New FreePayroll platform for SMEs – helps global sustainability

Why would you pay for your payroll software when you, and your accountant, can have it for free?

When Collegia launched its 100% sustainable pension, which is free for employers, it was astounded by how many companies immediately recognised what a fantastic impact it could have on their sustainability drive.

However, Collegia also saw that many companies that wanted to do their bit towards a more sustainable world, were shackled by virtue of their accountant’s choice of payroll software.

Collegia wanted to liberate companies and enable them to make their own choice of pension provider and, at the same time, offer a service that was free of charge for both payroll and pension provision.

Market-leading technology facilitated the launch of FreePayroll which is HMRC-recognised and includes all the payroll services that you need and many that other providers don’t include. Payroll functionality includes payroll such as runs, EPS and FPS submissions, P6/P9 and student loan notifications, payslips, and P11s and P60s to multiple clients.

In addition, FreePayroll includes Collegia’s free, award-winning and Defaqto 5-star-rated pension. In short, all payroll and auto enrolment tasks are completed on a single platform, with every single penny that an employer or employee saves towards retirement going into sustainable investments.

All investments in Collegia are made under the UN Principles for Responsible Investment, and ESG factors are integrated both into the research and investment process. The default ESG strategy excludes or minimises investments in controversial sectors, such as oil & gas and guns, and actively finances companies aligned with the United Nation’s 2030 Sustainable Development Goals.

Your employees also benefit from Collegia’s Target Date Funds, a revolutionary retirement strategy that originated from the USA and recognises that most employees need the (free) support of investment managers to manage their journey to retirement. A Target Date Fund is a fund where its investments are optimised to achieve a specific goal at a future point in time (the Target Date); for most people this is the retirement date.

The fund is rebalanced automatically (by the fund manager) depending on how close a person is to retirement – in simple terms, from higher risk when you are young, to low risk when older.

FreePayroll is possible due to completely App-based member self service, automation and charges on assets invested of 0.1% on an annual basis. Not only does this make it possible to provide the software for free, it also vastly reduces administration and queries for the employer. But, just as important, it gives your employees greater control and insight into their future retirement options.

Critically, the Collegia Pension is also cheaper for employees who benefit from wholesale fund charges due to Collegia’s exclusive relationship with global fund manager AllianceBernstein. And, unlike most auto enrolment schemes, Collegia has been set up so that investments are 100% protected by The Financial Services Compensation Scheme.

Since launch, 6,000 employees have joined the Scheme with £22 million a year being invested in ESG-compliant companies. With Collegia’s projected growth, it could achieve its goal of £1 billion being invested in sustainable and 100% ESG funds in just a few years.

For more information just drop us an email at: [email protected]