A financial and technology services firm claims it can "change the face of auto-enrolment" with its new proposition.
True Potential has entered the auto-enrolment market this week, offering a service which it said will enable employees to track their pension 24/7 online and via True Potential Investor on a mobile, tablet or smart watch.
The firm said the service has been designed specifically with SMEs in mind.
It is free for employers and there are no admin fees or ongoing charges for using the system. The firm said employees would have access to their own True Potential Investor account where they can set a goal and monitor performance – moving away from an annual statement approach.
Employees will also be able to top up their pensions on the go and make micro-payments into investments such as pensions.
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It offers employers the choice of five risk-rated default funds – each charging between 0.71 per cent and 0.74 per cent - below the Government's AE charge cap of 0.75 per cent.
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 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.
"We are confident that this is an AE proposition that works for businesses, employees and advisers. We like to think of it as 'Auto enrolment on auto pilot."