A2Pay Enables same-day investment of pension contributions

A single, comprehensive and secure platform for all benefits processing

Processing pension contributions is often a time-consuming, onerous and fragmented task. Each step is open to omission or error especially where spreadsheets are used. Where there are multiple payrolls or multiple sites these need to be consolidated in to one and amendments made for new staff and leavers. Once the data is sent to the pension administrator, there are reconciliation enquiries that can delay the investment into the pension fund by days, weeks or even months.

A2Pay is a cost-efficient solution for an employer that cuts the lead-time to investment for pension contributions. Accessed through a standard Internet browser, it is easy to use, simple to understand and provides greater visibility and financial control.

Faster investment

Eliminates the omissions and errors that can delay investment and adversely impact the long-term value of an employee's benefits and become an issue for HR.

Compliance

A2Pay ensures compliance with regulation and financial control standards as well as possible future regulation regarding the time that is taken to invest contributions. It enables employers to implement best practices and monitor standards as part of service level agreements with their pension administrator.

Straight through processing

Automates the process of compiling contributions, eliminates the use of spreadsheets or files and makes the administration of contributions much more efficient. This is an area that The Pension Regulator considers one of the five areas of risk.

Management controls

Provides a regime of financial control including verifiable payments, online authorisation, reconciliation and audit trails.

Security

CashFac technology is developed in conjunction with most of the major clearing banks ensuring high standards of security.

Cost-effective

By automating many of the steps associated with compiling the pension contributions, companies will find the solution more than pays for itself through business process efficiencies.

Poor administrative practices

The Pensions Regulator in its consultation report on risks to members of DC schemes has identified poor administrative practices as an area that requires further guidance. The report states,

"Identifying and outlining the main administrative processes (along with typical errors and delays that can occur) and highlighting their importance in ensuring the scheme is run in the most cost efficient and effective manner and in protecting members benefits;
outlining example service standards (whilst avoiding setting unrealistic benchmarks);
highlighting the importance in internal controls and regular reporting to ensure the pension scheme is run well and the services provided can be monitored to ensure they meet agreed requirements; and
stressing the importance of key two-way data exchanges between employers and third party administrators and between administrators and investment consultants/advisers."

CashFac Stright Through Cash Processing flow

A2Pay is a collaborative system

What does A2Pay do?

Provides a single straight-through system for the employer and administrator to manage contributions straight through.
Validates the contributions and ensures that the payment matches the amounts expected by the pension administrator.
Consolidates and delivers the contribution analysis directly to the administrator, eliminating the use of file transfer methods, emails or post.
Reduces errors due to re-keying of data by pension administrator.
Automatically creates payment instructions and remittance advices.
Prompts for timely payments.
Provides immediate access to accurate historical data.
Interfaces with payroll and pension administration systems.
Provides an easy to use editor tool that enables the controlled and validated update of information provided by payroll.

A2Pay requires no installation and is quick and easy to use. It was designed specifically for the needs of the employer. CashFac technology is developed in conjunction with most of the major clearing banks ensuring high standards of security.

Find out more

For further information and to arrange a demonstration of the service contact us by phone or email. It would be helpful for us to know for the pension scheme:

The number of members
The number of payroll sites
The name of your pension plan administrator
The name of your benefits administrator

A2Pay quickly automates contribution processing for fast investment of all your benefits including pensions, share options savings and work place sales

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