Help improve the retirement prospects of your employees at no cost.
airfunders unique solution acts as AN AID TO BECOMING A LIVING PENSION EMPLOYER'
USING OPEN BANKING DATA TO CREATE PENSION CONTRIBUTIONS
Open banking opens up new opportunities for brands to utilise data to build customer loyalty and find new customers. Our job at AirFunders is to work with retail partners, allowing the creation and disemination of personalised offers to our members, helping build loyalty based revenue to grow sales.
CASHBACK BUT WITH A REAL DIFFERENCE
Our approach to cashback is for brands to know that cashback they provide on purchases with them can not simply be spent with a competitor but, instead is collected, ring fenced and and invested to provide long term tangible benefits for their customers.
A LIVING WAGE. THE NEXT STEP IS A LIVING PENSION.
Our uniquiqe solution helps employers build their employees auto enrollment contributions at no cost to the employer.
Employees will be auto enrolled into workplace pensions, but does that wokplace penson deliver enough?
There are moves proposed by the Resolution Foundation for employers to become Living Pension accredited in a similar way to living wage accreditation. Working with AirFunders can help a retailer close the pension gap for its employees, reducing the requirement on them to become a living pension employer. A fixed cost becomes a variable cost linked to revenue growth.
WHAT IS OPEN BANKING?
Open banking is a groundbreaking initiative that takes power away from the banks and puts it firmly in to the hands of consumers.
Individuals can link their existing bank accounts and credit cards to third party service providers that provide value to them.
Open banking is regulated by the FCA giving full consumer protection.
Third party providers providing value adding services to consumers are given permission to use data for their benefit and that is exactly what AirFunders does.
Simply by linking a bank account, consumers can benefit from their data for the first time and retailers can benefit also by encouraging custom through highly targeted offers.
WHAT DOES A LIVING PENSION ENTAIL?
There is societal pressure on employers to become living wage employers. The next stage in this movement is for employers to become ‘Living Pension’ employers.
Living pension accreditation would involve caring employers volunteering extra auto enrolment payments over and above the minimum 3% legal requirement.
The Resolution Foundation calculates that on average this would amount to an extra 8.1% of income volunteered, which for employers is largely unachievable.
AirFunders can help find extra pension entitlement for those who need it thus helping employers get closer to giving their valued employees a living pension.
HOW AIRFUNDERS WORKS FOR EMPLOYERS
AirFunders uses Open banking to identify purchases linked to a specificbrand that delivers cashback.
Employees link their bank accounts which allows us to capture qualifying transactions. extra boost to their pension saving.
Funds are invested for capital growth and then returned to the employer to be apportioned to staffs auto enrollment contributions as part of your payroll process in a tax neutral manner.