We’re excited to announce that True Potential Investments is entering the auto enrolment market with a proposition that puts small businesses and their employees in control.
Uniquely, our auto enrolment service enables employees to track their pension 24/7 online and via True Potential Investor on a mobile, tablet or smartwatch. Employees have access to their own True Potential Investor account where they can set a goal for their pension and monitor performance – moving away from an annual statement approach.
Employees can also top-up their pension on-the-go with True Potential’s world-first impulseSave® service, which allows people to make micro-payments into investments such as pensions. The award-winning technology will help to keep employees on course to reach their goal.
Over one million businesses across the UK are due to be enrolled in the Government’s workplace pension scheme; however most remain unprepared, lacking the resources and experience to ensure that they are set up by their staging date.
Our auto enrolment service offers employers the choice of five risk-rated default funds – each charging between 0.71% and 0.74% per year. This is below the Government’s auto enrolment charge cap of 0.75 %.
Other benefits of our auto enrolment service include:
- The ability for employees to link up any existing policies and bank accounts;
- The option for employees to purchase additional investments such as ISAs, General Investment Accounts or Personal Pensions from True Potential’s world-class fund partners via the True Potential Investor system;
- Dedicated support for employers and employees;
- All mandatory employer communications with employees are managed automatically on the employer’s behalf; and
- Automatic alerts for when employers need to take action, such as an employee approaching retirement age or changing their contributions.
Our auto enrolment proposition is free for employers and there are no admin fees or ongoing charges for using the system. The service has been designed specifically with small businesses in mind. It can be set up in just a few days, reducing the administrative burden on small businesses.
Daniel Harrison, Managing Partner of True Potential Investments said: “What we’re offering can change the face of auto enrolment. Built using our award-winning Wealth Platform technology, our True Potential Investor auto enrolment proposition is simple: it’s a pain-free system for business managers that’s fast, free and almost runs itself. Thanks to its full integration with payroll provider software, it saves time, money and a whole lot of hassle.
“This is good news for advisers seeking to access the auto enrolment market, 22% of which already use True Potential’s services. They now have a unique proposition to offer their clients and senior business manager prospects who are staring at a staging date and are not sure what to do next.
“We are confident that this is an auto enrolment proposition that works for businesses, employees and advisers. We like to think of it as ‘Auto Enrolment on Auto Pilot’.”
Finance & Technology Research Centre director Ian McKenna says: “What differentiates this proposition from other auto enrolment suppliers is the way in which scheme members can interact with the service. Each individual member has access to their own information and investments via mobile apps which can operate on a range of devices.”
Your capital is at risk, investments can fluctuate in value and investors may not get the amount back they initially invest. Past performance is not a guide to future performance. Tax rules can change at any time.
impulseSave® is a registered trademark of True Potential Investments LLP
True Potential Investor is a trading name of True Potential Investments LLP which is authorised and regulated by the Financial Conduct Authority. FSR no 527444. Registered in England and Wales No OC356027. www.fca.org.uk