Pension Playpen Limited

Contestant information

Business name: 
Pension Playpen Limited
Henry Tapper
Business website: 

Elevator Pitch

Elevator Pitch: 
We aim to improve the quality of workplace pensions offered to 11m new savers by 1.2m employers by offering professional on-line advice
Detailed elevator pitch: 
Large employers have access to expert advice when they choose a pension, but small employers have no help at all. We take the advice given to large employers and adapt it to the needs of the 1.2m SMEs and micros so that they can offer worthwhile pension saving plans to their staff. Employers are able to log on to our system, input their details and compare quotes from all the leading workplace pension providers. We guide them through the decision making process using a digital scorecard which informs and records, providing an audit trail. This has made us famous. Though we are less than a year old,we have been named the UK's most innovative pension consultant by Engaged Investor!
Industry sector: 
Banking and Finance

Business Plan

Your USP: 
We are unique. Our USP is that we speak the language of the small business but offer a service developed for large companies. Because we are entirely digital , we need only pass on the cost of research and development and since our customer base is so broad, our price is affordable to even the smallest company. To put this in perspective, the total cost of our service is equivalent to an hour of an actuary's time! For small employers, the workplace pension is a significant employee benefit, for staff , the quality of the pension may make a material difference in their standard of living in later life. We think that is critical to the success of auto-enrolment
Your market: 
Currently all the noise in our market is about compliance with the complex rules around auto-enrolment and the short-term problems it brings to HR and payroll systems. Our competitors play to the fears of small business ,frightened by stories of large fines from the Pensions Regulator. They miss the big picture! In the longer term, what matters is the outcomes from the pensions into which people invest. While we help employers comply, we see the bigger picture and we talk up the long term advantages to employers and their staff of regular saving into well-governed workplace pensions. These new pensions have become better value, brings this value to all firms
Your people: 
Our business was founded by Henry Tapper, a "pensions-lifer", five times nominated as pension personality of the year and a passionate advocate for best practice. It is built around Henry's friends, Martin Conder, a serial entrepreneur who is CFO, Andy Walker who is head of digital and First Actuarial who provide the analytics that help employers and advisers with their decisions. The Pension PlayPen's board is chaired by Stella Eastwood who is Group Pensions Director of Lloyds Bank. So the people involved in our business bring together an understanding of the needs of small companies with the traditional skill-sets of pension experts. As our name suggests, we work with a smile!

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