April 26, 2021
If you are an accountancy practice or payroll bureau, there’s a good chance you have heard of PensionSync, even if you haven’t used it yet. You may even be in the ever-growing category of accountants and payroll bureaux who can boast that they are using PensionSync, and in doing so saving themselves huge amounts of time that can be reinvested in more profitable activities than manual pension processing.
And that’s what it all boils down to, isn’t it? Saving time.
Actually, although the time savings get the lion’s share of the attention (and rightly so) there is a lot more to PensionSync than that.
Here are some of the key benefits of using PensionSync that often go under the radar:
PensionSync can work with any payroll software, enabling you to offer a streamlined pension service for all your clients even if there is a range of software products involved.
Some software products operate a payroll integration for PensionSync, so that pension data can be filed using simple button clicks within the payroll system. Others don’t have that integration, but can produce pension CSV files which can be uploaded easily using PensionSync’s game-changing Flexible File Upload system. Flexible File Upload can accept files in bulk, in a range of file formats and with fuss-free validation requirements to ensure ease of processing.
Coming soon - if you get errors when uploading your pension data, you will be able to download an error file, correct it and quickly resubmit it to PensionSync - removing the need to re-run anything in payroll.
PensionSync can automate a lot of processing for you - but it also has a series of checks and balances available so that you can be in full control of the process.
When you submit pension data through PensionSync you can choose whether you want it to be sent straight to the pension provider, or whether you want to have an on-screen safety check prior to delivery. If you choose to have the safety check enabled you will be able to view and approve the content of each file submission before it is sent to the pension provider - perfect if you want your pension process to include a second-person check.
Similarly, PensionSync automatically approves Direct Debit payments to Nest - but you can switch the automation off if you wish. Most PensionSync users keep it switched on because it saves them having to log in to Nest just to push the “Make Payment” button for each client each pay run - but if you, or any of your clients, want to take full control over payments you can set the payment approval to manual on a scheme-by-scheme basis, as required.
PensionSync keeps a breakdown of each pension submission for you, so that you can always see what totals were submitted to which pension schemes when. You can view these for each of your clients on the PensionSync Dashboard Scheme Details page.
On the same page, for any of your Nest clients you can see an audit trail of Nest Payment Approvals, so you know what amounts have been approved for each clients’ scheme. Again this is displayed in a clear and accessible manner on the PensionSync Dashboard.
Meanwhile, with the PensionSync Reporting Pack feature you can export the above reports (and more) for all your clients at the touch of a button, giving you a comprehensive audit trail of your pension submissions and Nest Payment Approvals.
Maybe you haven’t tried PensionSync yet, or maybe you’ve tried it before, but it wasn’t quite right for you at the time?
There has been a lot of development over the last 12-18 months, including the launch of our new look PensionSync Dashboard, so now could be the perfect time to sign up for a 3-month free trial and see how PensionSync can give you greater flexibility, control and accountability in your payroll-to-pension process, as well as saving you time.
Happy New Year from PensionSync, reflecting on successes and looking forward to 2021