Financial and Technology services firm True Potential has today announced that it has entered the auto-enrolment (AE) market with a proposition that puts SMEs and their employees in control.
Uniquely, True Potential’s AE service will enable employees to track their pension 24/7 online and via True Potential Investor on a mobile, tablet or smart watch. 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. The award-winning technology will help to keep employees on course to reach their goal.
Over one million businesses across the UK are due to be enrolled in the Government’s workplace pension scheme; however most remain unprepared, lacking the resources and experience to ensure that they are set up by their staging date.
Deloitte Technology Fast 50 UK firm True Potential’s AE service offers employers the choice of five risk-rated default funds – each charging between 0.71 per cent and 0.74 per cent. This is below the Government’s AE charge cap of 0.75 per cent.
True Potential’s AE proposition is free for employers and there are no admin fees or ongoing charges for using the system. The service has been designed specifically with SMEs in mind. It can be set up in just a few days, reducing the administrative burden on small businesses.
Daniel Harrison, managing partner of True Potential Investments, says: “What we’re offering can change the face of auto-enrolment. Built using our award-winning Wealth Platform technology, our True Potential Investor auto-enrolment proposition is simple: it’s a pain-free system for business managers that’s fast, free and almost runs itself. 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 offering advisers a one-off profit share payment* from True Potential, equivalent to GBP4 for every GBP1,000 invested after 12 months of the auto-enrolment schemes they set up.
“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’.”
Finance & Technology Research Centre director Ian McKenna, says: “What differentiates this proposition from other auto-enrolment suppliers is the way in which scheme members can interact with the service. Each individual member has access to their own information and investments via mobile apps which can operate on a range of devices.”