Frequently Asked Questions (FAQ)
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.
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.
Q4: How are real-time updates provided during the LoA process?
A: Advisors receive real-time updates via Timeline when the client signs the LoA, when we chase the provider, when there is a data mismatch, and when the LoA is completed.
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.
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.
This process for generating wet signatures using digital signatures has undergone thorough legal due diligence. We have obtained and reviewed PL's legal advice, which confirms that Robotically Reproduced Signatures can be regarded as valid signatures. The system ensures that signatures are applied in a compliant and secure manner, maintaining the necessary legal standards.
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.
Q14: How long does the client have to sign the LoA before the link expires?
A: The link to sign the Letter of Authority (LoA) does not expire. However, please note that the authentication code required for signing is time-sensitive and will expire 15 minutes after it is generated. If the code expires, the client will need to request a new one, using the resend code button, in order to proceed with signing the LoA.
Q15: How often are LoA chasers sent to the provider?
A: Once the estimated completion date has passed, the system will automatically send up to three chasers to the provider.
The first chaser is sent immediately after the due date.
If no response is received, two additional chasers will be sent one week apart.
If there is still no response after the third chaser, the system will automatically close the LOA.
Important: LOAs sent manually by post are not automatically chased by the system. Advisers are responsible for following up on overdue LOAs by contacting the provider directly.
Additionally, policy information received by mail as physical documents typically takes 5-7 business days to reach Pension Lab and to be uploaded to the portal.
Q16: Why are estimated completion times missing for some LoAs on Timeline?
A: If the estimated completion time is missing for certain LoAs, it may be due to the database not having enough historical data to generate an average response time. For example, if a provider entry was recently added to the system, there might not be sufficient past data to calculate a reliable estimate.
The system requires enough historical information to work out an average response time and provide an estimated completion date. As the database continues to collect more data over time, the system will be able to generate and display these estimated completion times more consistently.