Taking the complexity out of pensions
Smart Pension is one of the largest workplace pension providers in the UK, operating a master trust for hundreds of thousands of scheme members.
“Pensions can be complex, and the industry has traditionally been seen as slow to innovate. Smart Pension takes a different approach, by putting customers first and helping them to have a better understanding and control of their finances,” explains Will Wynne, Managing Director of Smart Pension.
The business has always focused on how to use technology to make transactions simple and seamless. One of the biggest challenges Smart Pension faced when they first approached GoCardless was how to streamline the registration and payment processes. It wasn’t solely about helping clients to get their accounts up and running quickly and easily. An additional issue was how to collect huge numbers of scheme members’ pension contributions from their different employers every month.
Putting automation at the heart of the payment collection process
When making the switch to GoCardless, Smart Pension was up and running in less than a week. The GoCardless API was easily integrated into Smart Pension’s existing system. Automation capability was key – Smart Pension wanted to avoid having to chase small amounts of money from vast numbers of customers.
Integrated API links mean that Smart Pension’s systems are updated automatically, so no manual data input is required. In turn, this means that there is no risk of data error and pension contribution payments can be processed in seconds, not hours.
Smart Pension currently collects funds from clients’ bank accounts three times per month and invests this money in their employees’ pension accounts. GoCardless has the functionality to try to collect failed payments if the initial payment request is unsuccessful. This process saves Smart Pension a considerable amount of time as the finance team no longer has to actively chase outstanding payments.
GoCardless makes the whole process of setting up the Direct Debit, signing the mandate, and collecting funds totally automated. We don’t need to allocate any staff to manage these actions.”
100% accurate transactions
"Using GoCardless means that our transactions are 100% accurate and that it is simple for our clients to set up and manage their accounts,” says Will.
GoCardless helps us deliver a seamless, market-leading and tech-first solution to tens of thousands of UK employers. Their service has proved invaluable to us as our business has grown.”
“All things considered, we think the services that GoCardless provides us with are absolutely invaluable. The ability to set up Direct Debits online, quickly and efficiently, means that our user journeys are fluid and efficient.”