New pension provider GenLife has entered the auto-enrolment market with a master-trust and integrated payroll system targeting small firms.
Members pay 0.3 per cent in annual management charges plus £1.50 a month.
Employers using GenLife for auto-enrolment will also have access to a payroll system using the Papdis data standard for payroll software providers.
GenLife says this “eliminates the need to upload files as data is passed automatically between systems”.
As well as SMEs, the provider is also approaching larger firms reconsidering retendering their auto-enrolment scheme.
GenLife platforms and partnership manager Arnold Ayton says: “The requirement for all companies to be auto enrolment ready by 2018 is putting considerable pressure on payroll users who currently face a time consuming process to manually input employee information.
“Our new technology simplifies this complex operation by automatically transferring data between different systems. We are the first company to offer this solution and are confident it will lead to greater efficiency for payroll bureaux.”