• New provider offers free service to employers; low Annual Management Charges (AMC) means no firm is too small and all firms are guaranteed to be accepted
• Industry leading technology delivers complete auto enrolment solution for SMEs
A next generation workplace pensions and savings provider has launched today with the specific intention of targeting SMEs. GenLife will use innovative technology to deliver a complete auto enrolment solution for employers and deliver value to employees, helping them prepare for later life.
With April’s regulatory and legislative changes, and the obligation for all companies to be auto enrolment ready by 2018, the traditional world of pensions is coming to an end. GenLife is seeking to exploit this market by offering businesses – and their employees – a flexible approach to savings.
GenLife aims to revolutionise the workplace pensions market given its low 0.3% AMC. For the very first time small and large savers get access to world class saving options. There is no charge to the employer for using GenLife’s proposition and firms are guaranteed to be accepted.
Unlike traditional providers, GenLife is not led exclusively by pension specialists. Founder and Managing Director Nick Ayton is a technology entrepreneur, while the experienced management team also includes Bob Ward and Nayan Patel who have held senior roles in companies providing traditional pensions, employee benefits and payroll solutions.
Central to GenLife, a master trust provider of qualifying pensions, is its automated pioneering technology. Called the GenLife Pensions and Savings Portal, the solution provides compliance – to standards set by The Pensions Regulator – for handling auto enrolment.
Nick Ayton, Founder and Managing Director at GenLife commented:
“With pension rule changes freeing people from buying annuities being introduced in April, the retirement landscape is moving in exciting new directions. In addition, the requirement for all companies to be auto enrolment ready by 2018 is putting considerable pressure on existing solutions.
“There is a clear gap in the market for a next generation financial services company to make it easier for employers to set up pensions and saving schemes that deliver value for their employees. The older providers, weighed down with obsolete business practices need to charge their clients hefty fees. We are the first company to offer this new technology and are confident it will lead to both greater efficiency, and more money in employers’ pockets.”