Q1: Is there a cost for using the automated LoA process?

A: The automated LoA process is free during the beta phase. While we currently offer this feature at no charge, please note that the beta period is temporary, and we will notify you in advance when it is set to conclude.

Q2: How does Timeline’s integration with Pension Lab improve the LoA process?

A: Timeline’s integration with Pension Lab automates the entire Letters of Authority (LoA) process. This means less paperwork, fewer errors, and faster data retrieval from financial institutions. The result is a smoother, more efficient onboarding experience for both advisors and clients.
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Q3: How does the digital signature process work for clients?

A: Clients only sign once, no matter how many LoAs are needed. When a client needs to sign LoAs, they’ll receive an email where they can review the list of LoAs and sign them digitally using a secure platform integrated with Timeline. It’s quick, easy, and secure.

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Q4: How are real-time updates provided during the LoA process?

A: Advisors receive real-time updates via the Timeline when the client signs the LoA, when we chase the provider when there is a data mismatch, and when the LoA is completed.
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Q5: What should I do if there is an error or issue with the data retrieved?

A: If the data retrieved is faulty, the provider will send you a note with instructions on how to resolve the issue. If further assistance is needed, contact Timeline’s support team, who will work with Pension Lab and the relevant financial institutions to address the problem.

Q6: Can I manually contact the provider if needed?

A: Yes, you can always contact the provider directly by phone or email to request information or manually chase up the status of an LoA. This option is available at any time during the process.
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Q7: How does the automated LoA process benefit clients?

A: Clients enjoy a faster, smoother onboarding process with expected timelines and digital journeys.

Q8: How long does it typically take to complete the LoA process using the automated system?

A: The time it takes can vary depending on how quickly the financial institutions respond. However, the automated system is much faster than the traditional manual process and conducts automatic chasing dynamic to each provider’s typical LoA timescales..

Q9: What measures are in place by Pension Lab to ensure data security within the system?

A: Pension Lab is ISO27001 certified, and we can provide the certificate upon request. Pension Lab operates by the principle of least privilege, regularly monitoring and reviewing role-based access controls across the system. Additionally, Pension Lab has monitoring and alert systems in place to detect any anomalous behavior, both externally and internally. All sensitive data is encrypted during transit and at rest to ensure maximum security.

Q10: Are there any pension providers that Timeline cannot work with?

A: We have a 99% coverage rate across providers, so there isn't a definitive list of those we can't work with. However, certain SIPP (Self-Invested Personal Pension) providers may not respond to LoA requests, especially if it's a fully self-invested solution. Additionally, some non-SIPP providers, such as the DHL Pension Scheme and NS&I, may not respond to third-party information requests. In case of any provider not listed, please contact us at [email protected].

Q11: Are Powers of Attorney accepted for LoAs?

A: No, Powers of Attorney are not accepted.

Q12: How does the process work if a provider requires a wet signature, but I’ve submitted a digital Letter of Authority (LoA)?

A: If a provider requires a wet signature, the digital Letter of Authority (LoA) submitted by the client, signed with their digital signature, triggers a workflow in the pension lab's office. This workflow converts the digital LoA into a wet-signed document by reproducing the client’s digital signature onto a physical form. Once the wet signature is produced, the finalized document is sent directly to the provider, ensuring compliance with their requirements while maintaining the convenience of the digital submission process.

Q13: Can the LoAs be signed physically and uploaded on the Timeline portal?

A: No, LoAs cannot be signed physically and uploaded to the Timeline portal; the process is entirely digital, and all signatures must be completed digitally.