionsync at the pension regulator ae conference
TRANSCRIPT
![Page 1: pensionsync at The Pension Regulator AE conference](https://reader035.vdocuments.us/reader035/viewer/2022070600/589f51951a28abec418b6055/html5/thumbnails/1.jpg)
At the heart of automatic enrolment, connecting payroll to pension providers
Will LovegroveCEO
The Pensions Regulator “AE Conference”July 2016
![Page 2: pensionsync at The Pension Regulator AE conference](https://reader035.vdocuments.us/reader035/viewer/2022070600/589f51951a28abec418b6055/html5/thumbnails/2.jpg)
2
The problem
We predicted in 2013 that manually processing pension datawould become a significant problem as more and more Employers staged.
We used this satirical video to emphasis our point & build important industry relationships
![Page 3: pensionsync at The Pension Regulator AE conference](https://reader035.vdocuments.us/reader035/viewer/2022070600/589f51951a28abec418b6055/html5/thumbnails/3.jpg)
A new data supply chain
Payroll Pension provider
Automatic enrolment is creating a new “pension data supply chain”principally between payroll and pension providers.
This new supply chain is being operated “manually” by payroll bureaus and payroll departments.
We believe software can help relieve the manual burden.
![Page 4: pensionsync at The Pension Regulator AE conference](https://reader035.vdocuments.us/reader035/viewer/2022070600/589f51951a28abec418b6055/html5/thumbnails/4.jpg)
The opportunity
4
We are now establishedand have formed commercial relationships
with these payroll companies or their Bureaus, and business partnerships with these pension providers.
![Page 5: pensionsync at The Pension Regulator AE conference](https://reader035.vdocuments.us/reader035/viewer/2022070600/589f51951a28abec418b6055/html5/thumbnails/5.jpg)
Software hides complexity
Payroll Pension providerAE ‘module’
API data transfer
Scheme &
Data tools
Many payroll systems now have AE features, free, or as an optional module.Some of the larger payroll systems have API data transfer in place with NEST
Only pensionsync is operational with 4 providers, increasing to 6 by end of 2016pensionsync provides sophisticated tools and monitoring-dashboards
that help Bureaus set-up new schemes and also monitor every step of the data transfer process (between payroll software and pension provider, and vice versa)
![Page 6: pensionsync at The Pension Regulator AE conference](https://reader035.vdocuments.us/reader035/viewer/2022070600/589f51951a28abec418b6055/html5/thumbnails/6.jpg)
Predictions for the futurePrediction for TPR
Your role will become more important as 1.8m Employers stage.New technology (such as APIs) is an opportunity to get more accurate & up to date information on Employer’s schemes.It could be the best way to achieve this is to adopt new emerging technology, or become part of the new pension data supply chain.
Prediction for Pension ProvidersNew technology is an opportunity to increase member engagement (as well as lower cost of working with Employers).API technology has a role to play in the Pension Dashboard. APIs can take data to where the member is already engaged, such as Payroll/Payslips (rather than ask the member to come and engage with Providers, or a Public Service Dashboard)
![Page 7: pensionsync at The Pension Regulator AE conference](https://reader035.vdocuments.us/reader035/viewer/2022070600/589f51951a28abec418b6055/html5/thumbnails/7.jpg)
Concept payslip
The car industry has “concept cars”I have “concept payslips”.
An insurance company challengedme to give an example of howpension data could travel to where members are already engaged.
This is my payslip of the future.(It is actually my current payslip, but I’ve doctored the numbers)
![Page 8: pensionsync at The Pension Regulator AE conference](https://reader035.vdocuments.us/reader035/viewer/2022070600/589f51951a28abec418b6055/html5/thumbnails/8.jpg)
In my opinion, the place where an Employee is told that a deduction has been made is the perfect place to tell the Employee where their money has gone to
![Page 9: pensionsync at The Pension Regulator AE conference](https://reader035.vdocuments.us/reader035/viewer/2022070600/589f51951a28abec418b6055/html5/thumbnails/9.jpg)
It is also the perfect place to display other “pots”. And the place where the Employer can display a simple message of “how to get financial advice”
![Page 10: pensionsync at The Pension Regulator AE conference](https://reader035.vdocuments.us/reader035/viewer/2022070600/589f51951a28abec418b6055/html5/thumbnails/10.jpg)
Thank you