People’s Champion finalist 2017: Smart Pension
Providing an auto-enrolment solution for small businesses Smart Pension is seeing 1,000 sign ups a day – could it be your People’s Champion?
Start-up name: Smart Pension
Founders: Will Wynne and Andrew Evans
Started in: 2015
Based in: London
Business description: Auto-enrolment software
The Smart Pension story:
Auto-enrolment is “the biggest piece of red tape to hit small businesses for decades”, leaving many clamouring for a way to deal with the sudden influx of admin, paperwork and regulatory hurdles introduced as a result.
Fortunately, Smart Pension is here to help. The platform is on a mission to make auto-enrolment affordable and sustainable for the 1.4 million small businesses that have already or are in the process of enrolling their staff into a workplace pension.
And because it was created by an in-house team of developers, there are no third-party costs, meaning it can be completely free for employers and advisers. It charges employees a small fee of 0.75% of their pension contributions to use the service.
Smart Pension claims its technology and “industry-first” features mean its platform can help businesses enrol their entire workforce in under 25 minutes, even via a smartphone or tablet, saving time-poor businesses the headache of hours of admin when they could be doing something more important. Members can then manage their pensions through the online portal.
The company has also developed a platform for advisers, IFAs and accountants that allows them to upload their entire client book. Its API can then create a participation agreement that can be e-signed via Signable.
Smart Pension’s cleverly designed software is now seeing a new business join every seven minutes and 1,000 members enrol a day, whilst its own API now handles 60,000 company schemes for 3,000 employees and 7,000 advisers.
Why Smart Pension made our shortlist:
Now backed by £15m in Series B funding following the close of a round in June, Smart Pension is set to transform the pension space and bring its service to the increasing number of countries that are exploring auto-enrolment initiatives.