Transacsys launches stakeholder pension vending machine

Transacsys launches stakeholder pension vending machine

Technology-based relationship management solutions provider Transacsys has launched a stakeholder pension GiroVend solution to enable employees to access and make contributions into their stakeholder pension through an Internet kiosk.

The Internet kiosk can be installed alongside existing GiroVend machines in the workplace, allowing employees to make payments into their stakeholder pension whenever they want, for whatever amount, simply by using the electronic purse held on their existing GiroVend card, says the company.

Transacsys has entered into an agreement with FPS – an FSA regulated specialist provider of sponsored pension schemes and administration services - who will take care of the individual pensions account administration. Investment of pension funds is undertaken by a panel of leading fund management companies, selected by FPS on the basis of their consistent long-term investment performance. Alternatively, employers can select their own fund managers.

Richard Stirrup, the CEO of FPS, has been appointed as a non-executive director of the board of Transacsys Benefits - a new subsidiary of Transacsys to provide transaction management services to human resources departments based on related smart card and Internet technologies.

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