Pensionsync software is designed to speed up the links between payroll and pension providers.

It aims to shake up auto-enrolment pensions admin and reduce costs for small firms. It has plans to add low cost life insurance and critical illness products to give staff in small firms access to these products too.

It was launched in 2015, with the support of the Government's 'Project Innovate' initiative and was a participant in the FCA's Sandbox innovation programme.

Baroness Altmann said: “When I first met pensionsync it was clear they have developed something unique and valuable, yet too few people are aware of it.

“In future, it should be natural for payroll and pension providers to be integrated, and pensionsync technology does this, while making pension administration quicker, cheaper and more efficient.”

The firm plans to add in its next stage of development access to low-cost life, critical illness and health insurance, which it says has been out of reach for employees of most small firms.

She believes as the Pensions Dashboard project seems to be floundering, partly, because legacy pensions cannot be loaded onto a common system without huge cost, pensionsync has proved that far-sighted technology investment can deliver the uniformity that is in other industries.