AE players take up pensionsync integration

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AccountingWEB.co.uk
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Legal & General and The People’s Pension have successfully transferred member data for auto enrolment through integration platform pensionsync.

Earlier this week accounting firm Armstrong Watson was the first to send client data to Legal & General and People's Pension schemes using the automated data transfer system, which is embedded within Bond International’s Payrite payroll software product.

pensionsync will roll out new integrations with NEST, Smart Pension, NOW: Pensions and Aviva later this year.

Will Lovegrove, chief executive of pensionsync said it was a “major technology moment” in AE history.

He said: “Automatic enrolment is going to be a huge resource issue for payroll bureaus, bookkeepers and accountants over the next three years. We believe that adopting new software technology is the only realistic way that accountants and payroll bureaus can manage the additional administration work that workplace pension reform has created for them and their clients.

Karen Thomson, director from Armstrong Watson, said: “the software will enable us to offer a really competitively priced service to our customers, ensuring they are compliant with automatic enrolment.”

Roy Porter, director of business development at The People’s Pension, added:

“AE is a massive challenge for employers, especially small employers, but is equally a challenge for the people who already support them to run their businesses – their accountants and payroll bureaux.”

Pensionsync was officially launched in May last year and made a big splash at Xerocon earlier this week.

The system allows its customers, mainly payroll software and middleware platforms, to exchange data with multiple pension providers via a single data interface.

It integrates the supplier and receiver of the data in one automated process and bypasses the traditional way of uploading CSV files manually.

Will Lovegrove also told AccountingWEB how pensionsync can help accountants.

“The regular story that we see is that once accountants have helped their first five clients they are confident that they can help all of their clients using CSVs. However, once they have processed 20 clients they realise that they do not have the resources for all of their clients.

“A number of accountants are using AE as the opportunity to outsource their payroll functions to white label bureaus and some have even given their payroll clients back to their software supplier's bureau. However, those who embrace data automation and offer a well thought out solution to clients are not only making payroll a profitable business growth area but also upselling other areas.

“Accountants are reluctant to offer advice to their clients, but at the same time are hamstrung by the pension providers that work efficiently with their payroll software. Data automation means that the administration processes are equalised regardless of provider and therefore accountants can offer as much - or as little - choice to their clients as they want for the same price. Differential pricing can be used for providers that rely on old technology and CSV uploads,” Lovegrove added.

AccountingWEB launched the No-one gets left behind campaign to alert as many accountants as possible to the obligations implied by auto enrolment. Read our simple eight-point statement which sets out the auto enrolment facts you need to know.

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Yes, but ...

I have never heard of Payrite (looks like American) payroll software.  Is "pensionsync" going to make its automated data transfer system available on the payroll software which people actually use - like Moneysoft and Sage?

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available...

My understanding is that Will and the team at Systemsync will make Pensionsync available to any software provider that wants to use it. Maybe its time to lobby the providers and see which ones will use the system and which ones won't.

Middleware is also an option where it works properly with payroll as systemsync can be made available through this medium and middleware can be is payroll agnostic. This would mean that if Sage say no to the integration you feel you need, then adopt a partner who will give you access to middleware which will?

In terms of cost, using middleware in this example replaces the need for the assessment module and so money saved here can be redirected to the cost of the middleware support. This can be cost neutral and may work for some bureaux?

Just a thought..... 

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