A presentation to The Pensions Regulator AE conference, given by Will Lovegrove CEO of pensionsync, explaining the rise of API technology, the creation of a new pension data supply chain (between payroll and pension systems) and some predictions for the future. Including a vision of "future payslip" in which pension pot information is displayed on the member's payslip.

1. At the heart of automatic enrolment, connecting payroll to
pension providers
Will Lovegrove
CEO
The Pensions Regulator “AE Conference”
July 2016

2. 2
The problem
We predicted in 2013 that manually processing pension data
would become a significant problem
as more and more Employers staged.
We used this satirical video to emphasis our point
& build important industry relationships

3. 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.

4. The opportunity
4
We are now established
and have formed commercial relationships
with these payroll companies or their Bureaus,
and business partnerships with these pension providers.

5. Software hides complexity
Payroll Pension provider
AE ‘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 2016
pensionsync 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)

6. Predictions for the future
Prediction 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 Providers
New 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)

7. Concept payslip
The car industry has “concept cars”
I have “concept payslips”.
An insurance company challenged
me to give an example of how
pension 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)

8. 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

9. 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”

10. Thank you